Cash is still the most commonly used form of payment in retail and so cash management is an important issue for retailers. Cash management, that is ensuring the correct and accurate flow of change to till point and cash receipts back to cash office, can be challenging within the retail environment.
If retailers rely on manual processing, cash handling can be labour and cost intensive with a lot of time consuming activities and security issues involved in keeping cash flowing through a long process chain from acceptance, checking for forgeries, generation of till floats, counting, sorting and reconciliation to the transfer of money both in-store and to and from the bank or CIT operator. These processes have a number of areas of concern for the retailer in both cash accountability and shrinkage and in staffing and processing costs.
The continuing challenge is to find new solutions to enhance cost effective cash handling and reduce losses without affecting the in-store operation and without major capital expenditure. SCAN COIN can help retailers stay one step ahead with both front and back of house solutions that will improve in-store cash flow management by reducing handling costs, increasing processing speed and accuracy and delivering a rapid and significant return on investment.
The RCS solution for the back office from SCAN COIN addresses the majority of the cost and risk related issues seen within the retail store. Delivering the following benefits:
• Streamlined cash handling
• Simplified operations
• Improved cashier accountability
• Reduced cash theft
• Optimised CIT
• 24/7 availability
• Tracking of cash flow
• Getting deposit value instantly for cashier, till or department.
With RCS cashiers can simply collect their till float in less than 30 seconds with coins and notes automatically dispensed into cups or the universal cash drawer. At the end of the day coins and notes are quickly deposited back into the RCS and stored securely ready for future float dispensing, with a typical end of shift process taking less than two minutes.
Using the RCS solution the retailer gives full accountability for cash to the individual member of staff – assisting in loss prevention, increases the availability of cash facilities to the store whilst optimising the whole cash cycle and allows cash recycling in-store. This cash recycling (being able to automatically use yesterday’s takings as today’s float) reduces unnecessary purchases and deliveries of cash and reduces banking and CIT charges making savings in both time and money.
Secure cash recycling can also be implemented front of house with the Cashlogy POS 1000, a point of sale solution. Cashlogy POS 1000 provides closed loop end to end cash management – cutting management costs and boosting customer service.
Secure cash recycling at POS brings significant benefits to the retailer:
• Cash in till always balances to POS
• Reduced/eliminated cash shrinkage
• Reduced risk of attack & theft
• Accurate banking with the elimination of suspect bank notes at point of acceptance.
• Faster transactions at POS
Cashlogy has a small foot print and can be integrated with existing software and most POS solutions making Cashlogy ideal for a wide range of retailers.
Cash automation in the back office or at the point of sale helps retailers understand what cash level is needed in store allowing that excess cash to go into the bank!
Working closely with retailers SCAN COIN can undertake a thorough assessment of current cash-handling processes. By identifying their strengths and weakness, SCAN COIN help you to see which solution is best suited for a specific store environment, optimising your coin and bank note processes, increasing security of cash in-store and delivering measurable improvements in your balance sheet.
Tel: 0161 873 0505