The Best Way to Implement Automated Cash Management for Retail

    Sep 07 2016

    Topics: cash management


    Choosing to automate your cash management process is a big step in the direction of streamlined and more efficient cash management. However, it can a daunting step, especially when you begin to consider how to best implement the new system into your retail business. Luckily, there are certain tried and tested ways of implementing automated cash management for retail. As you begin the process of implementation, here are some essential tips.

    The Right Provider

    As you begin the process of implementing automated cash management, it’s important to carefully consider which cash management solutions provider to go with. There are many providers to choose from, but successfully implementing automated cash management means taking time to find out which provider best suits your unique retail needs. The right provider will help determine what those needs are, offer consultation, guide you through each step of the process, and then be available after implementation to help with any subsequent problems that arise. 

    The Right Equipment

    There are lots of automated cash management tools on the market, and in order to get the most out of automating, it’s vital that you find out which tools are needed in your retail environment, and which will help you fulfill your specific goals. From bill and coin sorters to counterfeit detectors to smart safes, each piece of automated technology provides the solution to a specific set of concerns, and as you begin implementing an automated system, it’s important to make sure that the equipment you choose addresses your unique concerns.

    Strategic Placement

    Next, you need to decide where your new equipment will go. This decision also corresponds to what you’re looking to get out your new technology, and how you envision it helping you meet your retail goals. Automated cash management technology can be situated at the POS (point-of-sale), in a cash room, or at a point in between, and this decision will be based on how you see the equipment integrating into your cash handling process. If you’re investing in counterfeit detectors, and are concerned about fraud, then the best strategic placement would be at the POS. If you’re investing in bill and coin sorters because of concerns about internal theft, then the best strategic placement would be in the cash room, where employees are counting money.

    Communication

    Integrating automated cash management technology into your cash handling procedures is bound to shake things up; it is, after all, a whole new way of doing cash management. Making sure that your employees fully understand the implications of the new technology, and understand how the changes will affect their own responsibilities in the workplace, is imperative. Your employees are the front line when it comes to cash handling. They are the ones who will have to utilize the technology day in and day out, making them an integral part of implementation. Without proper communication, the implementation process can take a lot longer, and can be a lot more painful than it needs to be.

    Training

    Going hand-in-hand with proper communication, the successful implementation of automated cash management necessitates thorough training in the operation of the new equipment. Many automated cash management tools have multiple functions. A smart safe, for example, functions as a place to deposit cash, but is also imbedded with counterfeit detection, and can compile reports of activity use. In order to get the full use out of the equipment, employees need to understand all of the different ways the technology can be used, while also being aware of what they are meant to be using it for. Not fully training employees is counter-intuitive; automated cash management technology is meant to simplify the cash handling process, but if you’re constantly having to help employees use the equipment, you’ll actually slow down the process, and negate its efficiency.How to Improve Your Business With An Automated Cash

    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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