3 Reasons Smart Safes Are Indispensable for Retail Stores

As customer management plays a key role in driving profitability, retailers always look for options that can free up their staff from less critical activities, such as counting coins and currencies, double checking transaction records, and like, to accentuate their focus on customer satisfaction. Cash management in itself is a mammoth task that requires a dedicated staff. When cash management is done manually, senior management members also need to chip in from time to time. To minimize the need of human intervention in cash management, an increasing number of retailers are turning to smart safes. Starting from accepting cash to validating, recording and storing bills, smart currency safes bring a number of capabilities to streamline the cash handling process in a business. Let’s take a look at three highlights.

1. Security

Various independent studies have revealed that five percent of annual revenue is lost to internal theft, and 80 percent of employees are more likely to steal if they deal with a manual cash handling process. In case of cash handling safes, there is improved accountability of every cashier on each shift and reduction in cash shrinkage, as everything is electronically controlled. 

2. Counterfeit Detection

Smart safes come with sophisticated bill verification systems that offer a failsafe solution to prevent the losses incurred due to counterfeit bills. Integrated with smart technology, these safes validate bills as soon as they are received from a customer. Trusted by banks to authoritatively validate notes, smart safes are a better alternative to UV lights and counterfeit detection pens.

3. Reduced Human Hours

Installing cash deposit safe helps staff and managers save time for collecting and counting cash and reconciling receipts with the point-of-sale system. In addition, smart safes maintain a perfect count of cash deposited, thereby saving time otherwise spent in cash till closeout process. In addition, by installing cash deposit safes, stores can bring down the hassles of transporting cash to the bank and also reduce the frequency of cash pick-ups by the armored-carrier services.

Conclusion

Despite the increasing adoption of electronic and plastic money, cash is far from being out of the equation, especially for retail businesses. Efficient cash management directly impacts the productivity of a business, thereby improving its profitability. Smart cash handling safes enable retailers to free up trapped cash, reduce costs, minimize losses, and get faster access to financial information. However, before putting your money in a smart safe, make sure you know that the safe is equipped with all the features required to ensure complete security of cash. Smart safes are available in varied sizes and specifications, and therefore, you might want to consult an expert when it comes to choosing a suitable option for your business.