What You Need to Know about Smart Safes in Cash Management (Updated 2019)

    Dec 25 2017

    Topics: Smart Safes

    Using a superb cash management system is a great way for you to invest in your company’s future. People are great, but we’re very fallible beings; every year, trucks of money are lost to human error. Internal theft and robbery are other issues you need to worry about when it comes to cash handling.

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    Every business dealing in high volumes of cash needs effective cash management. Smart safes can help.

    “But I already have a safe,” you may be saying. “I think that’s pretty smart already.” But we’re talking about a technological marvel that will make you wonder how you ever functioned with the old metal box.

    Here is what you need to know about smart safes and why they are going to save your business money, time (i.e. more money), and resources (i.e. yet more money).

    What Is a Smart Safe in Cash Management?

    Starting with the basics, it’s a safe. But you have one of those, right? The difference with smart safes is that they are built with technology capable of speeding up cash interactions and tracking important data you need to make important business decisions. Plus, they also keep your cash safer than a traditional safe.

    Let’s take a closer look at some of these benefits, and what they’re going to mean to your business.


    Faster Interactions

    How long does it take your staff to count, double count, and store a till? No worries, we’ll wait while you go count it...

    That’s a lot of time, right? But with smart safes in cash management, an employee can deposit the entire till quickly, and the machine will, in seconds, count the amount and track the cash that was just deposited before securely storing the cash in cassettes for later pick-up. It also records who’s doing the depositing, which means you know which employees had their hands on the cash if there’s ever a discrepancy.

    Data Is Your Ally

    Once cash is deposited, smart safes are keeping track of how much money came in, who deposited it, at what time, and a host of other minute data that you probably haven’t thought of before. This data can help you make more informed data-driven decisions. You’ll have a better idea of how much float you require in the store on any given day of the year, and you can better coordinate your cash pick-ups and drop-offs.

    As an added bonus, this constant tracking is also accessible by you in real time, which means you can watch the flow of cash through your business as it is happening.

     

    From a distance, smart safes in cash management may look like they’re doing everything your business is already capable of doing; however, the speed and accuracy at which they can do it will rival any system you currently have in place. It’s time to stop worrying about your cash handling problems and turn your attention back to your business.


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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