4 Commandments of Effective Cash Management in Retail Business

Although most people prefer to use plastic money these days, there are still businesses that primarily rely on cash for daily transactions. As a result, managing cash is still a challenge for many businesses. To manage cash in a business setting, cash management systems and solutions in the form of cash safes and coin collectors were introduced in the US, way back in 2000; however, these solutions have not been used to their full potential as many business owners are still unaware of their utility. There are certain rules that businesses need to follow to effectively manage cash and we explain them here one by one.

Install Smart Cash Safes

Smart cash safes are the apt solution to enhance the cash management efficiency of a retail business. Modern safes provide numerous features using bill validator technology such as anti-theft, counting cash at a high speed, managing the record of each and every transaction and detection of counterfeit bills.

Increase Employee Awareness

Active and knowledgeable employees who understand all the aspects of cash management are always an asset for any business. Several     times, it has been found that criminals who run for easy money always target those employees who don’t pay much attention. It is therefore necessary for employees to be alert all the time and keep an eye out for unwanted elements.

Train Cash Handling Staff

It is quintessential for retail businesses to train their employees about the cash management systems and solutions. The training involves educating them about the nitty-gritty of cash management solutions and informing them about the basic compliance standards they need to follow regarding cash flow.

Use Effective Signs

To prevent robbery or theft, using effective signs is a potent measure. Signs such as ‘you are under video surveillance’, ‘no bill is accepted over $40’ and ‘for everyone’s safety we always keep minimum cash’ may be used to enhance the cash management system of retail businesses and any other similar business who needs to manage a huge amount of cash.

The Way Forward

Adopting contemporary cash management solutions and training employees regarding the possible threats in cash management are quintessential for any retail business. Although smart safes may be expensive, but in the long run they prove to be quite effective in providing better management and safety of in-transit-cash.

Automated Cash Management Systems: Transforming Your Business Dynamics

Revolutionize. That’s what you need to do if you are looking to streamline your retail business contemporarily. You are already counting stacks of cash, and facing infinite customers every day. In these circumstances when every rising sun brings along with it a bunch of new challenges, you need to invent new ways to beat them. Fortunately, you don’t have to be a scientist, neither some techy to do this, as the world already has efficient cash dispensers that are nothing, but automated cash management systems waiting to get installed. Let’s sight 3 wonderful things, for now, they can do to your business.

Increased Time to Customer Service

No matter the type of retail business--big box, convenience store, casino, or a restaurant--when you manage cash manually, the queues at your store or shop are bound to extend, making every customer wait more, and slow down your overall operation. Smart safes automate the entire cash management process. As there is a machine always there to count, recount, dispense, store, and safeguard your cash, you have more time at your disposal, which you are able to dedicate towards customer service. The result, building of long-lasting relationship with your customers, loyalty, and more business referrals.

Enhanced External and Internal Security

Automated cash management systems such as smart cash dispensers are both machines that maintain an accurate cash flow, and vaults that lock your money safely. Built with premium grade steel, and equipped with counterfeit technology, they secure your business both against internal shrinkage and external theft. Many smart safes, in fact, come with alarm triggers, and hot keys that lock down the units in emergency situations, to help you secure your money. Moreover, with access to only authorized users, and a comprehensive recording of every transaction electronically, your business always has access to every minute detail and person who deposited or withdrew the cash, and for what purpose.

Increased Accuracy

Sticking of bills, transposition of numbers, and miscounting are all natural phenomenons when you take the manual way to count cash. After all, to err is human. Automated cash management systems, however, eliminate such errors. By maintaining an accurate count of cash flow, and identifying any and all counterfeit bills, they keep you at peace at all times. Naturally, when you know that there is no room for counting error, you can question people managing your business money for every missing cent.

Conclusion

Modern currency recyclers and smart safes are revolutionizing the way banks, credit unions, retails stores, and other businesses work. In the event where every customer looks for fast paced lanes, and every fast transaction is so vital to your business profits, automated cash management systems are an optimal solution to enhance your client acquisition rate and improve customer engagement. Hope, when it comes to using latest technologies in this direction, your business is not left behind.

Security Safes: Are You Making The Right Business Choice?

Cash Management can significantly impact the time and labor invested in a business. In order to make cash handling easy and keep the cash or other valuables secure, new age smart security safes are the solution of choice. Though some of the safe manufacturing and services companies  go a step further in their service provision --  to actually help you evaluate your current processes and solutions with a view to determine the best security safe for your business -- it is always a good idea to be proactive and get some unbiased security safe buying tips on your own.

Here are some factors that will help you determine which safe is best suited for your business requirements.

1. Volume of Cash or Valuables Involved 

Depending on the volumes of cash that a security safe has  to store or dispense, there is a broad range of safes available in the market. The safe sizes vary, from the ones that handle  a few hundred dollars to top-end options that are used in high cash volumes locations. (Example - the Casinos in Las Vegas). It is therefore, recommended that you go through your cash flow statements to determine the exact requirement for your cash handling.

2. Type of protection required

All safes are required to maintain certain security standards, such as burglary resistance, fireproofing, and  others. Apart from this,  insurance companies also provide coverage to the safes with specific minimum safe ratings only. Depending upon the nature of the valuables that need safekeeping, you will be able to determine the type of safe and degree of protection you need. For example, if you have non-negotiable paper documents to store, a fireproof safe is what you need. However, for the purpose of securing bullion, coins or jewelry, a burglary resistant safe is what you need.

3. Space for Installation 

The space that is available for installation is another determinant that should never be missed at the time of purchasing a safe. One very important points that you must be aware of while determining the size of the safe you require, is the fact that there may be a considerable variation between internal and the external dimensions. Therefore, you must measure the space that is available before you go ahead to order a safe.
 
4. Number of Currency Detectors needed
Also known as bill validators or currency validators, their job is to determine if the bills or coins are genuine or not. The number of validators you require would in turn depend on 3 factors.

• Capacity

If the volume of cash to be managed is huge then you require more validators, but the number of validators you can actually install in the safe depends on the capacity of the safe.

• Redundancy  

Installing extra validators that can be used in times of emergency is a great idea. They are handy in case of failure or breakdown of one or more validators .

• Acceptance Rate

To be able to accept more currency notes in a short time period, either the acceptance rate should be very high or you may have to increase the number of validators to alternate your deposits between the available validators.

Word of advice
Price is obviously a major determinant in choosing the right safe. However, instead of looking for a cheap safe, you must look for one that is cost effective. In other words, the best security safe for your business is not the one that is cheap but one that is cost effective, and suits your business needs.

Retail Management Tips to Streamline Your Business Operation

Managing any form of retail business is an arduous task in this competitive age, especially if it deals face to face with an endless list of consumers daily. Even the most competent and diligent organizations trip up in this business-genre, causing some serious damages to their revenue. There are ways, however, to increase customer acquisition, lower costs and enhance overall business performance. Better known as ‘focus points’, let us sight a few tips in this direction cardinal to streamline your business.

Understand Your Customers
How quickly your business reacts and responses to your customers is what determines its true success. This involves understanding customer behaviour and bending your business as per their needs. What you are offering to your customers may be working now, but strategic goals thrive on how much your business is capable of maneuvering itself as per changing trends. It is its flexibility and willingness to change that is most required for both its sustenance and succession. 

Increase Customer Acquisition through Fast Solutions
Every successful business story is different, but few elements remain common everywhere. In this fast paced life, consumers do not want to wait for long; therefore, when possible, provide them with quick solutions. Be it the installation of smart safes and cash registers at your retail store to streamline your cash management process or a debit/credit reader for fast transactions, think of ways that compel your consumers to like your business. 

Study Your Competition
Analyzing your competition is not a choice these days; you must know about your rivals’ strategies, success stories, offers, promotions, and everything there is to know about them. Risk evaluation includes finding out businesses that are making the maximum profits and pose you the greatest degree of threat; it is one of most important strategies for people looking to skyrocket their business. Remember, competitor research helps you know more about the business you are up against, and lays the foundation for devising further strategic plans. 

Employ Quality Staff
Be it a call center or an auto dealership, your employees are a reflection of your business. No wonder you want this workforce to be skillful and powerful enough to create that everlasting impression about your brand. Hiring the right personnel for retail businesses becomes even more important, as they interact face-to-face with a number of consumers on a daily basis. It is, however, equally important to provide them with quality training to ensure that they maintain the required standards and continue to deliver what is required out of them.

Be Prepared for Challenges
Any form of retailing presents a number of challenges that often come like uninvited guests. Regular market research to develop a better understanding of consumer behaviour, their motivations and attitudes, therefore, stands crucial. At the same time, you should not worry when confronted with too many challenges at once, rather focus on one issue at a time. 

Conclusion
Be it safety safes services that your retail shop uses to streamline its cash management workflow, or the provision of online services, streamlining your business in this competitive age requires considering various factors that range from creating business objectives, and perusing market competition to hiring the right people and providing fast customer services. All in all, strategic planning needs to run parallel with sound implementation.

Smart Safes: A Boon for Cash-intensive Business

Regardless of the industry under consideration, competitiveness is increasing by the day, especially when it comes to B2C or direct-sales entities. That is the reason why it is imperative for business to deploy every possible channel to optimize productivity, whether in resource or cash management. Cash-intensive businesses, such as restaurants, supermarts, salons, and the like, especially need a robust cash management system, and smart safes are proving to be the ideal answer.

What Are Smart Safes?
In simple terms, smarts safes take the capabilities of traditional cash safes to a whole new level. Deploying a gamut of progressive technologies, smart safes not only keep your cash safe, but also lend various other capabilities including transaction management, bill validation, record tracking, and many others. They also allow administrators to provide customized privileges to different staff members. All in all, they abolish almost all complexities faced by businesses that process a significant number of transactions.

What Is The Cost?
If you compare the cost of a standard safe with that of a smart safe, there will obviously be a fair difference. A standard safe costs $100 to $200, whereas an entry-level smart safe may set you back by a notably larger amount. Though buying a smart safe may appear to be an added expense for your business, however, in the long run, the investment yields great returns. You are not only able to cut the cost involved in transaction management, but also save your business from many possible debilitating events, such as internal thefts, clerical errors, and the like.

Which One to Buy?
In a nutshell, the decision on which one to go for depends on the nature of your business, and the number of transactions you need to process on average per day. Though the market is flooded with more than enough choices of smart safes, there is certainly a notable degree of diversity in both quality and features sets. Therefore, if you are looking to make a long-term investment, it is advisable not to get lured by exceedingly low prices or discounts. Always go through the testimonials shared by buyers before making the payment. In addition, you may try contacting the seller to learn more about the options they have to offer.

Conclusion
The times are changing, and those who are not willing to adapt are almost certain to face doom, sooner or later. Therefore, in order to ensure that your business doesn’t meet the same fate as those that have gone under, make sure it is equipped with all the requirements that ensure optimum productivity and profitability. It is exactly for this same reason why smart safes are no longer a “choice” for direct sales businesses but a necessity.

Guidelines for Choosing the Right Commercial Safe

Cash management has been a challenge for almost all the businesses. Many people still prefer to make cash despite the introduction of new methods of payment. Handing a huge amount of cash manually is prone to errors and the risk of theft. Traditional safes that can only store cash may not be of help in such situations.

An updated cash management system like commercial safes can be of great help in this situation. The smart safes  automatically validate, accept, record, and store notes in a full-proof secured environment. Before you shortlist a smart safe, it is advisable to assess the security risk to determine the type of safes your business requires. Read on to know the factors that you need to consider when buying a smart safe.

Important Features of Smart Safes

• Automated operation is an essential factor that needs to be considered while selecting a smart safe. It refers to automatic cash collection, counting and recording the transactions that were done during the day.
• Bill validation is another essential factor that needs to be considered for commercial safes.  Safes with optical sensing technology detect all types of fake notes, and bills.
• The wireless and LAN connectivity need to be considered when selecting a smart safe. These factors provide operational flexibility including provisional credit, and real-time auditing.
• Choosing the right sized cash safe is necessary as it will help in saving your time and money. Buying a too small or big safe will not solve the purpose as you may end up spending more money on transferring the cash or maintaining the equipment.   
• The smart safe that you choose needs to be easy to operate to save your time and money. For instance, depositing money into the smart safe needs to be effortless for the cashiers. Look for safes that take into consideration the user experience and interfaces. A complicated cash management system may increase your operational costs and lead to errors.

 Conclusion
A safe that has complicated menu structures and deposit procedure will not serve the purpose. Commercial safes make your work easier provided you choose something according to the size of your business and easy to operate. Selecting the right safe will save your time and money by increasing your overall productivity and efficiency.

Collect and Secure Cash with Cash Management Safes

Are you looking for smart technology for securing a cash-intensive environment? Cash management safes are the ideal solution for you. These will save employees’ time that they spend for counting cash. Instead, they can focus more on the key business areas.
 

A cash management smart safe can secure cash while reducing the chances of internal and external thefts. It will put an end to the time-consuming and traditional manual cash management process.
 

Who Can Use Cash Management Smart Safe?
Cash management safes are being used across a wide spectrum of businesses that have a common requirement, which is need for a reliable solution to manage cash in an effective and verifiable manner. These are installed everywhere from restaurants to gas stations, hotels and retail stores.
 

How Smart Safes Work?
Smart safes come with in-built counterfeit detection, security and live reporting features to help businesses save time and money while improving their productivity. Let's look at how cash management safes can help you collect and secure cash:

• When a cashier feeds currency into the bill acceptor, it verifies the notes by denomination and stores them in the safe.

• The accuracy level of machines is high and managers don't need to recount the deposited amount. So, it gets easier and safer for everyone to work in a cash-intensive business.

• Cash management safes provide real-time visibility of the cash deposits. These can present the activity reports base on business day, shift, transaction type and many other parameters.

• These maintain a perfect cash count, which is ready to be printed instantly.

• Change fund of coins and rolled currency can be loaded into the safe easily without having to worry about employee security and other kind of interruption.

• Smart safes can also securely transmit the electronically recorded data in real-time to key stakeholders for reporting purpose.

Summing It Up
While these are some of the advantages and functionalities of cash management smart safe, there are several other ways by which businesses are getting benefited with these advanced products. A smart safe gives peace of mind to businesses as their cash is in safe hands and every activity is being continuously reported so that there’s no incident of cash theft at any stage.