APRIL 19, 2016, Mt. Prospect, IL – Retailers worldwide lose a staggering $1.75 trillion every year as a result of inefficient practices.1 A key contributor to inefficiency is the handling of checks and cash, which can become a costly bottleneck in the cash office.
Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, explains how investments in currency and check processing solutions in the cash office can help retailers focus less on cash management and more on customer engagement.
The Cash Office Challenge: Managing Cash & Manual Processes
Even though many American consumers have embraced electronic payment methods, most retailers still handle large volumes of currency and checks every day.
Cash and checks are still a major part of sales: Despite the popularity of credit cards and mobile payments, cash and checks are still a major part of sales. In fact, 40% of all transactions in the United States are still carried out with cash.2 Store owners may not have equipment or processes in place to manage large quantities of cash and checks in a way that doesn't negatively impact overall productivity.
Manual processes are inherently inefficient: Many retailers are already trying to work with fewer resources than ever before. Without advanced tools in place, the process of manually processing cash, coin and checks each day can lead to costly operational inefficiencies, such as time spent correcting errors that are bound to occur.
Customer engagement opportunities: Oftentimes, retailers use more experienced personnel to handle cash office operations. Poor cash management processes mean that these associates have less time to spend on the floor with customers or handling customer-facing tasks, negatively impacting customer engagement and sales. Managers simply can’t afford to spend hours in the cash office performing tasks that could otherwise be completed in minutes by updated technology.
The Solution: Automated Cash Drawer Processing Systems
Automated cash drawer processing systems count down cash drawers, rebuild float amounts and set up tills. Retailers can make better use of time spent in the cash office and improve how cash, checks and coins are handled throughout the store.
There are many benefits that cash drawer processing solutions provide, including:
Processing the entire till in minutes: Reduce the time to count down tills by up to 89%.
Achieving greater accuracy: Cash drawer processing solutions are more than 99.99% accurate, virtually eliminating human error.
Depositing checks quickly and remotely: Process checks and deposit them to a bank electronically without leaving the cash office.
Reducing coin deposit and purchase fees: As coins are counted by the system, they are also returned into the correct coin space in the till. By recycling coins this way, retailers can save on coin deposit fees and rolled coin purchases.
Efficiency is crucial in today's competitive retail marketplace. To learn more about how retailers can leverage automated cash drawer processing technology to improve cash office operations,visit www.cumminsallison.com/go/retail.
1 REPORT: Retailers and the Ghost Economy: $1.75 Trillion Reasons to Be Afraid; DynamicAction, May 6, 2015; http://engage.dynamicaction.com/WS-2015-05-IHL-Retailers-Ghost-Economy-AR_LP.html
2 Cash is Still King, July 7, 2015; http://www.slate.com/articles/technology/future_tense/2015/07/digital_money_why_85_percent_of_transactions_still_involve_cash.html
About Cummins Allison
Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.com.