Technology and the Internet of Things (IoT) are changing the way many retailers look at and handle cash. Department Stores, gas stations, and other retailers are discovering and taking advantage of the multiple benefits that smart safes provide.
It’s allowing them to better manage the cash on hand, improve operational efficiencies, and reduce their risk footprint. We’re going to look at four benefits that smart safes offer retailers and why now is the perfect time to adopt this smart technology for your retail business.
What is a Smart Safe?
A smart safe is one that offers a robust cash management solution coupled with state-of-the-art security measures that enable cash-based businesses to operate more efficiently and save money.
They give retailers peace of mind knowing that their on-hand cash is safely stored in a highly secure mini-vault with dead-latch locking mechanisms and anti-pry doors, such as those found on the AMSEC CashWizard.
There is also a technologically advanced smart computer inside that’s designed to manage all aspects of cash management while freeing up the time of employees, managers, and owners.
Minimized Risk
The first and foremost benefit of a smart safe is the reduced risk that it provides retailers. Employees will no longer have to count cash at the end of the day. Managers or owners won’t have to make a potentially dangerous bank run to deposit a large sum of money. Everything is tracked and traceable right down to the last penny.
It reduces internal and external threats so that business owners and employees can focus on running the business. Smart safes also allow for the deposit of money right at the point of sale. This reduces the amount of cash in the till, which in turn reduces the amount of available cash in the store.
Smart safes also provide a paper trail which can help reduce internal theft. Every interaction with the safe creates a log which can be traced back to individual users. This acts as an excellent deterrent as around 5% of annual revenues of retail business are lost to internal theft.
Better Counterfeit Detection
Many retailers try to mitigate the risk of counterfeit bills by training employees and provided them with a detection pen. The problem with this method is that human error, fatigue, or a shoddy detection pen can allow businesses to unknowingly accept bogus bills.
Due to advancements in printer and ink technologies, counterfeit money is a greater risk today than it was just ten short years ago. A smart safe comes with internal technology that gives it a much higher counterfeit accuracy detection rate than an employee with a pen. Best of all, the safe never gets tired, never gets distracted, and always stays vigilant.
Access to a Wealth of Data
Certain smart safes, such as the AMSEC CashWizard, give users access to critical data, analytics, and reports via a highly secure, cloud-based software management portal. It reduces the amount of time normally associated with cash counts, thereby freeing up employees and managers to concentrate on running the business.
Managers and company owners have complete and total visibility of all critical business information aspects such as including daily deposits, daily cash volumes, and deposit tracking. This allows retailers to streamline cash management processes which are prone to human error.
Operational Efficiencies
With a smart safe, managers spend less time with register closeouts, money-counts, and tracking down and reconciling cash management errors. They can also be seamlessly integrated with POS systems, thereby providing a paper trail and ensuring that all cash deposits are accounted for.
At the end of the workday, the smart safe will automatically record each cashier’s till balance thereby allowing the employee to focus their efforts elsewhere. Smart safes will help reduce the manual employee effort, lessen the human error element, and free up the time of managers and workers.
AMSEC CashWizard Smart Safes
A smart safe provides retailers with a highly secure way of receiving and storing cash. They also help save time and money by reducing the amount of human effort that’s required to run and manage a cash-based business.
Despite the increase in cashless payment systems, cash will still remain the preferred payment option for tens of millions of people. Smart retailers all over the country are taking advantage of the benefits that a smart safe offers.
If you’d like to learn more about AMSEC smart safes, visit our website or contact us via our website to find an authorized reseller.