By Stephanie Jordan
Convenience stores were the first to adopt cash automation in their locations. Smart safes have helped these businesses reduce risk and decrease bank fees by eliminating employee trips to the bank. However, after years of limited options, there is now an alternative to automate virtually all cash activity in the c-store. Upgrading to the latest cash recycling technology helps c-stores take their cash management to the next level.
“The c-store industry has been a utilizer of smart safes for decades, but cash recyclers are challenging the status quo of cash automation technology” says Tim Adair, Vice President of SafePoint Business Development – Titan R. “Cash recycling helps take a c-store’s cash management to the next level by simply giving you access to the funds you need at all hours.”
With rising labor costs, the current labor shortage, and the state of the economic environment being unpredictable, now is the right time for c-store owners and operators to investigate solutions that can help automate as many manual processes as possible.
“Cash handling has always been a risky and tedious task for many c-stores, and the adoption of smart safes helped ease this,” says Adair. “However, cash recycling further optimizes a c-store’s operations by reducing the amount of labor spent on cash handling.”
Below are four reasons to consider cash automation in your c-store operations:
- Time savings for employees
Cash activities at the start-of and end-of-shift are a time-consuming process, and when you add in unnecessary trips to the bank for deposits and change, cash handling can take up a significant part of your employee’s time that could be better spent on other job responsibilities. On average c-stores can save anywhere from 30 minutes to two hours a day on labor depending on the size of the operation. In addition, something completely unique to c-store’s cash handling and operations is the fact they are often open 24 hours a day and have special cash procedures for the graveyard shift. For example, many graveyard shifts typically do not have a manager on duty and with Loomis’s cash recyclers, your employees can be given permission to withdraw up to a designated amount in the event that there’s a customer that pays with a large denomination. These parameters keep c-stores operating without having to call the manager in the middle of the night, or not being able to accept that customer’s form of payment.
- Better visibility into cash operations
An invaluable benefit to implementing cash recycling technology in your c-store is the increased visibility into your cash operations. Loomis’s Titan R cash recycler has individual user credentials so managers can see exactly when the recycler was used, who accessed it, and how much cash was deposited or withdrawn. This type of visibility reduces overall cash shortages and allows for any cash disputes to be resolved quickly. Another benefit to c-stores that use Loomis’s cash recyclers is access to Loomis Direct, an advanced reporting and analytics portal that can be accessed remotely so managers no longer have to be in the store to understand what’s happening with their cash.
- Less change orders
By deploying cash recycling technology, c-stores are less likely to lean on their armored car relationships or physically go to the bank to get cash and coin to make change for their customers. Cash recyclers allow you to recycle the small denominations like $1s and $5s while safely depositing larger denominations until your next armored car service pickup. This not only saves you time from taking trips to the bank, but it will also reduce the bank fees you’d normally accrue from change orders.
- Reduce armored car frequency
A huge benefit and cost savings to c-stores with cash recyclers is a reduced armored car frequency, which means a reduced armored car bill. In addition to not having to pay as much for your armored car service, c-stores are also reducing risk to employees and their cash. It is well-known that c-stores are at some of their most vulnerable when safes are open and with the use of a cash recycler the safe gets opened and serviced significantly less often.
Loomis has always prioritized the development of new cash management technology and Loomis’s Titan R under-the-counter cash recycler was developed to further innovate cash automation in the c-store space. When you decide to upgrade your c-store with a Loomis Titan cash recycler, you’ll be working with a trusted and reliable cash management partner with a dedicated account representative. Loomis will serve as your singular point of contact of for all aspects of the solution, from around-the-clock hardware and software support, to access to advanced reporting capabilities through Loomis Direct, and best-in-class armored service, which provide the peace of mind to facilitate a smooth-running operation.
“C-stores have experienced unforeseen challenges in the last 18 months, and as they continue to trek through uncertainty Loomis has a full suite of automation options to assist with recovery to more normal times,” says Adair.
To learn more about how cash recyclers can help your c-store visit: loomis.us/cashrecycling
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