News

Reducing cash loss through convenience store technology

27 Jun 2017 Blog
Michela Suller

Michela Suller TellermateC-store managers and loss prevention pros are increasingly turning to innovative convenience store technology for assistance in their cash management and loss prevention initiatives. Why? Because successfully running a convenience store is a tough juggling act. Between balancing customer service with restocking the shelves while managing the cash and ordering the inventory – there’s a lot to do.

Plus, with profit margins getting tighter and labor costs growing larger, focusing your employees’ time on both revenue generating and loss prevention is becoming more of a struggle every day.

So much time spent cash handling

The number one problem facing C-store operators these days? According to a recent CSP Cash Management Study, it’s inefficient cash handling at 62%. Close behind at number two (57%) is cash shrinkage from internal theft.

Convenience Store TechnologyAnd it’s no wonder! Look at the disproportionate time employees spend handling, managing, and processing the day’s cash. All that time out of the safe only makes the cash more exposed and vulnerable. This means it’s more likely that mistakes will be made and cash loss will occur. Not to mention all the time taken away from your employees’ primary tasks: driving sales and serving customers.

Speaking of time, is there any less “convenient” time at a convenience store than closing time? This often takes place late at night with impatient staff waiting to go home after a long day’s work. But not until drawers are reconciled, cash is counted and safes are filled. In this late-night hurry to wrap things up, errors becomes more likely, and the day’s cash becomes more susceptible to loss.

A popular target for cash loss…

There aren’t many retail environments like convenience stores – late night/all hours operations, limited staff and management, high turnover, elevated security concerns etc. It’s not surprising then, that convenience stores often find themselves the victim of cash loss.

Plus, when it’s late at night and a lone employee or two find themselves staying late to count cash, close out the day, and prepare for the next shift – it’s not the potential overtime pay that should be a cause for concern for management – staying late to manage your business’ takings puts both cash and employees at risk. With a more efficient cash management process in place supported by innovative cash handling technology, this risk becomes drastically reduced. And employees can now turn their attention to more productive tasks.

Eliminating the opportunity

If the cash “on offer” is deemed to be too insignificant to dishonest/criminal eyes – or simply too risky for theft – the small payoff wouldn’t be worth it. In other words, reducing the opportunity results in reduced cash loss!

Convenience store technology provides precisely the means and method to slash opportunities for cash theft and loss. First off, there’s the smart safe. Like most safes, it keeps your cash stored out of sight, securely. But a smart safe also counts the cash within it automatically, giving the store manager an accurate total of the cash on-site, while reducing both cash counting errors and the time it takes to count it. Getting those real-time cash totals from the safe also tells the manager when your cash needs to be collected by your CIT service, optimizing your cash pickup schedule and avoiding unnecessary collections … and those additional fees!

Then there’s the intelligent cash drawer. This innovative cash management solution gives the store manager a full view and total of all the money that’s in the drawer at any time. It also highlights any discrepancy between the drawer and the POS – supplying a full cash audit trail in the process. So when cash levels start hitting your predetermined maximum, you’ll be alerted to make a drop of the excess cash into the safe, keeping just the minimum “safe” amount remaining in the drawer. And, like the smart safe, the intelligent cash drawer has already counted the cash for you at checkout or closeout time, saving time (and stress) at the end of the day.

Convenience store technology and cash management

Cash management technology is an essential tool for C-store managers and loss prevention professionals the world over. Plus, when used in partnership with a well-organized and well managed convenience store, efficient cash management and reduced cash loss can be achieved.

Want to learn more about cash management solutions? The ones that combat cash loss and efficiently manage your cash? Download the Ebook “The Cash Management Jungle”.

Cash Management Jungle Ebook

Related News
Back to top