Owning and operating a retail business requires you to wear many hats. You’re managing employees, offering service to customers, ordering inventory, paying bills, and taking care of dozens of other tasks that keep the lights on and the product flowing. Worrying about cash payments doesn’t have to be one of these hats, though it too often is. Businesses are looking for retail currency solutions that take away the hassle of cash payments, without having to put up a sign that says, “Debit & Credit only.”
Having large amounts of cash sitting in registers isn’t doing your company any good (and it’s possibly doing harm). Having to hustle large denominations back and forth to the bank is dangerous and time consuming. Technology is poised to transform these cash woes. Retail currency solutions are changing the way the industry handles and manages cash.
Here are three retail currency solutions you can use to streamline your cash management. Learn how they are affecting the industry.
1. Cash Sorters
Cash used to have to be counted by hand, twice, to confirm amounts and ensure honesty. Depending on the size of your business, this could add a lot of pressure on employees and an indeterminate amount of time. This would come at the end the day, when workers are tired from long shifts.
Cash sorters are changing this process. Now, all employees need to do is feed the cash into the sorter. The machine will then sort and count the cash with complete accuracy, minimizing the time needed for sorting and counting. Currency sorters have brought many positive changes to the retail industry, including greater accuracy and reduced labour costs.
2. Smart Safes
Smart safes are great retail currency solutions because they will accept both cash and coin, as well as track all cash and communicate amounts to the bank. Excess bills can be deposited into the safe throughout the work day; at the end of the day, instead of preparing a deposit, cash is fed into the smart safe where it will track and store the day’s earnings.
What this means to the industry is that cash can be tracked at every step of the cash management process, leading to greater accountability. In addition, it can be more securely stored than ever before.
3. Currency Recyclers
Just like smart safes, currency recyclers can accept bills and coins. They can also track cash and store it. However, the currency recycler differs because it also dispenses cash back to your employers, whether for floats or to make change, for example. As with the smart safe, the recycler will also communicate amounts held in storage to your bank.
Currency recyclers are revolutionizing the retail industry. They’re saving time, keeping cash secure, and streamlining the cash management process.
If you’re struggling to manage cash, consider these three retail currency solutions to improve business. These advances can save you time, effort, and money. They are poised to be the new standards in the industry, which means you’re also taking a big leap forward as the industry transforms if you invest in automation now.
