Irrespective of the efforts retailers make to go paper free; they still bear the hassle of cash management—as many buyers still prefer paying in cash. Managing cash is not only an expensive proposition for these small and medium sized business owners but it also impacts the overall productivity of the business. Transporting cash from store to bank carries a host of risks. Unless the process is completed at a fast pace and in an accurate manner, it can slow down the workflow. That’s the reason retailers are looking into safety safes as an opportune solution for time taking cash-in-transit and cash management process. The benefits of safety safes are immense, and worth highlighting. In this write up we have discussed three most crucial benefits of safety safes for businesses.
Smart Safety Safes: An Overview
Smart safety safes play a key role in cash management for various businesses, such as big-box retailers, warehouse clubs, gas stations, supermarkets, and other institutions that handle large amounts of cash on a daily basis. Smart safes accept, dispense, and secure the cash needed to run day-to-day business operations while at the same time handle all transaction details unburdening employees dedicated solely to work in the cash room. Stores using safety safes see a significant change in their operational efficiencies.
Smart Safety Safes: An Overview
Smart safety safes play a key role in cash management for various businesses, such as big-box retailers, warehouse clubs, gas stations, supermarkets, and other institutions that handle large amounts of cash on a daily basis. Smart safes accept, dispense, and secure the cash needed to run day-to-day business operations while at the same time handle all transaction details unburdening employees dedicated solely to work in the cash room. Stores using safety safes see a significant change in their operational efficiencies.
Benefits of Installing Safety Safes
Free-up Manhours
Many big stores have a dedicated cash room manned by full-time attendants, responsible for checking till outs to the cashier at the beginning of the shift and check tills in at the end of the shift. Employees deployed in the cash room match till balances with point-of-sale data, and look for any discrepancies, count and recount money, and preparing cash for deposits all this at the cost of business. Having safety safe in place not only eliminate the need for dedicated employees also facilitate various important business operations. Also, automated safety safes increase the opportunity cost of misallocated labor. Make sure you install an appropriate capacity safe to handle store’s cash needs and the safe is flexible enough to scale up as your business grows.
Minimize Cash Float
In a traditional store setting, the amount of cash received on a regular day is directly proportional to the amount of float it needs to keep up with daily business transactions. Float at hand is important to give change to customers until enough cash sales accrue to make a change from the shift’s sales. Although cash float is important to facilitate sales transaction, keeping such huge volume in store entails the risk of counting error and theft. Also, the huge volume of cash kept inside the store and not in the bank account, is not earning extra profits to the store. Safety safes for that matter allow the cashier to store money notifying the bank for the same. As soon as you deposit money inside the safe, the bank gets a notification because the safe is already linked to merchant’s bank account. Fund collected in the safety safe can be reused for next day shift.
Enhance Business Efficiency
A store managing numerous registers right from the start till the end of a shift in the cash room often renders the store inefficient. In a setting like this, it is not strange to have a long queue of employees checking tills in and out in the cash room ultimately slowing the business process. It has potential to damage store’s integrity as most of the employees at the end of the shift are in a hurry to wrap up their day work and go home. Installing a right safety safe in the store, usual starting and ending shift ritual of checking tills in and out can be performed in just a matter of seconds and without any further human intervention. When choosing a safety safe, make sure the safe has enough capacity to handle the volume of cash your store handles on a daily basis and in minimal time possible and most importantly enable seamless operation of the machine.
The Bottom Line
A right choice of smart safety safe is important for any retail store that handles a large number of cash transactions. These safes automate the entire cash management process, curbing the need for dedicated employees for cash management. Employees otherwise engaged in the cash room can be re-allocated to the main floor for more productive store activities. In addition, smart safety safes reduce the cash float required to conduct business, and significantly reduces time spent on cash management.
Free-up Manhours
Many big stores have a dedicated cash room manned by full-time attendants, responsible for checking till outs to the cashier at the beginning of the shift and check tills in at the end of the shift. Employees deployed in the cash room match till balances with point-of-sale data, and look for any discrepancies, count and recount money, and preparing cash for deposits all this at the cost of business. Having safety safe in place not only eliminate the need for dedicated employees also facilitate various important business operations. Also, automated safety safes increase the opportunity cost of misallocated labor. Make sure you install an appropriate capacity safe to handle store’s cash needs and the safe is flexible enough to scale up as your business grows.
Minimize Cash Float
In a traditional store setting, the amount of cash received on a regular day is directly proportional to the amount of float it needs to keep up with daily business transactions. Float at hand is important to give change to customers until enough cash sales accrue to make a change from the shift’s sales. Although cash float is important to facilitate sales transaction, keeping such huge volume in store entails the risk of counting error and theft. Also, the huge volume of cash kept inside the store and not in the bank account, is not earning extra profits to the store. Safety safes for that matter allow the cashier to store money notifying the bank for the same. As soon as you deposit money inside the safe, the bank gets a notification because the safe is already linked to merchant’s bank account. Fund collected in the safety safe can be reused for next day shift.
Enhance Business Efficiency
A store managing numerous registers right from the start till the end of a shift in the cash room often renders the store inefficient. In a setting like this, it is not strange to have a long queue of employees checking tills in and out in the cash room ultimately slowing the business process. It has potential to damage store’s integrity as most of the employees at the end of the shift are in a hurry to wrap up their day work and go home. Installing a right safety safe in the store, usual starting and ending shift ritual of checking tills in and out can be performed in just a matter of seconds and without any further human intervention. When choosing a safety safe, make sure the safe has enough capacity to handle the volume of cash your store handles on a daily basis and in minimal time possible and most importantly enable seamless operation of the machine.
The Bottom Line
A right choice of smart safety safe is important for any retail store that handles a large number of cash transactions. These safes automate the entire cash management process, curbing the need for dedicated employees for cash management. Employees otherwise engaged in the cash room can be re-allocated to the main floor for more productive store activities. In addition, smart safety safes reduce the cash float required to conduct business, and significantly reduces time spent on cash management.