As a business owner, you’re aware of the risks in cash management. You need to make smart, safe decisions about how much cash to leave in your store float, when to make pick-ups from tills, and how often to make deposits. And of course, you need to train your employees to handle cash correctly.
Another cash management risk that you may not think about as often is service for the cash management technology you use. What happens if the coin and banknote recycler stops working? What about PIN pads or other peripherals?
If your machines go down, your operations could be seriously affected. Do you know who to call?
In the past, store owners didn’t need to worry as much about device malfunctions or failure. Most cash management processes were manual. If one cashier called in sick, you could bring in someone else. If a cash attendant wasn’t available to count cash, someone else could do it.
Automation resolves many of the issues with manual processes and reduces some of the risks as well. Cash counters, for example, are both faster and more accurate than human staffers.
Although introducing machines resolves some issues, it also introduces new ones. The risk of machine malfunction is one. Improper maintenance and improper use of devices are also risks.
Machine malfunctions can often be avoided if the device is maintained and used correctly. You might be able to handle some of the maintenance tasks on your own, but others require service experts.
You also may not have time to take care of routine and preventive maintenance. A service plan from your provider or another vendor could help you make sure the machines are properly cleaned and cared for.
Proper use is another issue. If your employees use the machine incorrectly, there’s a higher risk it will break or malfunction. To use the machine the right way, though, your employees need to learn how to use it. Training is key when implementing cash management technology.
Your vendor or service provider should be ready to provide training so your employees use your new cash management equipment correctly?
The longer a device is in service, the higher the likelihood it will eventually break down. It may need parts or it could need a software upgrade.
Sometimes, a software malfunction is the root cause of an issue. You might not be able to repair it yourself. A service provider or your vendor can help.
If a machine goes down, you should be able to call on them for repairs. If the machine can’t be fixed on-site or in a timely manner, they should also provide you with a spare machine until yours is fixed or replaced.
Some providers outsource their repairs to third parties or send machines to different providers to be fixed. Look for a service provider who offers in-house fixes. They know where the parts are coming from, because they maintain their own stock. They also train their own team to install the new parts as needed.
If you have multiple devices, another cash management risk is using multiple providers. Each different device might mean you need to deal with a different provider or vendor.
This could create confusion when a machine needs to be fixed. The situation is even more confused if the provider outsources. They may tell you to call yet another provider for emergency fixes or spare parts.
You can eliminate this risk by working with a provider who can do it all. With their own team, their own parts, and great connections to OEMs, they’ll get the parts you need and the speedy service you demand.