When automated cash handling technology was introduced in the 90´s, it was primarily for security reasons. But nowadays these systems do so much more than dispense money and read checks. Today, cash handling systems automate the time- and staff- consuming back office processes. They save both time and money, particularly for larger stores with a high number of checkouts. Learn more about how your back office problems will be eliminated or improved by using cash automation.
Faster shift changes
For stores with many checkouts, starting and ending shifts can be an inefficient process with employees standing in line to check in or out their tills.
With an automated cash handling process, your cashiers do not have to count their tills manually, and their shift can thereby start later and end earlier.
Reduced labour costs
When there is no need to count at the beginning and end of shifts, you will see a decrease in labour costs. Depending on store type, size and opening hours, an automated cash handling process could save labour costs of 30-90 minutes per day per checkout.
What’s more, there are additional time savings as less training in cash handling is required. This can lead to significant cuts in costs since the retail industry tends to have many part-time workers and frequent employee turnover.
Re-allocation of labour
By automating your cash handling, your staff can focus on improving your customers’ in-store experience and monitoring inventory.
The store managers can remain in the store, acting as operative leaders for their employees, instead of being stuck in the back office.
Reduced cash float
Often, retailers need more coins for handing out change than they collect from customers. An automated cash handling system keeps track of its content and optimises the coin levels. It also sends a message if it is running low on certain denominations.
As the system recycles the cash – both bills and coins – cash is reused for the next shift. When cash is recycled, you tie up less capital for the float.
Better detection of counterfeit bills
When manually checking counterfeit bills, your employees may be hesitant or uncertain when faced with potentially counterfeit or other invalid notes. Checking each and every bill during the payment process is also time-consuming. An automated cash handling process will minmise this uncertainty. Most counterfeit notes will be detected and rejected.
By introducing an automated cash handling process, bills will be checked automatically, and the risk of accidentally accepting a counterfeit bill is eliminated.
Control on due diligence
One of the most valuable reasons for automating cash handling is due diligence. Do you know where your money is at all times? Do you know who has access to it – and where it is headed? If not, you might encounter problems with bookkeeping, fraud, theft, errors and cash flow.
With an automated cash handling system, you will always have control over where the money is, and there are no possibilities for errors or frauds.
What is the importance of digitisation for the retail sector and what obstacles can arise for those who own or run a store? Learn about it here.
No more counting
Have you ever thought about how much time your staff spend counting money per day? They have to provide cashiers with change, collect surplus money from the tills, count and store the money and finally facilitate collection by the CIT company. There are so many counting procedures and so many possibilities for mistakes and miscalculations.
With a n automated cash handling system, you can always rely on the sums and calculations. Also, your staff does not have to worry about having the responsibility for the cash.
Stop cash handling – start cash managing
The automated cash handling systems of today enable you to stop handling your cash and start managing it. They have the capability to accept, authenticate, sort, count, and dispense the cash. The automated cash handling systems also automate back office cash handling and provide significant labour savings by reduced staff time spent counting and recounting notes.
And, equally important, automated cash handling systems provide your store with safety both for your staff and your money.
Interested to learn more about the actual implementation of cash management? Download our guide “Let’s manage cash – it’s good business“.