Nowadays you no longer have to use a calculator to sum up banknotes and coins. Cash management technology has rapidly improved in recent years, and now there are several smart solutions for the retail industry. The idea behind Retail Cash Management is to automate the entire cash handling process, from the point of sale to bank deposit. By switching from manual cash handling to cash management, a retail business will improve in several areas. Here are six reasons why you should consider Retail Cash Management.
1. Efficiency and time-savings
2. Improved customer service
Nothing is more frustrating than being a customer trying to get help and finding that no store assistant is available. Employees are often in the back of the store, busy with tasks such as counting the till at change of shift, instead of providing customer service out in the store. These days, when customer service is crucial to staying ahead of the competition, you have to free up staff for more customer-orientated work. With cash management in place, counting money is done automatically.
The role description for a cashier has changed significantly in recent years, you can read more about it in our blog post “Take a look at the cashier’s new role”.
3. No human mistakes
With cash management, the customers always get the right amount of change back. Also, the staff does not have to stay after closing to count today’s cash. The solution automatically counts the money and always does it correctly. No more need for double counting and recounting, and no risk that there will be counting errors.
4. Lowered costs
Cash Management decreases cash costs by 30%. First of all, you reduce your costs by simplifying your operation in the business. Then, you will get both lower CIT costs and insurance costs since cash is securely closed and sealed. Do you know that a cash management solution will provide an ROI in less than seven months?
5. Increased revenue
Every cash purchase will take less time, and with reduced queues, there will be time to serve more customers. Also, all the time saved every day by reducing the counting of money frees up time for sales promotions and customer service. Moreover, of course, a well-run store with excellent customer service attracts more customers.
6. Enhanced security
Cash is still the most commonly used form of payment in retail, particularly for smaller transactions of €20 or less. Still, many retailers handle their cash manually, which makes their businesses vulnerable both to robberies and internal theft. When the cashier has no access to the money, the risk significantly lowers. One simple robbery can cost up to € 13.000 in revenue losses and staff counselling. With a cash management solution, the staff feels safer, and long opening hours are less risky.
So, if you are in the retail business, you ought to consider investment in a Cash Management system. It undoubtedly will boost your business in several ways.
Interested to learn more about the actual implementation of cash management? Download our guide “Let’s manage cash – it’s good business”.