One of the main problems in dealing with cash is ensuring that the amounts are correct – when giving back change, setting floats, cashing up at the end of shifts, etc…. It raises questions when there are discrepancies and investigation can take up valuable time.
Prevention of these discrepancies is key to ensure an optimized cash management process and maximizing profitability in your cash operation.
Now the question is: What is the best course of action to minimize cash loss from the point of sale all the way to the bank?
From our experience, the simplest and most efficient way to combat cash loss is a connected solution. Wouldn’t it be great to have a real-time, transaction-by-transaction view of your cash?
Let’s say a customer paid with $10 instead of $20 and then claims he is missing a lot of change. No problem, because the whole transaction was recorded and shows all denominations taken and change given. A connected solution can prevent a lot of hassle for your staff.
Obviously, it all depends on the extent of connectivity and capabilities of your system, but the main benefits of a connected solution are:
The future of retail lies in creating better journeys using technology and innovation. Tellermate is at the forefront of innovation when it comes to cash handling. We believe that everybody should be able to pay for services using whichever method they prefer, and it’s our job to make it easier for businesses to do that.