How Banks Can Stay Connected with Retailers [Free Guide]

Britta Buchholz
Posted by Britta Buchholz
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Retailers struggle with keeping the costs of cash handling down but as a bank, you can help reduce those costs and remain an essential part of your retail clients' value chain.

Manual cash handling costs retailers time and money, so automating cash processes is a tried and tested way to win on efficiency and productivity.

If you make cash automation services part of your offering to retailers, this not only delivers real value, but it also keeps you closely connected to this important client base.

→ Free Download: How Banks Can Bring Retail Clients Closer [Access Now]

Smart Safes as a Cash Automation Service

Making smart safes for cash deposit part of your offering to retailers is the perfect way to stay connected with them.

→ You can find out here what a smart safe is as well as the selling points you can use when marketing it as a cash automation service to retailers.

With a cash deposit smart safe, retailers are neither stuck holding cash at the end of the day nor need to deposit their daily takings physically at the bank.

In essence, you are bringing the bank branch to the customer.

What You Offer the Retailer

Typically the retailer will lease the smart safe to be placed in their back office bundled with a range of services which could include maintenance and insurance.

The process can be simply described as follows: 

1. Cash which is no longer required is paid into the smart safe by a member of the retailer's staff.

2. The smart safe authenticates the deposit made and registers the amount.

3. You as the bank takes over responsibility for storage and transportation.

4. If the retailer has chosen pre-crediting as an additional service, then you will credit their account with the amount as arranged.

5. You partner with a cash-in-transit service provider to have the smart safe emptied. Ongoing monitoring enables optimised collection frequency.

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If you want to know more about cash deposit and cash automation services to boost your offering, contact a cash management expert today.

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