By automating back office cash operations, retailers can significantly reduce cash management costs and directly increase profits. The costs of cash management — counting, storing, securing and transporting it — are staggering. Theft risk accounts for the majority cash costs for retailers with businesses losing about $40 billion annually from cash theft alone.
Handling cash consumes hours of staff time — automating much of this repetitive labor, can potentially half the time spent on starting floats, drawer swaps, counting and reconciliation. Cash automation technology also adds accountability, improves employee productivity and reduces risk. When these devices are integrated with a retailer’s internal systems and communicate with the bank and cash transit service, the data generated gives insight into the overall cash position and allows a retailer to put cash to work sooner with provisional credit.
Back-office operations provide a glimpse into the health of a business. Cash automation technology can cure cash headaches and promote good business health by streamlining back-office operations. Which gives retailers more time to spend on the important things—like engaging customers and selling products—and less time counting and tracking cash.
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