In the current labor environment, convenience stores are focused on how to maintain or improve store operations using automation. One area of operations that is often overlooked is cash handling. Cash still accounts for 30 percent of all in-person transactions; however, c-stores typically have higher amounts of cash transactions than other retail businesses. This makes cash vital to the c-store’s day-to-day operations, and while most businesses don’t quantify the cost of cash handling, there can be a huge time and labor commitment to cash. Counting, till prepping, recounting, depositing, reconciling, and delivering cash to the bank to make a deposit or get change can take up a lot of your staff’s time, but there are three solutions available to help with your c-store’s cash handling: cash recyclers, smart safes, and armored car service. While all can help you increase efficiency and safety while reducing labor surrounding cash, one might be a better fit for your c-store than the others.
How to determine the right cash handling solution
Engaging with a cash automation expert to find a solution that improves your business’ cash operations is the best way to achieve maximum ROI. Automated cash handling solutions like smart safes, cash recyclers, and armored car service can increase efficiency and safety while reducing labor, but it is important to understand the differences so you can make the best choice for your business. Below is the breakdown of the benefits for smart safes, cash recyclers, and armored car service.
1. Accelerate deposit credit
Smart safes offer daily provisional credit, which credits a business’s account to reflect cash deposited in a smart safe before armored transport and bank deposit. Compared to traditional transport and deposit methods, this process gives businesses access to their funds much faster, usually overnight.
2. Optimize cash control and reporting
When retailers invest in smart safe technology, they gain access to real-time reporting and visibility into their cash operations. You can easily log on and view how much cash your stores have with easy remote monitoring and management, so you never have to worry about being out of the loop with your business’s cash flow. The advanced reporting functionality of smart safes allow you to optimize your business’ cash flow by making smart, informed decisions based on near real-time data.
3. Eliminate trips to the bank
Many retailers take at least one trip to the bank daily to deposit cash, if not multiple. Not only is this time-consuming, but it is also an extremely risky activity and takes employees away from more valuable tasks. Smart safes keep employees onsite and safe by eliminating trips to the bank by providing daily provisional credit for deposits.
4. Reduce idle cash inventory on hand
Idle cash refers to the funds located across your c-stores that aren’t being used. The amount can be substantial, which inevitably leaves your stores and staff more susceptible to unwanted risks like robbery or theft. With an automated solution like a smart safe, these risks decrease drastically.
5. Mitigate loss
There are many opportunities for loss or theft to occur within cash operations. The more touchpoints, the more risk involved. A smart safe eliminates touchpoints in cash handling processes and provides owners and operators complete visibility of all safe activities such as the date and time stamp and personnel information associated with each deposit.
Cash recyclers also offer many of the benefits of smart safes including eliminating trips to the bank, optimizing cash control and reporting, receiving daily provisional credit for deposits, and mitigating risk. However, 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. Here are the additional benefits you’ll see:
1. 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. With cash recyclers employees can have permission to withdraw cash if a customer pays with a large denomination. This 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.
2. 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.
3. 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.
4. 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.
Armored Car Service
1. Eliminate trips to the bank
Investing in an armored car service can also eliminate trips to the banks. As previously mentioned, having to go to the bank for deposits and change is time-consuming, unsafe, and removes employees from the store when they should be focusing on more valuable tasks like customer service. An armored car service safely takes your cash deposits to the bank and can re-stock your cash inventory so you can make proper change.
2. Reduce risk to staff and customers
By using an armored truck company to service your retail locations you will be hiring security professionals that are armed and trained in various scenarios to handle potential threats, lowering the risk of harm to your employees and customers.
3. Reduce operating costs
One of the other benefits of hiring armored car service is that they can help you reduce overall operating costs by creating a customized cash transportation schedule based on the amount of cash you have on hand and how often cash needs to be picked up.
For c-stores, maximizing resources is crucial to operating efficiently and maintaining profit margins, especially during the current labor shortage. Armored car service, smart safes, and recyclers can help optimize cash operations in your business, and if you need help deciding what’s best for you contact us today. Working with Loomis means having a trusted and reliable cash management partner who serves as your singular point of contact for all aspects of the solution, providing you with the peace of mind needed to facilitate a smooth-running operation.
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