You already know that the retail landscape is constantly evolving and increasing online competition has driven change with in-store shopping, too. We’ve listened to our brick-and-mortar customers’ pain points when it comes to decreasing cash loss and increasing employee productivity and want to share our top 10 ways in which using the LiveDrawer™ solution benefits retailers, just like you.
LiveDrawer is an intelligent cash drawer and software solution that counts cash the moment bills and coins are placed in or taken from the register. Businesses using LiveDrawer have a running total of their cash in real time, which allows them to nearly eliminate cash loss at the point of sale (POS); do away with manual cash handling procedures that might take cashiers off of the shop floor; and even reduce customer wait times as it optimizes change. That is, lanes won’t need to be shut down if a cashier is out of a certain coin or bill – which leads to a better customer experience.
But that’s not all. By implementing an end-to-end cash management solution, your business can reduce and prevent cash-related loss, drive process and efficiency, and improve the customer experience. The benefits are plentiful, which is why we’ve provided 10 ways that LiveDrawer can help your business, too.
The LiveDrawer solution:
1) Prevents shortchanging a customer – whether accidental or deliberate. If a cashier doles out too little change – LiveDrawer can generate an alert. You choose to either have the alert fired off at the POS simultaneously so the cashier has the opportunity to correct the discrepancy right away; or alerts can be fired to loss prevention or area management teams. This allows them to investigate by following the audit trail and previous data/trends to find out whether these losses are habitual.
2) Sends an immediate alert when too much change is given at the POS. This protects your profits and your cashiers; plus, it reduces the end-of-day cash drawer reconciliation time as well. In fact, LiveDrawer prevents the need for slush funds as cashiers have confidence that their tills won’t come up short.
3) Optimizes change levels on the shop floor via the Cash Management feature. Meaning your cashiers should never run out of coins or bills again since alerts are fired when coins and bills need replenished – eliminating the time it takes to physically check each cash drawer. This enhances the customer experience because they won’t be inconvenienced by long lines that used to develop while waiting for a manager to deliver change. And they won’t be given a handful of bulky coins for change, either.
In fact, LiveDrawer is proactive in that it also provides:
4) Makes lane accountability ‒ when cashiers use the same lane/cash drawer ‒ perfectly acceptable. As long as they sign in with their cashier ID/number at the POS. This is because LiveDrawer instantly ties each transaction to the cashier responsible for that transaction. Meaning if there is a cash-related shortage or attempted theft, you’ll know which cashier to hold accountable, even when tills are shared.
LiveDrawer allows you to open and close lanes with ease to better deal with daily shopper-related peaks and valleys at the POS. There’s no need to count a drawer when a lane opens or closes – no customer inconvenience or additional wait time – since LiveDrawer automatically tracks the amount of cash in a drawer. With minimum wages rising in many areas of the world, this allows managers to either send a cashier home early or have them perform other profit-producing tasks.
5) Makes shift changeovers a breeze. Since multiple cashiers can sign in at the POS and use the same drawer, LiveDrawer eliminates the need to manually count and recount drawers during shift changeovers. Retailers save money by reducing or reallocating labor hours. Employees are thrilled to clock off on time. And customers are happy they’re not waiting in line while tills are counted when cashiers are switched.
6) Accelerates the start-of-day and end-of-day process. Since LiveDrawer automatically counts a cash drawer, the manual counting process is redundant and no longer necessary. Since a drawer won’t need counted at the start of the day, the store opening won’t be delayed. When it comes to closing, retailers can reallocate their cashiers’ time or have them clock out early – saving time and money.
7) Reduces time spent preparing the start-of-day bank since LiveDrawer Manager automatically populates most cash-related data, including pickups/lifts.
8) Delivers in-depth, cash-related insight and analytics to the head office. This includes trends such as problem stores, cashiers with higher-than-average rates of cash loss, stores with high levels of cash transactions or even high levels of cash on site.
Because in-store cash data is readily available, decisions regarding your cash can be made quicker than ever before. Should you shut down a lane that’s been dormant? Or do you need to investigate a cashier who’s making too many mistakes during a shift? LiveDrawer feeds business-critical data into your other systems.
9) Allows your employees more time to create meaningful, helpful customer experiences. Managers spend less time handling cash. Cashiers spend no time counting cash. The head office gets a holistic picture of the in-store cash in each and every location. LiveDrawer delivers real and tangible time savings that allow you to focus on other areas, such as interacting with your customers. All while reducing and even eliminating cash loss at the POS.
10) Removes cashier stress related to counting cash and balancing drawers. Because the LiveDrawer solution automatically counts cash at the POS, the stress of balancing a drawer is eliminated. Staff feel more secure since they don’t need to worry about making up for losses out of their own pocket. They need less training. And they can focus more on stocking merchandise or helping your customers. In fact, LiveDrawer improves overall morale and has actually helped some stores retain employees because they feel protected.
Retailers implementing the LiveDrawer solution have been able to save an average 30 minutes per lane each day based on Tellermate’s in-store reviews; and store managers save between 1 to 2 hours per day since most cash-handling processes are automated. And retailers have also greatly reduced the number of cash loss investigations since discrepancies are reduced. In fact, some LiveDrawer trials have shown cash loss to be reduced to almost nothing. Meaning LiveDrawer provides a quick return on investment.
Contact Tellermate today to arrange a free consultation: to explore how the LiveDrawer solution can help you virtually eliminate cash loss at the point of sale, drive in-store efficiency and reduce the labor costs associated with manual cash-handling processes.
To find out how LiveDrawer benefited a leading electronics retailer in Europe by nearly eliminating cash loss at the POS, download this case study today.