What Is a Smart Safe? (Updated 2020)

    May 14 2020

    Topics: Smart Safes, Canada

    There’s no denying that cash is necessary for many businesses today. There’s also no denying that handling cash can be time-intensive, costly, and even risky for a business.

    The good news is that there are steps you could take to minimize time, costs, and even risks associated with handling cash in your business. One example is adopting a smart safe into your cash management.

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    What is a smart safe, and what can it do for your business? You might be surprised.

    What Is a Smart Safe?

    You can think of a smart safe as the next evolution in cash security. These safes come with upgraded technology that allows them to provide you with more accuracy and better cash security.

    The exact features and capabilities of a smart safe will depend on the manufacturer and model. There are three fundamental elements all smart safes have in common though; a user interface, a bill validator, and a controller.

    The user interface lets you handle all common cash-related activities quickly and efficiently. At the top end, a smart safe can be used to generate user statistics, visualizations of cash flow, recorded history of event logs, pick-up schedules, and more through remote tracking of cash transactions. Some even have networking capabilities that allow for better tracking.

    The bill validator is the true core of any smart safe. It confirms the legitimacy of the bills you insert and accepts cash in just a few seconds. Once these tasks are complete, 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 helps you maintain data integrity and safety.

    How Businesses Can Benefit

    Businesses of any size, in virtually any industry, can benefit from investing in smart safes. These high-tech devices offer many different advantages.

    The smart safe’s primary job is to provide your business’s operations with increased cash security. Even banks and armoured car services put stock in the accuracy of a smart safe’s bill validator, which means you can rely on it too.

    Another key to cash security is being able to keep tabs on where your money is at any point in time. Smart safes support this by providing real-time data that’s accessible anytime you need it. Depending on the solution you adopt for your business, you may be able to break your reports down by cashier, transaction type, or shift. You might also have the ability to 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 and your CFO.

    Perhaps one of the biggest benefits of smart safes is how much time they save your team. Using a smart safe could streamline and increase efficiency in the cash management process, reducing the amount of time your managers and cash supervisors spend verifying money counts and closing out registers. They can additionally reduce the time they spend pursuing error and theft investigations.

    You may also benefit from the ability to connect the safe to a network. This can make for more streamlined cash management from end to end. Connectivity and streamlining makes the process of cash management even faster.

    Increasing accuracy could also help you reduce time on cash management, in addition to keeping 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 recorded.

    Step up Your Security Today

    A smart safe is just one beneficial part of a better cash management solution. If you’re interested in streamlining cash management for your business, get in touch with the experts and discover how automation could help you.

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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

    905.696.0733