Cash use may have declined over recent years, but the research indicates it is still preferred or essential for much of the population, and will remain so for many years to come. This is true even in nations that have moved the furthest towards digital payments, and we are now seeing a ream of legislation across the world to protect use of and access to cash.
But dealing with cash in any store can be labour-intensive. And in business, as in life, time is money.
In retail and hospitality, cash has three major pain points – the monitoring of cash, front-of-store cash handling, and back-office cash reconciliation. This is where too many businesses are watching their time and profits slipping away, day after day.
There is a solution. Automating your processes through cash recycling solutions can have a huge impact on efficiency, accuracy and security in each of these areas, and can play a powerful role in cutting costs and protecting your profits.
Unsure exactly what cash recycling is? Get more details in our whitepaper here.
1. Take back your time
There may not be a more universal concern in business than productivity. It is at the heart of every business model, and maximising it is a chief concern for every businessperson across the world.
Manual handling of cash can be a serious source of unproductivity. It involves time-consuming and non-value-creating activities such as skimming (to ensure there is not too much cash in the drawer), cashier shift changes, change provision, and end-of-day reconciliation.
And that’s not to speak of errors and discrepancies, which are a daily challenge and take time to resolve.
But cash doesn’t need to be so labour intensive. GLORY customers have reported saving 45 minutes per cashier, every day through the reliability and accuracy of our recycling solutions. Others have reported saving up to 20 hours per week in back-office cash reconciliation.
What would these savings add up to for your business across a week, a month, a year?
2. Eliminate errors, shrinkage, and counterfeit notes
There’s nothing worse than doing the hard, hard work of generating profits, only to watch them drain away through needless mistakes, theft or fraud.
By automating your cash processes you can virtually eliminate the risk of error. Counterfeit notes will be immediately rejected. And your employees will not even have to face the temptation of theft because they do not handle the cash (which, by the way, also frees you from the burdens of suspicion, micro-managing, and damaged staff relations).
3. Save on CIT (Cash-In-Transit) services
CIT services are a valuable and necessary expenditure for many businesses. But why use them more than you have to?
By better managing the cash you have onsite, by always having a clear view of the cash you have in-store and how to best deploy it, you could cut your need for CIT visits by up to 50%, like many GLORY customers have and continue to do.
4. Elevate the customer experience
It’s a universal truth that building loyalty and keeping people coming back through your doors again and again is down to one thing: the customer experience.
But what does cash have to do with customer experience?
One of the great benefits of cutting the time spent dealing with cash is that it frees your employees up for more high value work – like interacting with your customers, meeting their needs, and delivering fantastic service.
Many of our customers have found that through freeing up this time for their staff they have been able to build a more customer-centric experience in their stores.
Cash automation can also significantly speed up your transactions and help your customers avoid long queuing times (which never go down well on a Google review).
5. Realise the value of your cash quicker
In some countries our cash recycling solutions even allow you to access Same Day Credit, meaning that the cash you take in shows up in your bank account before it’s even left your store. For businesses that depend on a quick cashflow, this can be a real game-changer.
Cash is a necessity. But like any process in our stores, it needs to be scrutinised and streamlined to maximise profits and minimise costs for our businesses.
If you’d like to speak to GLORY about how cash recycling solutions can cut your costs, improve your customer experience and streamline your business, get in touch with our team at firstname.lastname@example.org.