Contrary to many predictions, the days of physical cash are not numbered. The number of bank notes will increase by about five percent annually between 2016 and 2026. Cash is therefore here to stay and its need to be safeguarded will remain a priority.
According to Richard Phillips, joint CEO of Cash Connect Management Solutions, “Automated Retail Cash Management should be the solution of choice. Automated cash handling saves money and time, and allows one to focus on core aspects of running the business and greatly improves its risk profile”.
Here are a few ways in which automated cash management systems add value to a business.
Bill Gates once said that the first rule of any technology in business is that automation applied to an efficient operation will magnify the efficiency.
Automated cash management, without question, improves efficiency. It’s fast, accurate and error free. It’s also much safer since it eliminates all staff touch points associated with manual reconciliations and banking, counting, shrinkage, double count supervision, insurance costs and overhead costs, not to mention the inordinate exposure to crime both in store and én route to the bank.
|2.||Cash is guaranteed
Cash Connect guarantees the cash from the time it is deposited into the cash vault, whilst in transit and until the value appears in the customer’s bank account.
Not just the risk of cash loss but the broader risk to the business, its staff and customers, to the threat of a potentially violent armed robbery.
|4.||Shifting focus to manage your business
Without the counting and banking shenanigans of manual cash handling, the owner can focus on other crucial aspects of growing the business with greater efficiency.
|5.||Streamline cash flow
Ultimately, a well organised cash flow means more cash on hand for your business to grow and prosper, or making use of seasonal special offerings to benefit from bulk purchase discounts. Reputable cash management and payment solutions enable cash to reflect in your bank account on the same day that the cash-in-transit company collects from your premises.
|6.||Improve employee retention
When a store is attacked, not only will there be a cash loss, but also an emotional impact on employees. There have been many cases in South Africa where employees left because they do not feel safe. Businesses can also expect to have a reduced footfall of customers for up to 6 months after a violent attack. With an automated cash management environment employees will go about their work with a greater sense of security.
Well, the world has changed, and the new order is creating a new tradition – a new model for how cash is managed in the retail world. Hopefully one day automated cash management and payment systems will become a business norm to ensure safer and more efficient business environments.