A Surprising reality - cash usage is growing
There is much debate on cash-based versus cashless societies, but environments develop in response to their circumstances. China was an early adopter of e-wallets and QR codes given the speed of its development and far-flung provinces, but currently 33% of all payments there are made by cash and it's growing. Hong Kong is no less tech-oriented but geographically compact. It has a respect for a system that already works and suits its population, with many uses for cash that are not just transactional but incorporate an element of social interaction that is valued.
A swathe of independent reports* forecast continued growth of the circulation of cash over the next five years and beyond. Whilst the proportionate share of cash versus electronic payments is reducing, the amounts of physical cash in circulation is growing as economies across the world, including Asia, continue to expand.
*Source: The PYMNTS.com Global Cash Index May 2017
Is manual counting of cash a luxury most businesses can afford to ignore?
On average, Cashmaster count-by-weight cash counters allow a business to count cash up to 6x faster than manual counting. Our customers in Asia and across the world, see time savings of 1–3 hours per store, per day. Even at this simple level, there is generally a rapid, measurable return on investment of between 6 and 12 weeks.
The typical investment in our count-by-weight technology is much lower than other cash-management hardware or software solutions and infinitely easier to implement and integrate with existing systems. Cashmaster’s approach is to be completely transparent about the likely benefits that will arise following installation of our customised products, as well as demonstrating the projected ROI arising. We work with customers to trial our technology in-store, ahead of any commitment, and carry out detailed time and motion studies, including video analytics, which we share with our customers, to demonstrate the likely savings and calculate the projected ROI.
Beyond the hard ROI, there are other benefits too including more productive use of employees’ time, improved loss prevention, reduced queuing times at shift changeovers and a much happier working environment for staff and customers alike.
Better processes, reduced errors, increased accountability
Cashmaster count-by-weight cash technology creates the opportunity to have greater controls and checks in your cash management processes, significantly enhancing the security around your cash handling. Greater control not only makes staff more accountable, it encourages them to have stronger adherence to your cash-handling procedures.
In businesses where there is a significant error rate in cash counts, or where staff theft may be an issue, count-by-weight solutions can make a huge difference in reducing cash shrinkage.
Happier customers and more productive staff
Building strong customer loyalty, in a fiercely competitive marketplace has never been more important. This is particularly true of ‘bricks-and-mortar' stores where the cost of having a physical presence in the high street is growing year-on-year.
Using count-by-weight technology significantly impacts on positive customer service. With potential time savings in the range of 10 hours per location per week, staff have more time to keep shelves properly stocked with the products customers want, they can proactively engage with customers, assisting them to find the right products, and faster counting keeps queues at tills down to a minimum.