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 effectively can be.
From accurately and quickly facilitating transactions and reducing shrink to security and keeping your employees safe, cash management takes a great deal of time and resources. In fact, according to a 2018 report, the cost of cash-handling now ranges from 4.7 percent to more than 15 percent for various retail segments. This siphons away not only hard-earned revenue, but also hundreds of labor hours per month that could instead be spent toward improving the overall customer experience.
If you are looking to turn a costly pain point into a competitive advantage, your business needs to have the right devices and the right service provider in place to help you holistically 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—handling customer questions, handling cash and checks coming in and out, and monitoring the level of cash that they have available. If one of these 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.
Instead, a cash recycler can log the transaction, authenticate currency, and dispense the appropriate amount of cash on its own, securely and all within seconds. This gives all of your staff more time to focus on customers and promoting high-value services and solutions.
No matter the cause—theft, counterfeit currency, miscounting change, or more— shrinkage can easily eat away at your profits.
Cash recyclers and smart safes are also able to step in to help your business increase its cash security. Though recyclers can automatically return accurate change, process checks, and count and validate currency to cover transactions, smart safes store cash safely in cassettes to prepare for future use or for deposit. Both also offer real-time transaction logging and enhanced authentication features.
As technology has evolved, it has stepped in to automate many of the more repetitive and less value-added aspects of our lives. The same applies to cash recyclers and smart safes taking on the highly manual tasks of counting, replenishing, validating, and recording cash levels for both cashiers and during closeout 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 each teller or cashier and a smart safe in the back room, your business can reduce the time required and staff involved in completing these cash-handling tasks. These devices can also help to save time by reducing the need for armored car deliveries, trips to a central vault, or the need to visit a bank to make a deposit. Your cash can be safely stored and accurately tracked until it is needed or a trip to the bank is warranted.
Take the Next Step
Smart safes and cash recyclers can help businesses and banks save time, improve cash management, and improve efficiency, ultimately giving your business more time and resources to apply toward increasing your overall customer experience. Not only that, but utilizing industry-leading devices can also enhance cash-management security by helping to prevent theft and unintentional shrink.
Pairing these savings with comprehensive service from an experienced provider like Burroughs, which has more than 130 years of experience in the business, also means that using these devices can often pay for themselves over a short amount of time. So if you would like to learn more about getting these devices in place to improve your operations, you can take the next step by contacting the Burroughs team here.