Good day and thank you for reading. In a previous blog post we addressed three key benefits that cash recyclers provide a retail establishment. We discussed re-allocation of labor, reduced cash float, and accelerated start of shift and end of shift processes as benefits a proven cash recycler offers to enable a store to be more competitive. In this article, we’ll discuss three additional benefits of cash recycling for a retail establishment.
Reduced CIT Fees
By utilizing a cash recycler, deposited funds are reused for the next shift or employee starting their shift, or for the store’s “float” fund. Since cash is reused, the frequency of CIT pickups can be drastically reduced. In addition, CIT companies are often used to bringing change orders to the store (often coinciding with a scheduled pickup), and they charge fees for this service. With a recycler, low denomination bills are recycled and reused, which limits store’s frequency to place change orders. This has a dramatic effect on the store’s change order fees.
Freed up Working Capital
When paired with a smart safe, cash recycling systems have the ability to receive deposits of notes. If the proper arrangement has been enabled between the retailer, its CIT partner and bank, the notes deposited into the safe are credited to the retailer’s bank account, usually no later than the next business day. This frees up critical working capital for the retailer, which can make a significant difference in a retailer’s cash management and business operations.
Improved Customer Service
Effective cash recycling systems are designed to process large amounts of cash in a minimal amount of time, all while accurately accounting for all transactions. With such a system in place, employees can now spend less time in the cash room, and managers can spend less time reconciling cash balances and preparing deposits. The net effect for managers and employees is that they can spend more productive time in the store. The end result of this labor shift is that retail store customers are now better served, because they can shop in a store where employees have more time to spend with them, in an environment that is better merchandised, efficient, and more conducive to a positive shopping experience.
Summary
An effective cash recycling system can have a tangible effect on the way a retail store handles its cash and conducts its business. It can repurpose cash in such a way that working capital is freed up to enable the store to invest in more critical needs. It can minimize CIT fees, and it can help a store greatly enhance its customer service. Retail organizations that have adopted such systems have gained a critical competitive edge in a rapidly evolving industry.