Brick-and-mortar retailers face a growing cash management crisis. With rising costs and theft, manually handling cash creates unnecessary expenses and losses. Fortunately, smart safes provide automated solutions that can save retailers time, money, and hassle.
Here are 3 benefits retailers can enjoy when they switch to smart safe cash management.
Reduce Manual Cash Counting Mistakes
Counting cash manually takes effort and introduces inevitable human errors. After a long shift, fatigue sets in and both managers and cashiers can easily miscount the tills and totals. Even with careful back-office procedures and multiple-person verification, the typical retail employee miscounts cash drawers around 7% of the time.
Smart safes reduce these mistakes by automatically counting bills and coins as they enter the safe. The exact deposited amount is then immediately recorded in the store’s systems. This creates reliable accountability while eliminating cash counting and data entry mistakes.
Cut Banking Fees
Traditional retail banking practices drain profits with monthly fees, cash ordering charges, and more. However, retailers using smart safes can optimize their cash flow and even reduce these costs.
Smart safes can consolidate cash deposits, turning daily bank deposit runs into a weekly affair - while providing provisional credit for the money already recorded in the safe. Some smart safe programs come bundled with armored carrier services, completely eliminating the need to risk employee trips to the bank. Both systems help reduce the time, energy and banking fees associated with regular cash deposits.
Improve Cash Accountability
While a few dishonest employees may pilfer small amounts over time, most retail cash loss comes from innocent mistakes. Without strict cash management protocols, overages and shortages are common. This creates conflict and distrust between staff and leadership.
Smart safes establish strong accountability using trackable, real-world data. Smart safe software can generate accurate deposit counts and even link them to specific registers, shifts, and clerks. Every transaction provides an electronic audit trail for more robust reconciliation.
In the event of a true theft or scam, retailers can use this data to pinpoint patterns and suspects. If the problem proves to stem from ongoing errors, retailers can retrain staff to prevent continued issues. These features improve loss prevention while building trust with well-intentioned employees.
Upgrade Retail Cash Management
From incorrectly counted bank deposits to inflated cash handling fees, manual retail cash management harms efficiency and profits. Smart safes are a proven solution to these issues. With automated reconciliation, optimized cash flow, and stronger accountability, both retailers and employees benefit tremendously from the technology upgrade.
Discover how your retail establishment can maximize profits and minimize headaches by transitioning cash management to a Smart Safe solution. Contact us today!
Brandon Tant, Account Manager
919.535.0090