Investing in new technology comes with a cost for retailers. First, you must pay for the equipment. Then, you need to invest in staff training. You must decommission any old systems and technology you use too.
These costs add up, which is one reason you might hesitate to adopt new cash management technology.
Have you asked what it’s costing you to not invest in this new technology? In most cases, the costs associated with using old technology are much higher than the costs of adopting the new equipment.
This guide addresses what you could be losing if you don’t adopt a smart safe for your retail business. Some of the costs may be obvious, but other, hidden fees could reveal that using your old safe is the less affordable option.
A Smart Safe Saves Time
This is one of the more prevalent benefits of adopting new technology. Older technology is often more time intensive. Older safes require you to manually count and sort cash. Paperwork on your reports must be written by hand.
Newer technology allows safes to communicate with other devices, so they can keep track of what’s in your connected peripherals as well.
Smart technology in your safe can also save you time by helping you prepare bank deposits. Being able to track who accessed the safe when can help you track down and correct errors quickly.
Time, of course, has a cost. Every minute you and your employees spend on cash handling adds to your labour costs. With the right technology, you can lower those amounts.
Outdated Safes Could Run up Your Bank Fees
Have you ever made a deposit at the bank only to discover you must make another one a few hours later?
These deposits add up, as do your change orders. Most banks charge per deposit and change order, so the more visits you make, the more you pay.
An older safe doesn’t have the “smart” technology needed to track your cash, so it can’t identify the optimal time to make a deposit. Smart safes, by contrast, can help you streamline deposits.
They can also help you minimize change orders by reducing errors and by allowing you to optimize the cash kept on hand for making change.
Invisible Cash Affects Working Capital
Traditional methods of storing cash hide how much cash you have on hand. This can have a negative effect on operating profits.
Without a clear view of the cash your business has, you can’t effectively use your working capital. This also plays into your higher bank fees. How can you decide how much cash to deposit and how much to hold back to make change and floats if you can’t keep sight of it?
A smart safe can help you put this working capital back into play.
A lack of visibility has other risks. One of them is that losses may occur more easily. If you don’t streamline your bank runs, you could regularly end up with too much cash on hand. This might make your store a target.
Time Away from the Business Increases
Without a smart safe, you may spend more time running back and forth between the store and the bank. You’ll need to make deposits, then get cash for change. Then you have to make another deposit.
Counting, sorting, and preparing deposits also take you away from your operations. Instead of interacting with customers or supervising employees, you’re always busy preparing deposits.
With a smart safe, you can spend more time on the things that matter most. When you add up all of these factors, not using a smart safe could be costing you much more than you thought.