Cash Connect, South Africa’s leading provider of secure cash management and payment solutions, has launched a new self-service bulk deposit acceptor device, or ATM, for retail distribution centres.
This automated cash handling solution allows bulk note and coin deposits to be processed quickly and easily, which cuts down on the time depositors spend in service queues, and enables a speedy reconciliation and bank deposit process for cashiers.
Imagine a scenario where dozens of trucks leave a depot in the morning to deliver COD consumer goods like cold drinks, milk or fresh produce to retailers across the province. During the day, the trucks return carrying large volumes of cash. Drivers, having removed the cash from an on-board drop-safe, traditionally spend several hours in the depot’s cash centre, counting the cash and filling out deposit slips and thereafter waiting in a queue to hand over the cash to the cashiers. Only once the deposit is verified by the cash centre, can the driver get back on the road again.
“The bulk deposit ATM (BDA) provides an automated alternative which has been proven to be 4 to 6 times faster than a manual counting and verification process. In addition, the need for filling out a manual bank deposit slip is negated, further improving process efficiency and saving time.”
The bulk deposit ATM (BDA) not only eliminates much of the hassle associated with traditional cash handling methods, it also enhances existing safety and security measures and cuts down on cash shrinkage. The BDA is guaranteed to decrease bank fees associated with cash processing, whilst increasing cash flow with same-day settlements, resulting from increased efficiencies.
Manual banking generally provides value on the second or even third day from the deposit. Cash Connect offers value in the client’s bank account on the same day. The days outstanding, cost of funds saving goes to the bottom line, and you will no longer lose out on any interest on your funds from the time you make the deposit to the time the value reflects in your account.
“Automated cash management eliminates the need for manual paperwork and reconciliations, and drastically reduces incidences of human error,” says Richard Phillips, joint CEO of Cash Connect Management Solutions.
At the core of the Cash Connect BDA is the technology for which the company is so widely trusted throughout the commercial and retail industry: a cash vault built to SABS Category 4 standards, capable of withstanding most determined attacks.
“Another value-adding feature of the BDA is the secure biometric identification system that reinforces accountability and eliminates cash shrinkage. Retailers’ cash is guaranteed through a system that identifies people and assigns accountability based on fingerprints,”says Pierre Liebenberg, general manager for Solutions Development & Manufacturing of Cash Connect Management Solutions.
The BDA’s through-the-wall configuration offers a minimally invasive footprint that makes efficient use of available space in cash office. Its 17-inch touch screen makes self-service deposits a breeze for depositors, drivers, cashiers and other users. The machine can count up to 800 notes and 800 coins per minute, resulting in drivers spending more time on the road focusing on deliveries.
Cash Connect backs up its technology with on-site training, 24/7 call centre support, on-site technical assistance, and access to an online portal where customers can view their deposits, recons and transaction history, and download financial reports.
“With the BDA, Cash Connect enhances its reputation as a key enabler of South African business,” says Phillips. “We believe that retailers deserve to trade in a safe and secure environment, with increased efficiency and reduced costs that stimulate growth and prosperity. In short, we help take businesses from a place of safety to a place of growth with innovations like the BDA. It’s like we put the bank in your business.”