Mobile wallets like Apple Pay and Google Wallet are notwithstanding, cash remains the preferred method of payment in a variety of settings. Retail payments are changing, yet there is still $1.5 trillion in cash in circulation. In fact, cash represents between 30% to 45% of all global transactions. It is usually what shoppers pull out of their wallets when making a purchase at a convenience store, gas station, fast-food restaurant or bakery.
Most merchants still welcome cash gladly, however, managing it and the associated cost, is another matter especially for big supermarkets. It’s a big challenge. Handling bills and coins often leads to mistakes at the checkout and the backroom. Cash counts are time consuming, especially when there are discrepancies and multiple lanes, taking staff and managers away from other tasks.
Many retailers use secure cash storage at the POS. This may range from simple mechanical counter cache units, to intelligent systems or even to fully safe-rated devices. These solutions can deliver operational efficiencies by reducing the time needed for skims as well as an additional level of security for till operators. Intelligent systems can deliver further benefits such as forgery detection and transactional data, which may be transferred to cash in transit (CIT) or a bank, facilitating the potential for accelerated credit on account.
But one thing is missing from these cash handling solutions: the ability to identify quickly and accurately what is actually in the cash drawer 24 hours a day.
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