What Is a Smart Safe? (Updated 2019)

    May 09 2016

    Topics: Smart Safe

    Cash: it’s a necessity in business, but it’s also time consuming, tedious, costly and risky to handle and store. Smart safes were created to streamline the cash management process and store money in a more secure environment for increased safety. It’s revolutionizing cash management for business by offering the ability to monitor and control the cash management system as a whole with ease.

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    What Makes It Smart?

    Smart safes are designed with many features and capabilities, depending on the manufacturer, but there are three fundamental elements to all of the products: user interface, bill validator, and controller.

    The user interface lets you handle all common cash-related activities quickly and efficiently. Depending on the sophistication of your solution, you can generate user statistics, visualizations of cash flow, recorded history of event logs, pick-up schedules, and more through remote tracking of cash transactions. You can view your safe operations whenever and wherever you are by networking the solution.

    The bill validator is the engine of this safe. It performs several key tasks, such as validating the legitimacy of inserted bills and accepting cash in just a few seconds. Once validated, the bills are moved to cassettes for storage.

    The controller consists of the electronics responsible for tying together the user interface, the validator, and all other electric peripherals. It’s critical to data protection and integrity for all cash processed by the safe as well as usernames and passwords.

    How Businesses Can Benefit

    Big and small businesses that handle cash in virtually any industry can benefit from investing in smart safes. These high-tech devices offer myriad advantages.

    Security: The smart safe’s primary job is to keep money secure. Its bill validator is even trusted by banks and armoured car services, so you know that it has to be authoritative.

    Real-time visibility: Smart safes provide managers with real-time data that can be accessed at all times. Complete coin and note recycling solutions allow you to view several types of reports which can be broken down by cashier, transaction type, or shift, monitor multiple safes at once, analyze cash trends, view cash levels, and even view, print, and save end-of-day audits. All teams and departments with access to the safe can generate the reports they need, including your loss prevention team, your treasury, and your CFO.

    Saving time: The time commitment required to manually process cash can eat at your profits. Smart safes can save managerial time by increasing efficiency and streamlining the cash management process. You’ll spend less time verifying money counts, closing out registers, and pursuing error and theft investigations.

    Connectivity: You’ll benefit from the ability to connect the safe to your headquarters, your cash-in-transit provider, and your bank, for more streamlined cash management from end to end.

    Total accuracy: Increasing accuracy can help you keep more profits in your bank account. When you let the smart safe do your counting, you can rest easy knowing that every dollar is accurately counted so you don’t take on any more losses due to human error.

    Your cash management process could be hurting your business. Invest in a smart safe and reap the rewards of this innovative automated cash management solution.

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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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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3