Cash management is becoming an increasingly critical issue for retailers. Inflation and economic issues are creating an environment where the use of cash is increasing along with an uptick in theft and robberies targeting cash. In addition, worker shortages are making the time and labor for handling cash processes a bigger issue than ever before. Add to this the escalating armored carrier and bank fees and continued rate hikes for provisional credit and it seems pretty clear - retailers need affordable, secure, and efficient solutions to manage their cash.
Smart safes and cash recyclers are two of the best cash management, but they have distinct differences in features and functionality. Understanding those differences can help retailers determine the critical question – what is the best solution for their cash management needs?
The Growing Cash Management Crisis for Retailers
Convenience, grocery, and other brick-and-mortar retail stores still see a sizable number of cash transactions, but managing that cash is becoming more problematic. According to the National Retail Federation, robberies cost retailers over $50 million in 2019. Attacks targeting cash have risen significantly, putting employee, customer, and store safety at risk.
Retailers also spend substantial time on cash-handling procedures. Employees must regularly count drawers, order change, deposit cash, and more. These efforts are a burden on store employees and, especially, store management – contributing to employee dissatisfaction and inflated labor costs.
In addition, fees from armored carriers and banks are increasing. Provisional credit rates, the percentage retailers are charged for cash deposited without verified funds, are also rising. For major retailers, these fees can add up to millions annually. It’s clear that traditional cash management processes are becoming untenable for many retailers and ore efficient, secure solutions are required.
Smart Safes versus Cash Recyclers: Key Differences
Both smart safes and cash recyclers enable tracking cash-on-hand and depositing funds without a verified pickup. However, beyond basic deposits and cash verification, the two systems offer vastly different features.
Smart safes provide secure storage for store cash. They allow retailers to deposit cash into a secure, closed system with more advanced technology than a standard vault safe. This additional tech includes scanning and validating bills and providing verification for provisional credit. However, a smart safe's primary purpose and functionality is the safe storage and protection of assets.
In contrast, cash recycler systems, like BANK IN A BOX, provide all of the same benefits of smart safes PLUS active cash management for retail establishments. While storing cash securely, these machines also recycle notes and can often store, sort, and manage up to six (6) denominations.
This denomination management gives cash recycling systems their additional capabilities – such as providing start-of-shift funds for registers, additional change for counters throughout the day, and easily breaking larger bills into smaller denominations. These features enable more efficient use of available cash-on-hand – reducing cash pick-up and ordering needs.
Recycling cash management systems like BANK IN A BOX are also able to connect to a store’s existing back-end and accounting systems, allowing dynamic balancing that significantly speeds up cash accounting.
Cash Depot's BANK IN A BOX Offers Next Level Recycling
BANK IN A BOX takes cash recycling even further, coupling a robust cash recycling machine with a back-end system that makes cash management truly secure and convenient. Utilizing a web-based portal, BANK IN A BOX offers features like user tracking, customizable settings, and real-time reporting – all with unparalleled transparency and control. For advanced, comprehensive cash management, BANK IN A BOX delivers the capabilities retailers need…and so much more.
As cash handling becomes increasingly challenging, retailers require better solutions. While smart safes offer a secure place for cash as it awaits armored carrier pickup, cash recyclers enable streamlined, automated cash management. From providing register funding and change to offering better solutions to reduce cash ordering, pick-up, and provisional credit costs, cash recycling systems, like BANK IN A BOX, are far and away the best long-term solution for retailers when it comes to saving employee time, reducing cash management headaches, and improving cash security.
TLDR: Smart safes and cash recyclers are two of the best options for retailers to address the rising risks, costs, and hassles of cash management. But, when compared, recyclers offer a range of features that put smart safes to shame - and are the clear winner when it comes to cash management options.
