When shopping, customers have a few options available to them where they can pay for a transaction -- credit card, debit card or cash. Credit and debit card transactions come with a cost for the retailer. When a customer pays for a transaction with a credit or debit card, the retailer has to pay a certain amount of fees in order to process the payment.
So there’s no question as to why a retailer would prefer cash. When a customer pays in cash, the transaction costs the retailer nothing. However, a significant amount of time is wasted every day in the manual handling of cash. Retail managers and employees must take time away from their customers to carefully attend to the chore of cash counting, sorting and bookkeeping.
In manual cash handling, the cash is kept in a drawer or vault until the authorized person deposits the money into the bank, or hands it over to an armored cash transport company. This is where automated cash handling safes have become quite useful.
Retail Businesses Lose When Using the Manual Cash Handling Method:
So there’s no question as to why a retailer would prefer cash. When a customer pays in cash, the transaction costs the retailer nothing. However, a significant amount of time is wasted every day in the manual handling of cash. Retail managers and employees must take time away from their customers to carefully attend to the chore of cash counting, sorting and bookkeeping.
In manual cash handling, the cash is kept in a drawer or vault until the authorized person deposits the money into the bank, or hands it over to an armored cash transport company. This is where automated cash handling safes have become quite useful.
Retail Businesses Lose When Using the Manual Cash Handling Method:
- A retailer is unable to use the cash until it gets deposited into the bank
- If a retail company seeks the services of a cash management company, it will incur additional expenses
- There are higher chances of error due to human intervention for the manual counting and recording of cash
One of the largest concerns for retailers is internal shrinkage when handling the process manually. It has been observed that shrinkage from internal sources is more worrisome for retailers than preventing cash from external threats such as robbery. The average business experiences a cash shrinkage of at least one percent each year, thus resulting in smaller profit margins.
In order to prevent loss, many businesses are automating their cash handling systems. From automated cash counting and provisional credit on deposits, to the safeguarding that cash handling safes provide, smart safes have turned out to be an ideal investment. These safes allow retail stores and other businesses to utilize their time more efficiently.
If your business accepts large amounts of cash on a daily basis, then cash handling safes can be quite handy. Apart from reducing the chances of error, you are also giving your employees more time to devote to customer service.
In order to prevent loss, many businesses are automating their cash handling systems. From automated cash counting and provisional credit on deposits, to the safeguarding that cash handling safes provide, smart safes have turned out to be an ideal investment. These safes allow retail stores and other businesses to utilize their time more efficiently.
If your business accepts large amounts of cash on a daily basis, then cash handling safes can be quite handy. Apart from reducing the chances of error, you are also giving your employees more time to devote to customer service.
