It takes money to make money. This old adage certainly holds true for businesses that process cash transactions. Cash costs U.S. businesses $55 billion yearly. While most of that is due to theft, the figure also includes time spent on processing, counting and transporting bills and coins.
The end of cash has been debated for years; yet, according to the U.S. Federal Reserve there is $1.7 trillion cash in circulation in the United States as of January 2019. Over seven in ten people use cash for in-store purchases. The manual handling of cash costed North American retailers over $96 billion in 2017. This figure includes time spent on closing out drawers, processing, counting and transporting bills and coins.
Grocery, convenience, hospitality, quick serve restaurants, dollar format stores and other retail segments are among the top industries that deal with cash payments and are therefore most affected by the increase in internal employee theft and rising
cost associated with managing cash brought on by increases in minimum wages, creating numerous challenges for the majority of these businesses. These challenges offer a tremendous opportunity for those that provide technology and services to optimize cash handling processes at the Point of Sale (POS). Some
cash-related costs are inevitable and technology can substantially reduce those expenses. Cash management solutions can save retailers substantial amounts of money through automatic reconciliation which means no more manual cash counts. Instead,
you get reliable, accurate data on the cash sums contained in tills at all times.
That’s what the SMARTtill® Solution delivers. The SMARTtill® Technology works in real time, determines new till values in under two seconds of the transaction closing and alerts management whenever a discrepancy occurs. This intelligent approach to cash handling puts an end to lengthy cash reconciliation, downtime at POS terminal stations to count bills and coins, and cashier closeout at the end of shift. Cash losses are minimized, while efficiency, cashier accountability and customer service improve. Businesses that deploy the SMARTtill® Solution experience cash loss reductions between 70% and 90% and can realize a reduction in labor of 75% with a return on investment (ROI) in 9 to 20 months.
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