What Does a Smart Safe Do and How Can Your Business Benefit?

    May 13 2016

    Topics: Smart Safe

    Effectively managing cash is critical to small and large companies alike, yet it’s one of the biggest headaches business owners must deal with in the course of doing business. The majority accept shrink as an inevitability. They waste time on manual processes and inefficiencies because they think they have to. They hope their traditional floor safe is enough to keep their money secure. But in the back of their minds, they know there must be a solution to common cash management problems. There must be a way to overcome these challenges.

    Enter the smart safe.

    What Is a Smart Safe and What Does It Do?

    The traditional floor safe has been replaced by a high-tech device that utilizes today’s advanced technology. We’ve taken a huge leap forward in cash management. Instead of a safe that sits under the cashier counter, taking up space and being used solely to secure cash, the smart safe is now an active part of your cash management process. It uses advanced intelligence to accept, validate, track, record, and store cash and is hooked up to the internet allowing remote access to a variety of reports.

    Benefits to Businesses

    Counterfeit detection: The note validation feature runs a series of tests on cash being deposited to check for counterfeit notes. Notes deemed suspect will be promptly rejected from the bill validator.

    Cash tracking: Smart safes require a username and password by a specific cashier or manager. This allows for increased accountability, ensuring that all transactions are reconciled and auditable. Each time an employee wants to engage the device, he’s required to identify himself. Plus, his activities are reported through an electronic journal. The smart safe can be an important addition to your internal theft prevention plan. Considering internal theft is costlier to your business than shoplifting, increasing accountability through cash tracking may be critical to your profitability.

    Reporting: All transactions are recorded and can be broken down and analyzed through a variety of different easy-to-generate reports.

    Connectivity: Having the ability to connect to a local network or cloud-based system can offer real-time visibility from anywhere, any time. It can also help close the cash management loop by allowing you to connect with your financial institution, your armoured car service, your headquarters, and more.

    Productivity: Using a smart safe can help you empower your cashiers to be more effective in basic transaction management. It enhances operational efficiency by allowing you to eliminate much of the manual labour that comes with time-consuming cash handling activities, like counterfeit detection, counting, reporting, auditing, and more.

    Security: As with any safe, security is a top priority. The smart safe is a monitored safe with a steel chest that can be checked or evaluated remotely for its inventory position, making it more secure than any traditional floor safe. It’s also equipped with an advanced locking system, and anti-lock drilling features for added security and can be hooked up to your alarm system.

    More informed decisions: These intelligent safes are all about quality of information. You’ll have all of the data you need at your fingertips to make the most informed decisions for cash inventory, cash training, staffing, and more. You can leverage this valuable cash data in order to control your cost of cash.

    Don’t Know Where to Start?

    There’s no doubt about it: smart safes yield smart business. They can be a great help in increasing overall cash management productivity and efficiency. They can help you reduce retail shrinkage. They can save you valuable time and money. Regardless of the type or size of your business, if your company is cash intensive, then investing in a smart safe can be the ideal solution to streamline your cash management system. Don’t know where to start? Choose a cash management solutions provider to contact for more information so you can start reaping the rewards of better cash intelligence and security.

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    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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