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Is my store large enough for cash management?

Published: 1. February 2016

Sometimes we get questions like; how large does the store has to be to have a cash management solution? Our answer is that every place that handles cash can be large enough for cash management. But since it can be a quite large investment for a small store owner we understand the question. Generally, the size of the store doesn’t really matter. It is more about what problems you have and what benefits you want to achieve. Below I will show some points you should consider.

How much cash do you handle?

The first thing to think about is the amount of cash you handle. The amount of cash can vary a lot between different markets and types of businesses. Think about how many of your payments are done with cash. The more cash payments you have, the more time will you save at the checkout with cash management. Also, consider the total amount of cash you handle and reconcile at the end of each day. But keep in mind that that the amount of steps in your cash handling don’t differ based on the amount cash you handle. Some of them take longer with a lot of cash, but you still have to go through the same steps if you have less. If you think about it, handling less cash takes more time per banknote.

Where is your store located?

Some stores are more exposed to robberies. A store in a mall is often protected against robbery attempts but a store in a “bad neighborhood” might be more exposed. If you store is at risk it might booth feel good for you and you staff and be a smart investment to have a sealed cash management solution.

Who are your employees?

Who, other than you, handles the cash? How well do you know them? Do you have many temporary employees? These questions are important to consider when deciding if a cash management solution is right for your business. I once talked to a store owner and asked if he had problems with internal theft. He answered not at all. I got curious how that was possible. He explained that besides him it was only his wife and their two children that worked in the store. So sure, if you have a limited amount of people handling cash, and you know and trust them well, you don´t need cash management for that reason. But if you employ different people it can be risky trusting them with cash. If cash is missing and you have to do an investigation, questioning you employees, the pleasant work atmosphere might be ruined. Nobody likes to be suspected of theft.

If you have many temporary or seasonal employees, consider that it goes much faster for a new employee to learn to handle the checkout with a cash management solution, not having to learn to count cash fast. You can hire the most service-minded person, not the most meticulous counter.

When are your sales peaks?

What does your sales spread look like during the day? Do you for example have a massive morning rush where the entire neighbourhood wants fresh bread? Then a cash management solution can be worth looking into, making you transactions faster so you can serve more customers each morning without risking that they leave the store because of the long lines.

What is your family situation?

If you own a store you are probably putting in some pretty long hours each day. How much would it be worth for you to be able to go home when you close your store, not having to reconcile cash for another hour? We have had customers saying that cash management saved their marriage. So maybe that extra hour can be worth more than you think.

Download our White paper! There is a six-step process to implement cash management. Thousands of retailers around the world have already done it.  Download now