Retail stores and financial institutions have one particular thing in common: they both handle large volumes of money every single day. They both understand the risks, costs, and annoyances of this responsibility. Counting and sorting cash, reconciling it, organizing it, storing it and depositing several thousand dollars of bills and coins on a daily basis is a time-consuming nuisance that all retailers and financial institutions know all too well.
Not only that, but handling large sums of cash also comes with the risks of counterfeit fraud, internal theft, robbery, administrative errors, and more. Plus, these cash-handling activities drive up labour costs, too.
Thankfully, there’s now a better way for retailers and financial institutions to handle cash thanks to technological advancements.
Smart Safes and Cash Recyclers
The two newest tech tools that retailers and banks can implement in order to enjoy more efficient, more productive, and safer cash management are smart safes and cash recyclers. Though both solutions offer similar functions, they serve different but connected purposes, and both should be used by organizations that handle large sums of money.
First, the smart safe. This device is essentially what it sounds like—it’s a safe that uses smart technology. It can connect to the internet to immediately tally and record deposits for faster availability of funds. It can generate reports, visualizations of cash flow and history logs through remote tracking. It can track and report all user activities thanks to the requirement of a username and password so you can have greater visibility. It can validate the legitimacy of bills and accept cash in seconds. But most importantly, it can keep your cash secure.
Second, the cash recycler. Cash recycling is revolutionizing the way financial institutions and retailers handle cash both at the front and in the back. Though cash recyclers store money, they do so much more, too. They recycle cash from one day to the next—money that customers give you one day is used to give change to another customer the next. The cash recycler also automatically accepts, dispenses, validates, counts, sorts, and reconciles cash. It can give out and accept floats. And it can do it all at a fraction of a time that employees take.
Retailers and Banks Are Getting on Board
As the benefits of cash recyclers and smart safes become better known, more and more banks and retail store owners are incorporating these tech tools into their day-to-day business activities. Banks are adding smart safe services in order to attract more retailers, so they have the ability to connect their smart safes to their accounts and benefit from an automatic link between their money and their bank accounts. And both retailers and financial institutions are using currency recyclers to speed up transactions, increase visibility, reduce risks, and increase accuracy when handling cash.
In addition, because the use of cash isn’t slowing down, many are looking for solutions to handle cash more efficiently and effectively. With the cost of cash constantly increasing, owners of restaurants, quick-serve restaurants, grocery stores, big-box stores, banks, and gas stations, to name a few, are looking to remove manual low-value cash handling activities by implementing cash management solutions.
Business owners are realizing that by installing cash recyclers and smart safes, they can save both time and money, they can improve productivity, and they can drive efficiency. And at the end of the day, this benefits their bottom line and improves their customer service by allowing them to redeploy cash room employees to customer-facing roles. It’s just good business.