Back-office cash deposit machines - or smart safes - are not just delivering on security, they are also saving retailers time and money. Let's find out how.
What is a Smart Safe?
Smart safes for cash deposit do more than just collect and store money – they automatically verify, count and deposit your cash safely.
Coupled with cash management software, you can connect these deposit systems with your bank or your CIT partner for real-time monitoring of cash levels and the optimisation of collection routines.
Smart safes also provide a full audit trail for greater transparency over cash transactions which helps you reduce shrinkage. You can also benefit from services such as remote servicing and end-of-day credit.
Putting the 'Smart' in 'Smart Safe'
Here's a summary of the intelligent features retailers get from using smart safes for back-office cash deposit.
• Real-time monitoring of cash levels
• Cash tracking and note validation
• Audit trail and full transparency of cash transactions
• Remote upgrades, troubleshooting and device monitoring
• Reporting and analytics
• Management of multiple users
• Optimisation of collection routines
• End-of-day credit
Benefits for Retailers
With a smart safe in the back office, retailers profit from a range of tangible benefits both operationally and in terms of loss prevention.
Counting cash is labour-intensive and also prone to human error. Detecting and then correcting those counting errors costs even more time.
A cash deposit machine not only counts notes automatically, but checks and registers them as well, which can cut the time shop staff spend on cash handling by over half.
Daily cash routines are made simpler, faster and more efficient. And with less time spent on manual cash handling, staff are free to focus more attention on serving customers.
Notes and coins deposited by cashiers in the back office are kept sealed away in a secure safe. This reduces shrinkage from internal and external theft.
It also means your staff do not have to carry cash to the bank since a CIT partner will collect takings directly from the machine when necessary. Employees are therefore relieved of a responsibility which puts them at risk.
In addition, with cash management software you have full transparency over cash levels and with cash deposits registered from every cashier on every shift, you can see exactly who deposited what and when.
The Top Benefits of Cash Deposit Smart Safes for Retailers
1) Simpler, faster and more efficient process
2) Reduced cash handling workload for staff
3) More time for staff to focus on customers
4) A more secure way to store cash
5) Reduced risk of shrinkage from internal and external theft
6) Full transparency of cash levels and all cash deposits made