Valentine’s Day, one of the first big retail days of the annual calendar, is just around the corner. As retailers prepare for this key trading period, one of the opportunities to save costs and drive innovation lies in embracing automated cash management solutions. Today’s leading-edge cash management solution is not just a tin box to store cash—it’s the heart of a modern fintech offering that equips retailers to strengthen their operating and financial efficiencies, and grow their businesses. 

“Automated cash management isn’t just about accessing a secure cash vault these days – it’s also about leveraging a complete set of fintech solutions that can help your retail business to innovate and grow,” says Mark Templemore-Walters, Operations Director at Cash Connect, South Africa’s leading provider of smart, robust, retail cash vaults.

“With reputable automated cash management solutions, you can optimise your management of cash, which remains the payments instrument of choice for South African consumers. You can also access a range of value-added services that can help you take your business to the next level – for example, innovative fintech funding offerings that enable you to buy in bulk and stock up ahead of Valentine’s Day, or to pay for a much-needed refurbishment of your premises.”

Templemore-Walters outlines the benefits of automated cash management:

• A bank in the store with guaranteed cash and immediate risk transfer: Automated cash management effectively puts a bank in the retailer’s premises. It should feature a robust retail cash vault, built to minimum SABS Category 4 standards, to keep cash safe. From the moment the cash goes into the intelligent, automated business vault, whilst in transit to the bank, and until it appears in the bank account, the service provider should cover the cash risk. The cash should be guaranteed, side-stepping traditional insurance assessment delays and critical cash flow effects on turnover.

• Increased efficiency: A fully automated cash management solution can save a retailer up to 40% in costs per month. These savings come from lower processing fees, same day or real-time value in the retailer’s bank account, reduced shrinkage, and a significant reduction in the need to carry out manual work in the back-office.

• Unlocking cash flow: A retailer can get cash in its bank account on the same day it’s collected from the cash vault. Or, retailers can opt to make use of an Instant Access facility, allowing them real-time access to the cash in their vault, with the click of a button. Bringing the bank to the store allows for improved cash flow and speedy supplier payments.

• Capital in 24 hours to grow: With a smart cash vault solution from Cash Connect, retailers can get up to R5 million trading capital in just 24 hours, that they can use for just about anything. These business loans can be repaid in daily instalments, debited from a retailer’s bank account or by daily deductions straight from the cash vault. Whether retailers need to purchase bulk stock at discounted prices, renovate or expand their store, they can enjoy short-term, unsecured business funding that is fast, flexible and hassle-free—and they can Click & Borrow directly from a mobile app.

Templemore-Walters concludes: “Technology is part of our daily lives.  The same should be true of your retail store – without automation and digital tools, you are losing out on the opportunity to make your retail operations more efficient and improve your customer experience. Retailers can save significant time and money and gain access to a wealth of value-added services by working with the right fintech-enabled cash management partner.”