No matter what type of business you operate, if you handle cash or use it to facilitate transactions, you know how complex—and costly—managing it can be.
From handling transactions to reducing shrink to keeping your employees safe, cash management requires a great deal of time and resources. In fact, according to 2020 research, the cost of cash handling now ranges from 3-6 percent, depending on the volume of cash managed. These costs siphon away not only hard-earned revenue, but also hundreds of labor hours per month that could instead be spent improving the customer experience.
If your business is tired of dealing with these indirect costs, this could be a great time to consider implementing cash recyclers and smart safes into your cash management ecosystem. Here are the many ways these devices—and the right service provider—can deliver for your business and help manage your cash flow.
WHAT CASH RECYCLERS AND SMART SAFES BRING TO YOUR BUSINESS
MORE TIME FOR CUSTOMERS
Cashiers and tellers have plenty to juggle, including sorting cash and checks coming in and out, verifying financial information, and monitoring available cash. On top of that, they have to deliver stellar customer service. If one of these tasks goes wrong or a customer transaction requires a large cash refund, the cashier has to call over a supervisor to review the transaction, replenish their drawer, or monitor cash as it is removed from a vault or safe.
No matter the cause—theft, counterfeit currency, or miscounted change—shrinkage can eat away at your profits. In fact, in 2021, one National Retail Foundation study calculated the average shrinkage at 1.4 percent. This alone makes cash recyclers and smart safes a great investment, helping businesses increase cash security.
Cash recyclers can automatically return accurate change, process checks, and count and validate currency to cover transactions, whereas smart safes are designed to store cash in cassettes to prepare for future use or deposit. Whether you choose one solution or both, each offers real-time transaction logging and enhanced authentication features to provide detailed insights into the cash flowing through your business.
Just as technology has evolved to streamline operations in many other parts of your business, cash recyclers and smart safes have stepped in to automate the highly manual tasks of counting, replenishing, validating, and recording cash levels both during and at the end of the day.
If you think about everything that goes into it, it is easy to see why 71 percent of cash-related costs are from front-of-store activities. By employing cash recyclers with smart safes, your business can reduce the time required and staff involved in completing cash-handling tasks.
No matter the size or scope of your business, smart safes and cash recyclers are a sound investment, helping your staff save time, improve cash management, and boost efficiency. These savings give your team members more time and resources to apply toward the overall customer experience and other strategic projects.
In addition to providing operational advantages, these devices enhance cash security by deterring and preventing theft and reducing unintentional shrink that slowly chips away at your revenue.