Even in this digital age, cash remains a major player in the retail industry.

Sponsored by Fiserv

Even in this digital age, cash remains a major player in the retail industry. Quarterly Expectations & Experiences research by Fiserv in 2017 showed consumers rank cash first for security and second for speed and convenience when making payments. In fact, consumers used cash for more than 50 percent of transactions valued at less than $25, according to the U.S. Federal Reserve.

Still, with all that cash comes extra costs through employee mistakes, theft, banking fees and armored-car pickups, to name just a few. Pick any point in manual cash management processes, and you’ll likely see risks and inefficiencies. Employees spend valuable time managing cash flow through a system subject to human error. Internal theft is a factor at every stage of the cash cycle. Retailers also face adjustment fees and extra time spent correcting administrative or paperwork errors.

That’s why many in the retail industry are turning to a cash-management system that includes remote cash capture, or smart safe systems. Retailers see the value of freeing up staff members from counting money, balancing cashier tills, prepping deposits and driving to the bank. Smart safe systems can increase employee productivity, reduce loss and boost bottom lines.

If you are considering such a system, there are important factors to keep in mind. Here are eight must-haves when choosing a smart safe system:

1. Freedom to choose any hardware or armored vendor

You don’t want to get locked in with a single carrier or vendor, especially if you have multiple locations across a region or the entire country. You should be able to modify your hardware requirement based on your cash sales per store, whether that’s $3,000 or $30,000 per day. The ability to use multiple carriers provides greater control and flexibility and ensures competitive pricing.

2. Real-time fraud detection and alerts

You need to know immediately when something is wrong with your cash flow or if there is the potential for fraud. The right smart safe system can quickly detect and alert management about unusual activity. That feature, combined with the ability to remotely manage safe configurations, can prevent losses and reduce costly on-site service calls.

Download the full eight tips here.

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