Imagine this. You’re the manager at a retail store during the busiest season of the year. Customers are swarming the store to find the best deals and latest merchandise. Cash register lines are out the door, the noise level is high, you are being pulled in a thousand directions, and you have to meet a deadline to deposit cash at the bank.
It’s in these high-demand moments that the focus needs to be on the customers and growth of the business. But, in reality, the focus ends up being on operational issues, such as, money, cash management and cash logistics.
When retailers optimize their cash management processes, the valuable time spent on managing cash can be reallocated to focus more on customer service, business development, and employee management.
Manual Cash Deposit Challenges
The manual process of preparing cash deposits can be tedious, time consuming, and inefficient. When managers are forced to count, prepare, and physically deliver the deposits to the bank, they are taken away from other equally important managerial duties.
There is nothing more frustrating to a customer than trying to get help with no store employees available. Situations like these occur when managers are in the back office tending to operational issues, such as checking till drawers and counting cash at the end of a shift. In cases where cash handling is managed manually, critical resources get tied up when they should be in the store, training employees, providing customer service, managing inventory, and proactively looking at ways to maximize store efficiencies.
Common problems retailers face with manual cash deposits:
― Lack of cash visibility
― Inefficient sales and administrative operations
― Human error
― Employee theft
― Employee accountability
― Poor customer service
― High costs of managing cash
Cash Management Optimization
Outsourced cash management services is the solution to eliminating or reducing the most common problems related to retail cash management. Retailers can partner with a cash management services provider to handle their cash logistics. The partnership provides retailers with more time to focus on their business operations and enables their managers to focus on customers and employees.
Retailers can also optimize their business by implementing internal processes that complement the outsourced cash management services chosen. Once the cash logistics are handled by an outsourced service, the cash deposit pick up process is streamlined, and takes significantly less time.
In addition, cash management services include armored services, where a driver/guard securely transports the business’ cash to and from the bank. Having the cash deposits prepared and ready for the outsourced service at time of pick up, allows for a seamless transaction and for managers to get back to servicing customers and managing the business much faster than if the deposit process was entirely manual.
Freeing up managers’ time with outsourced cash management leads to higher quality customer service, more efficient sales and operations, cash security, and lower costs for managing cash. These greater efficiencies in the streamlined cash handling process lead to increased sales and decrease in loss and theft.
How optimizing cash management processes benefits retailers:
― Save time, money and resources
― Increase productivity
― Provide greater customer service
― Mitigate risk
― Reduce vulnerability to loss
Best ways to optimize cash management processes:
― Outsource cash management service – transportation of cash deposits to and from the business
― Smart safe solution – tracking each deposit and withdrawal through the use of an individualized PIN, so business owners know who is responsible for each transaction.
― Efficient change orders – order change when needed, direct to your door, eliminating risks associated with trips to the bank
For retail business owners, outsourcing cash management services along with using a smart safe solution, and efficient change orders are all ways to optimize your cash management processes. In doing so, you will be able to start reallocating responsibilities and tasks during times previously devoted to internal cash logistics. Start outsourcing your cash management services today, and see how alleviating the risk of cash exposure grants retailers a huge reward.