Though consumers today have more options for payments than ever before, the restaurant industry still relies on cash transactions. In fact, the Federal Reserve Bank of San Francisco reported that cash was still used for 35 percent of in-person payments in 2019. This was especially true for small-value transactions, which represented nearly half of all payments under $10 and 42 percent of payments under $25.
Fortunately for restaurant leaders, the days of cumbersome cash counting and reconciliation processes are behind them. Today, smart safes that automatically count cash when cashiers close out their drawers make it possible for restaurants to boost efficiency, reduce the number of errors by eliminating counting mistakes, and increase visibility and accountability into a restaurant or chain’s cash situation.
Loomis’s line of Titan smart safes, including the flagship Titan, the smaller Titan C for lower-volume operations, and larger Titan X peripherals for high-volume stores, do just that. Not only do these smart safes save restaurants hours of payroll each week over manual cash counting and deposits, but they immediately secure money inside, reducing the risk of theft. Once secured, cash remains in the safe until Loomis’s armored car service transfers it to the bank on a pickup schedule optimized for each store.
“Managers don’t need to spend time counting cash deposits, refilling tills, driving to the bank, managing multiple vendor agreements, or reconciling daily cash deposits and change orders,” says Lenny Evansek, senior vice president of SafePoint Business Development. “Time savings for employees can range from 45 minutes to two and a half hours, and cash shrink can be reduced by 75 percent. With the Loomis guarantee of funds, we’ll cover the cash in the event of a loss due third-party theft.”
Additionally, because Loomis has strong partnerships with numerous financial institutions across the country, banks give restaurants provisional credit the next business day for the deposited cash in their accounts even when it’s still located within the safe.
Meanwhile, Loomis’s SafePoint system provides an entire cash ecosystem that helps restaurants boost efficiency and financial security.
“SafePoint is a technology-driven one-stop shop,” says Moises Gonzalez, vice president of product development for SafePoint by Loomis. “In addition to offering our smart safe technology, customers also have access to Loomis Direct, our online customer portal, which ties everything together, from equipment management to near real-time visibility of information.”
With Loomis Direct, corporate offices have access to data around each store’s individual cash situation, as well as insights that help loss prevention teams identify theft and training issues. Safepoint also comes with a comprehensive monitoring and diagnostics system that helps troubleshoot issues before they impact business, along with Loomis’s industry-leading customer service and dedicated in-house IT team.
“Cash visibility is important for different reasons across different operating functions within a company,” Evansek says. “One automated system and supplier for all cash management needs, such as SafePoint, can streamline processes, saving each store time and money.”
To learn more about how a smart safe ecosystem can help your business, visit loomis.us.
