Retailers: How to Improve Your Cash Management Process (Updated 2019)

    Mar 16 2016

    Topics: Cash Solution Process

    Your cash management process affects many aspects of your company. An effective cash management process will boost employee morale and productivity, improve cash flow, reduce your losses, and increase security. Poor cash management, on the other hand, can reduce your company’s efficiency and effectiveness, increase your risks, and hurt your bottom line.

    Download "9 Cash Handling Best Practices for Retailers" to improve cash  management in your retail business today!

    If you’re ready to improve your cash process, consider investing in these technologies.

    Cash Counters and Sorters

    If you process high volumes of cash every day then cash counters and sorters are great investments that can be advantageous to your company. Let’s face it: counting and sorting cash can be dirty, tedious, risky, time consuming, and inaccurate. When your employees are performing these cash handling activities manually, your risk of losses and theft significantly increase. And at the same time, you waste a lot of time, which drives up your labour costs.

    Cash counters and sorters can improve your cash solution process by automating these time-consuming activities. Just place coins or bills in the machines, and they’ll sort and count them automatically, at record speed. They’re completely accurate so you won’t risk losing out due to human error. And because they work quickly and automatically, you’ll be able to increase productivity and even reduce your labour costs.

    Currency Recyclers

    If you’re looking for total efficiency for customer-facing transactions, then you should invest in a currency recycler. These simple under-the-counter machines are revolutionizing transactions. They automatically accept cash for transactions, provide the right amount of change, count and sort, authenticate, and store your cash for use in future transactions.

    A cash recycler can improve cash flow by over 10% and reduce vault transactions because the same money that comes in, goes out. It can also reduce your losses at the register because everything is counted automatically. In addition, these machines act as vaults, increasing your security. And because they cut down transaction times from a typical 45 seconds to a mere 8 seconds, you’ll also benefit from faster lines, which will improve customer service.

    Counterfeit Detectors

    Counterfeit cash is a real risk to your business if you accept hard currency. Businesses accept fraudulent bills all of the time, and these are losses they must take on. Your employees might do their best to verify large bills for authenticity, but some counterfeit bills are so sophisticated that they look nearly identical to real bills and can’t be spotted with the naked eye. Using counterfeit detectors at every register can significantly reduce your risk of counterfeit. The machines can quickly and accurately detect security features and determine if bills are real or fake.

    Cheque Scanners

    Depending on your policy, you may accept cheques as payment. If you do, you know what an administrative burden it is to accept this form of payment. Processing, storing, and depositing cheques takes a significant amount of time, which can increase your administrative costs.

    A cheque scanner can make the entire process easier. All you have to do is scan the cheque and the machine processes and stores the digital image of the cheque, which can then be conveniently deposited remotely. You won’t have to make any trips to the bank for deposits anymore. A cheque scanner can save time, improve cash flow, and reduce administrative costs. 

    Invest in Cash Management Technology

    If you’re looking to improve your cash management process, you should invest in cash management technology. Products like cash counters and sorters, currency recyclers, counterfeit detectors, and cheque scanners can offer many benefits to your organization. They’ll increase accuracy, efficiency, and productivity while reducing risks, improving cash flow, and increasing security. Engage a cash management solutions provider today to discuss your cash solution process needs and find tailored solutions for your business.

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    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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