Nov 7, 2018
3 Cash Management Solutions For Retail
Every day retailers around the world are handling large volumes of cash and coins. Since cash is the preferred currency for small purchases, retailers face many cash management issues including robbery, counterfeit, and employee theft to name a few. These issues affect the overall efficiency of the retailer, dragging down their revenue and customer experience. Luckily, there are new trends among cash management solutions that are changing the way retailers handle their money. Ultimately these IoT in retail solutions are reducing the costs and risks associated with traditional cash management.
Here are 3 cash management solutions for retail:
1) Smart Safes. Smart safes are designed to sort and count the cash, check for counterfeit currency and automatically communicate the deposit information to the retailer’s bank account. The technology removes a lot of the time and effort that cash normally requires, with the added benefit that the deposit happens much sooner. Smart Safes are allowing businesses to monitor and control the cash all in one system, ultimately eliminating the majority of security and safety risks often associated with traditional cash.
2) Cash Recycling. A cash recycler is a complex machine that can perform important tasks like accepting and dispensing cash. It also stores money securely, keeps an accurate count of your cash, and automates the whole process. A cash recycler can also speed up customer lines while also improving accuracy and overall customer service. They also help reduce labor and other cash handling costs while increasing the security of cash handling.
3) Automatic Counterfeit Detectors. Using infrared imaging technology and magnetic ink detection, automatic counterfeit detectors can identify counterfeit currency. Of course, these systems are not fooled proof so it’s best for a retailer to train their team manually in addition to implementing an automatic counterfeit detector. This training will need to be updated as a currency is updated or new currency begins to be accepted from other countries.
As times continue to change, retailers will need to stay up on the latest cash management technologies in order to ensure the optimization of their cash handling processes. They’ll need to stay one step ahead of robbers, counterfeiters, and competitors.
All 3 of these solutions can help retailers do so. For help connecting any of your cash management equipment give OptConnect a call at 877.678.3343.