How Vendors Make (or Break) Cash Heavy Businesses

    May 05 2020

    Topics: Canada, Cash Handling Solutions

    Running a business may seem like a lonesome venture, but every business leader knows the success of a business is built on a wider network. You rely on your employees, your customers, and even your vendors to help you keep growing.

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    Your vendors often play a bigger role in your success than they’re given credit for. In cash heavy industries, the right vendor can make or break a business. If you’re wondering how that’s possible, the answers are in this short guide.

    Vendors Supply What You Need

    Whether it’s technology, cleaning supplies, or software, you rely on your vendors to supply what your business requires. That means you need a vendor who both understands your business and can make recommendations that fit your needs.

    In a cash heavy business, your vendor must understand the different equipment and cash handling tasks you take care of. That way, they can offer better recommendations for you in terms of the devices you should be using. If you’re not sure about the differences between currency discriminator models or smart safes, you should be able to rely on your vendor to suggest the right solution for your business.

    A vendor that doesn’t have the right selection or the experience won’t be able to meet your business’s unique needs.

    Your Vendor Helps You Keep Running

    You should always be able to rely on your vendor for more than finding the right equipment. Once you have the equipment you need, you should also be able to call on their expertise to help you keep it running.

    This is especially important for cash heavy businesses. If your machines go down, will you be forced to store cash outside the smart safe or revert to counting everything by hand? You may even be tempted to stop accepting cash until you can get the machine back up and running.

    Working with the right vendor could help prevent these sorts of breakdowns from happening in the first place. Good preventative maintenance and their expert advice about maintaining your cash-handling equipment. With their expertise, you can keep your devices in good working order, which translates into more uptime for your business.

    In turn, you’ll be able to reap the benefits of better cash management. That includes everything from better cash tracking and more liquidity when it comes to your funds to being able to provide better service to your customers. Lower overheads and less time spent handling cash mean your team could spend more time addressing customer concerns and delivering stellar service.

    Having the right vendor is clearly key. If you work with a vendor who has less expertise or one that doesn’t provide good maintenance, then you may experience more downtime. That can both slow your operations and eat into your bottom line. The right partnership keeps you up and running.

    The Right Vendor Grows with You

    Another key attribute in a vendor for cash heavy businesses is the ability to scale up and down with the business. If business suddenly slows down, you may want to know how you can scale back operations.

    At the opposite end of the spectrum, a growing business could mean you’re handling more cash than ever. You want to know what your options are when it comes to expanding your cash-handling capabilities or improving cash management in the business.

    The right vendor will be able to provide the scale you need and grow with you. They offer a wide range of solutions, which means you have space to grow. As your cash-handling expands, they’ll be by your side for each milestone.

    More than that, though, the right vendor provides key insights and advice as your business expands. In turn, you’ll be able to continue growing the business.

    Not sure you have the right vendor on your team? It’s time to get in touch with the experts in solutions for cash heavy businesses.

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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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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3

    905.696.0733