Of course, cash is an unavoidable reality in CBD dispensaries. With strict federal banking regulations in place for your industry, cash payments are your only option. Unfortunately, managing physical cash presents logistical and security challenges. Transactions with cash are more prone to errors and theft, while reconciliation at the end of the day tends to be a time-consuming and complicated process. Of course, cash also leads to security concerns regarding transporting large amounts of physical cash.
While being a cash business may be your only option, it doesn’t mean you should have to deal with the security risks, errors, inefficiencies, and high labor costs associated with manually handling cash. Investing in cash automation solutions will lead to better CBD cash management at your dispensary. Cash management solutions allow CBD retailers to streamline their cash operations and reduce cash touches for greater efficiency and security. Here are the top solutions to consider.
1. Smart Safe
If you’re looking for enhanced security at your retailer location, consider upgrading your traditional safe to a smart safe. This technology-driven safe does so much more than just keep your cash secure. It offers you the ability to track and monitor all cash transactions. Access to the safe is limited to employees with an assigned PIN, which keeps track of every activity made in the safe.
Smart safes provide an audit trail of all cash transactions, making it easy to find and fix discrepancies. Because every dollar that enters or leaves the smart safe is tracked digitally, this cash management solution will also improve employee accountability and may reduce your risk of losses as well. You’ll always know who deposited or removed money from the safe and when.
What’s more, because smart safes are integrated with cash management software, their features go far beyond those mentioned here. For example, they provide greater visibility into your cash analytics, monitoring cash trends, providing cash forecasting and logistics, and so much more.
2. Coin and Banknote Recycler
Like smart safes, coin and banknote recyclers enable you to track and monitor cash, while also keeping it safe in locked cassettes. However, this cash management solution will also enhance efficiency, reduce errors, and reduce labor costs as well. The coin and banknote recyclers will automatically accept, validate, count, sort, and dispense cash within moments, both for cash transactions and for float preparation to save you valuable time. The less time your managers and employees need to spend on float preparation, transactions, and reconciliation, the further you will reduce your labor costs and human error.
The banknote validation process, in particular, is especially valuable as it will help limit your risk of counterfeit fraud. All banknotes are automatically checked for validation or rejected if potential counterfeit fraud is suspected.
Just like smart safes, coin and banknote recyclers can integrate with cash management to give you even more insights into your CBD dispensary’s cash, including cash status, device management, reporting, and more.
3. Currency Counters and Sorters
Not ready for an investment in a smart safe or recycler? An easy way to start automating cash management at your CBD dispensary is to invest in a banknote counter or sorter. These machines automatically count and sort banknotes of various denominations at rapid speed, while providing an error-free tally. This will save you countless hours and reduce the risk of human error while counting and sorting your day’s totals at the end of the night.