Retailers’ ever-increasing concerns for cash control and loss prevention require a solution beyond conventional, inefficient methods of cash management. Tellermate cash management solutions are therefore quickly becoming the preferred method for handling cash within the retail sector.
Hennes & Mauritz (H&M) designs and sells clothing for men and women aged 18 to 45, children’s apparel and its own brand of cosmetics, accessories and footwear. Operating more than 1800 stores in over 30 countries, the company’s business concept is to provide the customer with unbeatable value by offering fashion and quality at the best price.
In one region, H&M’s cash management process had included counting cash manually, counting with friction counters and utilising coin sorters. This process created three key problems: Firstly a large percentage of time was taken up counting money; secondly the counts were inaccurate; and thirdly the friction counters were unreliable. After careful review, it became very apparent that current practices were not meeting the company’s standards for accuracy and efficiency. Once an evaluation of different weight-based cash counting machines and friction counters was completed, H&M chose to install the Tellermate solution. Commenting on the benefits, H&M’s Shop Admin Department said: “Tellermate makes counting much more efficient and far more accurate, and it is much more reliable than the old friction counter. Beyond that, the customer support we get is far and away superior to the competition.”
Tellermate machines are now being used to carry out spot audits, safe counts, deposits and cash till reconciliations in the stores. In addition, the benefits that H&M have realised go far beyond just the efficiency and accuracy of counting and managing cash. “The feedback from our stores is very positive. It makes counting our cash easier, more convenient and far more accurate, and we can finish our counts and get to other tasks faster,” said a key executive. “We would absolutely recommend Tellermate because of the total time savings to our business, ease of use and customer service that we receive.”
TECHNOLOGY BENEFITS :
• Real time information can be uploaded from the Tellermate to give a picture of cash taking trends across stores or tills, how closely cash control processes are being followed and where they are suffering discrepancies. Current information on levels of cash also enables arrangement of responsive services such as cash collection and change delivery.
• Tellermate’s speed and efficiency means customer experience is enhanced as queuing times are shortened, errors, discrepancies and change disputes are quickly rectified and tills don’t need to be closed for audits and cash removal.
• Greater security is provided through reduced opportunities for theft, with the unobtrusive design ensuring that customer-facing discretion is retained.
• Increased connectivity options, including print to screen, allow data to be stored compared and analysed, with the machines customisable to suit a retailer’s specific processes.
• Banking assistance functions help users create and check full bundles and bags ready for cash collection, and new count modes cater for evolutions in retail environments such as self-service.