Benefits of Connectivity

Cash management is a challenge in many ways

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 optimised cash management process and maximising profitability in your cash operation.

Now the question is: What is the best course of action to minimise 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.

So, what are the key benefits of connected cash counting?

Obviously, it all depends on the extent of connectivity and capabilities of your system, but the main benefits of a connected solution are:

• Reduce Cash Loss and Inaccuracies. With a connected system you will be able to find discrepancies quicker. Since everything is connected and recorded you have a much better audit trail and can find the source of the problem faster.
• Speed Up Cash Office Tasks in HQ. Automatically transmit counts from your stores to cloud solutions and back office software. If you have a point of sale skimming solution in place you can even see who skimmed and how much during each transaction. This removes the need to manually handle cash for banking plus it is all recorded and ready for the CIT pickup.
• Eliminate Shrink. To eliminate the risk of shrink you could create a closed-loop solution. This means that the entire process, from a customer paying to CIT collecting the cash, is secure, traceable and efficient.
• Cut CIT Fees. A connected system can have a set trigger amount for change requests and CIT pickups. This not only helps reduce CIT costs, but also improves the customer journey as you will always have the right change in your checkouts.
• Back office printing & Paper Usage. With such a global focus on sustainability, it is important to mention how you can cut down on the endless paper print-outs of your till counts, by having all information stored and transmitted digitally.

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.

Related:

Loss prevention technology decreases cash loss, even remotely