Retail businesses need to process a large number of cash transactions every day. As a result, they often encounter issues related to cash management. Some of the major reasons that come in the way of cash management are internal thefts, frauds, robbery, counterfeit currency, and accounting errors. These issues, however, can be addressed by implementing smart safe solutions. These cash safes, equipped with a host of features such as a coin acceptor, currency validator, and more, not only save time, but also improve the overall profitability of a business. In this write-up, we will discuss four benefits of installing and using smart safes in any cash-intensive business.
1. Increased Security
Securing cash from frauds, internal, and external thefts is one of the primary concerns of all businesses. Reports suggest that companies lose 5 percent of their annual revenue because of internal theft, which is a problem even bigger than external thefts. Smart safes help tackle internal thefts by making the cash handling process more streamlined. Similarly, due to their high-security features, smart safes help reduce the risk of external thefts as well.
1. Increased Security
Securing cash from frauds, internal, and external thefts is one of the primary concerns of all businesses. Reports suggest that companies lose 5 percent of their annual revenue because of internal theft, which is a problem even bigger than external thefts. Smart safes help tackle internal thefts by making the cash handling process more streamlined. Similarly, due to their high-security features, smart safes help reduce the risk of external thefts as well.
2. Improved Counterfeit
DetectionRelying on manual checks for counterfeit detection is not an effective way to tackle the issue related to counterfeit currency. Smart safes, on the other hand, integrate the bill validator technology that is more reliable and accurate than manual checks. In fact, this technology also performs better than other counterfeit detection techniques such as UV lights or counterfeit pens. Bill validators are placed near POS (point of sale) to validate bills the moment money gets deposited.
3. Enhanced Operational
EfficiencyCash handling takes a lot of attention away from the core business functions that can otherwise be utilized by focusing better on customer satisfaction. Coin acceptor and bill validator make the job much easier and also reduce the operational stress by eliminating manual processes such as counting and validating currency, maintaining cash flow logs, and transactional audits. Cash safes with bill validators can automate the entire process, thereby increasing the operational efficiency of businesses.
4. Improved Cash
FlowOne of the major reasons why many businesses can’t manage their cash efficiently is the difficulty they face keeping a track of their cash flow. Smart safes help businesses keep a constant and accurate track of their cash outflows and inflows periodically. Being aware of the outflows, inflows, fluctuations in cash balance help businesses assess and sustain their overall financial health.
A Word of AdviceBefore you purchase a smart safe for your business, do a thorough research on the types of smart safes available, the technologies they use, and the added features that come with them. While, price may be one of the determinants for making a buying decision, you also need to consider other factors to streamline the cash management system of your business.
DetectionRelying on manual checks for counterfeit detection is not an effective way to tackle the issue related to counterfeit currency. Smart safes, on the other hand, integrate the bill validator technology that is more reliable and accurate than manual checks. In fact, this technology also performs better than other counterfeit detection techniques such as UV lights or counterfeit pens. Bill validators are placed near POS (point of sale) to validate bills the moment money gets deposited.
3. Enhanced Operational
EfficiencyCash handling takes a lot of attention away from the core business functions that can otherwise be utilized by focusing better on customer satisfaction. Coin acceptor and bill validator make the job much easier and also reduce the operational stress by eliminating manual processes such as counting and validating currency, maintaining cash flow logs, and transactional audits. Cash safes with bill validators can automate the entire process, thereby increasing the operational efficiency of businesses.
4. Improved Cash
FlowOne of the major reasons why many businesses can’t manage their cash efficiently is the difficulty they face keeping a track of their cash flow. Smart safes help businesses keep a constant and accurate track of their cash outflows and inflows periodically. Being aware of the outflows, inflows, fluctuations in cash balance help businesses assess and sustain their overall financial health.
A Word of AdviceBefore you purchase a smart safe for your business, do a thorough research on the types of smart safes available, the technologies they use, and the added features that come with them. While, price may be one of the determinants for making a buying decision, you also need to consider other factors to streamline the cash management system of your business.