The notion that smart safes are only appropriate for large businesses that handle substantial amounts of cash is a common misconception. Recent advances in cash management software and hardware have made it cost-effective for small retailers and establishments of any size to enjoy the considerable benefits of smart safes with day one ROI.
If you’re wondering how a smart safe can help your business run more efficiently and profitably, here are three things to consider:
1. Smart safes help keep things honest — and accurate
The average dollar loss per dishonest employee case is $1,139.32— which is a sizable hit for a small retailer to absorb. Smart safes give you the visibility and control you need to detect, reduce and prevent shrinkage.
How does it work? When employees deposit cash into a smart safe, they use a PIN number that creates a traceable record of all activity. You and your solutions partner decide who has access to what, so each employee has the level of access you deem appropriate.
For example, you may want the store manager to have sole access to the smart safe in the event of emergencies. Or, if hourly employees only need to make change, you can isolate their access to a separate coin or change compartment. By controlling access, you reduce opportunities for shrinkage.
In addition, smart safes also provide automated counting and validating. This helps increase the accuracy of counting and reconciling and improves verification and counterfeit detection. It’s all possible when your safe is smart.
2. Smart safes free you up to focus on other areas of business.
By reducing or eliminating time-intensive procedures like bank runs, manual counting, and manual reconciling, smart safes can free you up to devote time to other areas of business.
Smart safes even help you reduce the number of cash pickups and bank runs by giving you access to provisional credit. Provisional credit is temporary credit issued by a financial institution before a transaction is fully verified. This allows you to automatically log a deposit of your safe’s contents at the close of business, even if the cash is still on-premise. This also helps you avoid cash flow problems and gives you more immediate transparency into how your business is performing.
3. The right partner can help you make the most of your smart safe.
Your ability to access all that a smart safe has to offer depends greatly on your choice of a services solution partner.
OEM-agnostic partners like Burroughs can help you lower your total cost of ownership by offering flexible options in areas like pickup frequency and can typically provide a higher degree of control when it comes to choosing only the services that are of value to your business. Turnkey systems with purpose-built solutions, not fragmented boxes and services help to further reduce costs and increase peace of mind.
Burroughs can help you find the right smart safe technology for your business. We also provide a full device-as-a-service solution that helps you achieve a faster ROI — and ultimately optimize the value from your device across its lifecycle.
Whether you’re looking for a new smart safe, or a services partner to manage your current fleet, talk to the experts at Burroughs.