Business cash management continues to be a challenge for many industries even while it continues to be a preferred method of payment. With credit cards, businesses often have to deal with hefty fees tacked onto customer purchases, resulting in lower profits.
Credit card processing fees can cost a business between 1.5% to 3.5% of each transaction’s total.
Source: NerdWallet
However, that doesn’t mean cash management is any easier. Without a strong system in place, you can quickly start to experience costly financial losses as well. Just take a look at some of the recent findings:
- Much of the cost of cash comes from tasks safes and recyclers don’t cover, like reconciliation (40.1% of the cost of cash), deposit transportation (6.9%), and bank fees (4.3%) (Source: QSR)
- More than 80% of small to medium-sized business owners are seeking cloud-based solutions to overcome financial inefficiencies (Source: PYMNTS).
By implementing the right tools for your team, you can overcome many of the common cash management challenges. In fact, American Security strives to boost business processes through our smart safes that are paired with proprietary cloud-based technology. We’ll dive into the details of our smart safe technology but first, let’s cover the perks of being a cash-based business.
Perks of a Cash-Based Business
There are several reasons why businesses prefer cash transactions, many of which you’re probably already aware of including:
Cost Savings
With fewer credit card fees (which can be as high as 4% of the transaction value), businesses naturally save money when cash payments are made. Depending on the area of your business, some individuals may not have access to a bank account to conduct digital transactions, making cash automatically the preferred option.
Accounting Made Easier
Cash-based businesses minimize the need to manage multiple different payment options. This also reduces credit card disputes which could take up to weeks to resolve. Overall, managing your books is much more straightforward when it’s mostly cash that you’re handling.
Time Savings
Investing in an American Security smart safe can lead to substantial time savings in your cash management processes. Our smart safes reduce the need for manual cash counting, freeing up your team to focus on what matters most—delivering exceptional customer experiences. Instead of spending valuable time counting cash during every shift, your employees can dedicate more attention to meeting customer needs, regardless of your industry.
Standard business safes typically involve a more manual process, offering less flexibility and control over deposits. However, it’s important to assess your operations to identify the cash management approach that best suits your needs. For smaller businesses, a simpler system may suffice, while larger chains managing multiple locations often benefit from more advanced solutions.
Implementing Business Cash Management Software
While it’s extremely beneficial for businesses to take advantage of the perks that come with being cash-based, it also poses some financial risks if you don’t have the right solutions in place. That’s why American Security offers proprietary cloud-based software for our Smart Safe products. This tough-as-nails container paired with smart technology can help you oversee the cash flow of your business even if you manage multiple locations.
Browse all American Security Smart Safe Models
While there are a few cloud-based cash management software options available, we’re going to walk you through our solution and how we conduct our implementation approach.
1: Determine Your Needs
The first thing we make sure to do is to learn what challenges and pain points you’re currently facing. We like to get into the nitty gritty of your cash flow process as this helps us determine what type of safe model, capabilities, and features are needed for your operations. Our software is customizable to suit your business but on top of that, we offer a variety of safe models to choose from. To help us gain a better understanding, we may ask some of the following questions:
- How much time does your team spend on cash handling daily?
- Is your cash consistently reconciled without errors or delays?
- Are your safeguards strong enough to prevent theft or misuse?
Typically, these discussions involve departments from accounting and operations so that we can understand the full scope of your cash management process from multiple perspectives.
2: Conduct Smart Safe Demo
If American Security seems to be a good fit for your business, we often bring a smart safe to your location and demonstrate all of its features and capabilities. Doing this after our preliminary discussions allows our team to customize the demo to answer the specific questions and needs that were previously brought to our attention.
3: Implementation
If the demo solidifies your decision, we’ll move forward with starting the project and implementing our solution into your daily operations. We work closely with your team to ensure that our approach and configuration align with your expectations and optimize the day-to-day tasks for your employees.
4: Training, Resources, and Maintenance
After implementation, we help onboard your team by providing clear training and resource materials that make a seamless transition attainable. In addition, we offer routine maintenance for the safes themselves, making sure it’s all in working order. However, we’ve found that it often takes roughly 2.1 years until businesses make their first maintenance request, so calling a technician shouldn’t be a common occurrence.
Your cloud-based software should enhance your cash flow, not complicate it. This is why we take a detail-oriented approach to our implementations so that you can maximize the technology as much as possible.
Benefits of Business Cash Management Software
Now that we’ve covered the logistics involved in implementing an American Security smart safe with cash management software, let’s dive into the fun part —- the benefits!
Real-Time Visibility
Our cash management software provides real-time insights into your cash flow, allowing you to monitor transactions across multiple locations instantly. With detailed dashboards and reporting features, you can identify trends, forecast needs, and make informed decisions, eliminating blind spots in your financial operations.
Reduce Cash Handling
Minimizing the manual handling of cash reduces the risks of errors and theft. By automating key processes like counting and depositing, businesses save valuable time and resources while improving accuracy and security. This not only optimizes operations but also standardizes processes for employees and stakeholders.
Improved Courier Accountability
American Security partners with most regional and national armored courier companies offering you the freedom to select the best fit for your business. Our advanced software provides real-time capacity alerts and courier pickup notifications, enabling you to monitor pickup activity seamlessly. With real-time notifications, you can quickly address missed pickups, schedule additional services, and maintain efficient communication with your couriers.
With features like capacity alerts, you can schedule courier pickups more efficiently by monitoring when the safe is nearing its limit. If a courier pickup was missed, you can easily view and manage that issue through our software. Additionally, our ChangeExchange™ feature allows employees to deposit bills into the safe and request a change order for the next scheduled armored car pickup. All of these small but mighty tools improve cash flow management, preventing costly delays and bottlenecks for your business.
American Security also offers the Sure Access® app for our smart safes, allowing couriers to unlock the safe via their smartphones. This patented, keyless alternative eliminates the need for couriers to carry physical keys, providing another layer of security and convenience for both parties.
Enhanced Data Management
Gone are the days of paper logs and manual reconciliations. Cash management software centralizes data, enabling easy storage, retrieval, and analysis. By digitizing records, businesses enhance accuracy, reduce the risk of loss, and create a reliable data trail for audits and compliance purposes.
For businesses with multiple locations, utilizing a SaaS solution that helps you oversee financial data from your entire operations is a game changer. You can easily run reports and review the performance of each location and identify growth opportunities in the process.
Streamline Reconciliation
Matching transactions with deposits can be a time-consuming and error-prone task. Cash management software automates reconciliation, allowing businesses to close out tills faster and resolve discrepancies more efficiently. This means less time spent on tedious processes and more time focused on customer satisfaction.
Key Takeaways on Business Cash Management
Being a cash-based business is beneficial but also risky if you’re missing the right safeguards to protect your finances. This is why American Security strives to make effective cash management easier for businesses by providing a tough-as-nails safe combined with advanced software solutions, offering an extra layer of security and operational transparency. With a customized implementation strategy, we address the gaps in your current processes, ensuring your investment delivers maximum value and long-term peace of mind.
Explore our smart safes today to find the right one for your business needs. If you’re not sure where to start, feel free to contact our team and we can help you find the right model, set up a consultation, or schedule a demo!