Why Invest in Cash Management in 2022

| Retail Technology, Customer Experience

In the retail world, stores are continually still having to deal with cash intake, and as we know, it can be a labor-intensive process. Although cash use may have declined in recent years, research shows that’s it is still the preferred payment method for many, meaning it is unlikely to go away any time soon.

It is further cemented by the numerous initiatives and legislation we continue to see across the globe that have been put in place to safeguard cash.

Managing cash creates numerous pain points which can lead to stores becoming less profitable.

However, there is a solution. Automating your cash handling with an investment in portable cash counting devices can significantly impact visibility, process, profitability, efficiency, accuracy, and security and can result in huge costs savings across your business.


Improve Visibility and Control

Inconsistent processes with managing cash in stores will filter up to head office and make cash management more difficult. This has been exacerbated further by rolling open and closures throughout the pandemic.

An integrated cash management solution will not only standardize and control the process in-store but can also provide enterprise-wide visibility of process KPIs including cash shrink across all your stores or locations.


Decrease your Labor Costs

Considerable time is often spent by employees counting, recounting, and checking cash in-store, resulting in overtime, extra staff, and higher labor costs.

Cash handling doesn’t have to be an admin-heavy task, with Cashmaster customers saving on average an hour per store per day using our Cashmaster One solution.


Increase your Floor Space

Large bulky cash management systems, such as recyclers, take up vast amounts of space in stores, restaurants, and back offices, reducing space for products and customers. Many new retail constructions now only include a small back-office space, if any back-office space at all.

A small, portable cash management solution can be the resolution to this and means you can carry out your cash count anywhere in the store without giving up the accuracy and efficiency that may be reduced with a manual count.

The Cashmaster One may be small and portable, but it is big on technology, accuracy and integration and can help to streamline your in-store cash operations.


Improve your Customer Experience

When your employees are focused on admin heavy tasks, such as manual cash counting, they have less time to spend on the essential part of your business, your customers.

Building rapport and loyalty with your customers is key to turning them into returning customers, and your employees are front and center of that role.

Reducing the time spent on smaller admin tasks frees up their time interacting with your customers and creating a better in-store experience.

At Cashmaster, we are continually seeing trends where businesses are looking to improve their cash handling, and from our customers, we have not seen a decline in cash turnover.

If you would like to speak to a product team member about how Cashmaster One can help improve your business, get in touch via our contact page.