Cash Automation .
“The noblest pleasure
is the joy
- Leonardo Da Vinci, 16th Century Polymath
The problem at a glance
How can businesses reduce the cost of handling cash?
There was a time when cash payments were the preferred mode of payment for most businesses. Traditional businesses have been reluctant to embrace the newfangled idea of electronic payment as there are many myths about the benefits of doing business with cash. While it may seem very straightforward and hassle-free for a business to accept cash instead of electronic payment, there are many hidden costs to handling cash that needs to be considered. According to a report by BusinessWire, cash handling costs between 4.7% and 15.3% for retailers. Cash automation coupled with insights from data can help optimise many of these unnecessary costs for businesses.
So, what are the costs?
Cash handling is a labour-intensive task; it causes the retailers to squander their workforce on the outmoded activity of counting and transporting cash. The process of cash handling tends to be time-consuming and engenders increased labour costs.
The time and talent spent on counting and re-counting cash can be put to better use in serving the customer. Incidentally, errors are bound to occur when cash is handled manually.
Cash Automation solutions can address these aforementioned issues by saving time, eliminating errors and allowing the employees to focus on customers.
Even though the percentage of cash transactions has decreased significantly in the past few years, the money and time spent on handling cash have relatively remained the same. Therefore, cash automation services make even more sense in the present scenario.
Automated cash management can relieve your employee from the tedious task of counting the cash and reconciling it with the back-office system. By installing cash counting or cash recycling machines, you can free up your workforce’s time, which in turn can augment your customer service and reduce the labor cost. State-of-the-art cash counting machines can be sourced from Consillion (Asia, Australia, UK and Europe) or ChronicCash (US). These machines will come bundled with Site Lantern services which will monitor and report the cash inflow and simultaneously reconcile the cash with your back-office solutions and/or Point of Sale solution. Furthermore, Site Lantern will integrate with your Cash-In-Transit (CIT) providers to ensure automated pick-ups, same-day cash credits from your CIT and optimise cash inventory in your stores. We also provide power self-check-out machines that accept cash as payment.
In addition, you can avail Site Lantern’s add-in premium functionalities such as Petty Cash Payments, Point of Sale (POS) integration, effortless supplier payments and customizable dashboards to ensure your cash automation runs like a well-oiled machine.
Site Lantern together with our partners is helping retailers, hoteliers, gaming venues across the world to reduce the cost of cash management in their business. With our cash automation solutions and management technology, you can deftly manage the cash reconciliation, garner potent data and draw advantageous business insights which can reduce cash handling costs and drum up your revenue.