Industry Profile: Cashmaster International
Counting cash is a time-consuming exercise for any retailer but for an independent with fewer staff the process can have a much bigger impact. Cashmaster International's Gordon McKie talks to RN about counting by weight machines and the added efficiency and accuracy they can bring.
RETAIL NEWSAGENT Tell us about Cashmaster cash management systems.
Our business specialises in count by weight (CBW) devices. Our machines automate the counting of cash by weighing, for example, notes, coins, coupons and vouchers.
They can also be integrated with a printer and be fully connected to our clients' EPoS or back office systems. The alternative to CBW is a 'friction' device, which is frequently less reliable and requires a lot of maintenance, which is costly.
RN What is the major benefit of using cash counters in business and what other functions do your systems have?
GM Our devices fit neatly next to a till, are lightweight, portable and are highly accurate too. This makes them critical for accounting, auditing and loss prevention. Retailers know that every minute spent counting cash is time wasted that could be employed to develop relationships with customers and generate more sales. This is particularly true for independent retailers, where it is often the manager who spends their time counting and reconciling cash.
RN What's the benefit of using a counting device over other methods?
GM Our weight-based cash counting products help businesses work more efficiently and are proven to prevent cash loss or shrinkage, which can be a major issue for independent retailers. Our systems are considerably faster, easier and more accurate than counting by hand and our products can instantly reconcile takings for
on-the-spot audit checks. The savings can therefore be significant.
RN In an age of contactless payments, what's the value of cash to the industry?
GM Cash continues to be the most popular payment method with as much as £60bn of coins and notes circulating in the UK today, so there's still a very relevant reason for retailers to handle cash in store.
RN New polymer notes are due to start circulating next year. Will they present any challenges to retailers?
GM It will take a bit of time for retailers, store employees and the public to become familiar with this new currency, as they will be smaller and different. So, there may be some requirements for staff training to ensure the transition is as easy as possible. Polymer notes also weigh slightly less than current paper ones so, for those who have cash counting systems, existing kits won't be able to count both, which is why we've worked closely with the banks to develop a system that has dual functionality and is fully compliant with the new notes.
RN What support will you provide to retailers with older systems?
GM For those with Cashmaster systems we've designed a Be Polymer Ready upgrade pack to allow retailers to be ready to manage polymer notes in just a few minutes. It has the dual functionality of counting paper and polymer notes and is a quick and easy process that involves uploading new software.
RN Why is the UK introducing them, what is the benefit of polymer over paper?
GM The Bank of England sees considerable benefits in printing its next banknotes on polymer, rather than paper. Polymer has enhanced security features making counterfeiting more difficult and Bank of England research shows that polymer notes are more durable and stay cleaner, thereby improving the quality of notes in circulation.
** Company CV **
Company Cashmaster International
Chief executive Gordon McKie
Profile Cashmaster International has almost 40 years'
experience in providing innovative cash-handling solutions
for a wide range of customers, including convenience stores,
banks and restaurants.
Latest news Currently helping retailers prepare for the
introduction of polymer notes in the most of the UK next
year. Along with its Be Polymer Ready software upgrade pack
for existing customers, the company has created a guidance
page on its website.