Cash loss is one of the biggest challenges faced by retailers, and most of it currently results from internal theft. But even without taking theft into account, cash management is time-consuming and expensive, boosting operating expenses for retailers. The time spent manually counting cash, conducting top offs and lifts eats away at a retailer’s bottom line.
Detailed analytic reports help get cash-related expenses under control by keeping track of every penny that flows in and out of a cash drawer. This capability is available with our SMARTtill® Cash Management Solution. Our Intelligent Cash Drawers know exactly how much money is in a till by bill and coin denomination providing businesses intelligence to improve store operations and reduce cash loss, CIT fees and dead cash
Intelligent Cash Drawers provide retailers with accurate cash counts in real time while also generating data that can be used later for analysis. Through analytics, retailers can fine-tune their cash processes to make them as efficient as possible.
During the course of the day, an Intelligent Cash Drawer keeps track of all cash movement in a till, alerting managers in the backroom whenever the drawer is running low on certain denominations. This real-time data flow drives efficiency by making it possible for managers to top up or lift cash whenever necessary with minimum interruption to customers or service.
SMARTtill® Technology records details of every transaction, including the time, amount of currency and change, and employee name. Any discrepancies are easy to resolve because all the information is there. If a customer walks back in saying he or she received the wrong change, all it takes to determine if the customer is right is to consult the data. Businesses even have the option of connecting this technology to CCTV systems to help resolve such discrepancies with time and date stamped footage.
All the data the SMARTtill® Solution captures is stored and available for analysis and report creation. For instance, a retailer may want to find out how many discrepancies occur by day, week or month, and zero in on the employees that have the most. The transactional data reveals patterns and trends per store location, time and employee on duty.
Other useful information for analytics includes whether managers are overfilling the tills, which may indicate drawers are not being run efficiently. Another problem it addresses is “dead cash,” which sits in spare till waiting to be traded.
Intelligent Cash Drawer analytics capabilities make it possible to create reports with as much granularity as a retailer needs, such as how much in coins and bills was sent to the bank in the previous year. This level of information unearths details that otherwise would go unnoticed. As a result, a retailer can better plan the amounts of cash it needs on hand for busy times, such as holiday shopping, Easter, special promotions and back to school.
Businesses also can better manage the cash amounts that sit in their safes in the backroom. If too much cash sits there for too long, they can adjust that. This excess cash could be reflected as profit in the bank and can be invested somewhere else. Retailers can also utilize the cash data gathered to minimize the frequency of armored car services (CIT) pick up costs.
By reducing the number of cash pickups and deliveries, retailers can save as much as $300 per month per location.
By taking advantage of Intelligent Cash Drawer’s data analytics capabilities, retailers can drive cash management efficiency, reduce losses, enhance revenue and make the shopping experience more convenient and pleasant for customers.