https://www.cashtechcurrency.com/blog/what-retailers-stand-to-lose-if-they-dont-invest-in-a-smart-safeCash management has always been a headache for retailers. Retail cash management is slow, inefficient, costly, and risky.
In the past, retailers had to manually count, double and triple count, sort, reconcile, and store their cash. And this was no doubt a labour-intensive and time-consuming process. Even many retailers today still do much of the cash handling by hand. But all of this is about to change—in fact, it already has.
The future of retail cash management is vastly different from that of the past. Thanks to innovations and technological advancements, retail cash management is more efficient, productive, and cost-effective than ever before.
Here’s what all CFOs need to know.
Retail Cash Management Prediction: The Extinction of Physical Cash?
With new payment options and digital money constantly popping up in the market, including Bitcoin, MintChip, PayPal, Google Wallet, Interac e-transfers and more, many people have predicted the end of physical cash in this high-tech world. Though if this prediction came true it would mean the end of cash management headaches, retailers shouldn’t get too excited about this possibility.
Even though people now have more payment options than ever before, the future of cash management still includes physical bills and coins. There’s just no universal alternative that’s as convenient and reliable as cash. People still prefer to pay with physical money today, even with so many other options available.
Optimizing Cash Management with Currency Recycling
Because cash is still going strong now and into the future, retailers would be wise to look for ways to optimize their retail cash management. One of the best options now available on the market is currency recycling. Though currency recyclers are relatively new and used mostly by national chains and financial institutions, expect them to become commonplace in the retail world for big and small stores alike.
Why? Because currency recycling equates to higher productivity, reduced labour costs, increased efficiencies, and even improved security.
Currency recyclers accept cash, dispense it for transactions and floats, verify bills for authenticity, and count and sort cash before storing it safely in their built-in vaults. All of these previously manual tasks become automatic with currency recycling. They also become more accurate, faster, and safer. There’s no doubt that currency recycling is revolutionizing retail cash management.
Smart Safes for Greater Efficiency, Better Security, and More
Another handy cash management solution that is taking the retail world by storm is the smart safe. These high-tech safes use smart technology to become an active part of the retail cash management process. They can, generate reports, and accept, validate, track, record, and store physical cash. They offer increased accountability through cash tracking for reduced shrinkage, better security to reduce the risk of robbery, real-time visibility and data intelligence for more informed decisions, increased productivity in basic cash management by eliminating the need for manual cash handling activities, and so much more.
The smart safe’s connectivity though, is what makes it so special. It can be connected to a local network or cloud-based system so you can connect with your bank accounts, your headquarters, and your cash-in-transit provider for greater end-to-end efficiency and streamlines processes.
Today, cash is still king. And even though there are other payment options on the market, we expect it to continue to be the top payment method in the future as well. As such, retailers should cut the costs and risks of cash management by investing in cash management solutions—particularly cash recyclers and smart safes. By investing in these devices, the future of retail cash management at your store can be filled with productivity and efficiency, which will result in lowered costs and better business.