The recent riots and looting in Gauteng and KwaZulu-Natal highlight just how vulnerable our retail sector is to crime.  At Cash Connect, we are aware that criminals are constantly finding new ways to get their hands on valuable goods and cash. 

Mark Templemore-Walters, operations director at Cash Connect, says that managing cash is a core part of a retail business. Cash is a cost-effective trading tool and the preferred payment method for many consumers, with 50 per cent of transactions in South Africa done in cash. In fact, the impact of cash crime on the SA economy is 5 times less than digital and card fraud. In a country with about 11 million unbanked citizens, cash payments enable financial inclusion.

With this in mind, retailers should look at cash management solutions that will not only deter and deflect crime, but also provide improved efficiency for the retail business.

BENEFITS OF AUTOMATED CASH MANAGEMENT SOLUTIONS:

Put a bank in your store.
Installing an automated cash vault built to SABS Category 4 standards is like putting a bank in the retail store. Such a safe is not just a tin box to store cash. An offering like Cash Connect’s cash vault is a hardened device with proven technology to protect the cash and streamline daily cash handling. Once the retailer deposits their cash into the cash vault, Cash Connect guarantees the funds in their bank account – same day, with an immediate risk transfer.

Create a safer environment for employees and shoppers.
A robust cash management solution not only safeguards cash, but also helps to protect the retail staff and customers. A robust cash vault from Cash Connect is proven to withstand the toughest of attacks and deflects criminals to more vulnerable and softer targets.

Saving time and money.
Automated cash management helps retailers to save time and money by almost 50 per cent. By automating reconciliations and banking, counting, shrinkage and double-count supervision, retailers no longer have the task of manual cash handling.  Employees can focus on tasks that add real value, rather than counting money or standing in bank queues. Reducing employee interaction with cash also reduces the risk of cash shortages.

In-store cash and cash-in-transit (CIT) insurance, cash shrinkage, deposit fees, back-office and cash counting supervision costs can quickly add up. For a retail store that trades 30 days a month, employs a daily CIT service from Monday to Saturday and banks R2-million in cash monthly, management costs could be R30 000 a month if there is no reputable cash handling system in place. An automated cash management service with a secure cash vault, CIT collection service, including in-store cash insurance and bank cash handling fees, can easily halve that cost.

Increased cash flow with Instant Access to cash.
Cash Connect’s cash vault sits at the very core of a bouquet of fintech enabled solutions for the retail industry.  With the Instant Access cash facility, retailers can access the cash while still in the cash vault at a click of a button. If a retailer needs to make an urgent supplier payment or has to pay for an emergency repair, for example, they can access the cash to reflect in their bank account instantly. An automated cash vault from Cash Connect, enables retailers to get up to R2.5-million business finance* in just 24 hours, hassle-free and based on the monthly cash and card receipts. This unsecured business finance solution gives retailers quick access to trading capital, helping them to keep their shelves stocked and capitalise on business opportunities. They simply download an App to Click & Borrow, and if they have a Cash Connect cash vault, the loan can be repaid in small daily instalments straight from the cash in the retail cash vault, or by daily debit orders from their bank account.

CORNERSTONE OF A SUCCESSFUL RETAIL OPERATION

“An intelligent, automated cash management solution has become an essential component of a successful retail store, creating a safer trading environment, a more effective allocation of resources and tangible cost savings,” says Templemore-Walters. “For us, it’s key to note that none of our clients experienced any cash losses this year – proving that these solutions work.”