Effective cash handling is extremely important to the success of businesses, including quick-service restaurants. However, controlling cash transactions can be challenging for certain operators, especially those still working with out-of-date technology.
Loomis’ SafePoint is an innovative cash service that is reshaping how businesses conduct bank transactions and deposits. “SafePoint eliminates the need for employees to go to the bank to make deposits or get change for their stores from ever happening again,” says Lenny Evansek, senior vice president of retail business development at Loomis.
Loomis develops top services that support businesses in their quest to improve cash insights and optimize their financial standings. Loomis’s SafePoint solution is a perfect example.
“SafePoint accomplishes three main goals for restaurant operators; it saves time, saves money, and provides peace of mind by keeping their employees and cash safe,” Evansek says.
SafePoint is the industry’s premier cash-management solution. It combines new, unique technology with Loomis quality, service, and skill. SafePoint was developed to support businesses financially by cutting costs, increasing efficiency, and improving the bottom line.
The SafePoint cash management system decreases the hassle and stress of managing cash. The system uses smart safes and armored trucks to streamline businesses’ cash management processes. This way, operators don’t need to worry about the safety and security of driving cash deposits to the bank.
“Money inserted into the smart safe is as good as in your account with your financial institution,” Evansek says. “Deposits are credited by your bank the next business day and Loomis guarantees the validated funds against third-party theft and loss.”
Not only can operators rely on secure cash transport, but SafePoint smart safes also safely store cash at the quick-service restaurant until a Loomis cash handler can pick it up. When an operator or employee inserts cash into the smart safe, they are given a temporary credit with their banking partner until their funds are physically transferred.
On the collection day, Loomis will issue a change order previously placed with the bank. Meanwhile, Loomis Direct, the company’s online account management solution, allows operators to track and manage every process step anywhere at any time.
Accessing this data allows quick-service restaurant operators to better understand security, operations, and financial situations at their various franchise locations. Ultimately, the data will provide insight to help prevent cash loss and show operators what is occurring at their restaurants.
A second problem with restaurant cash management is operators trying to manage multiple banking relationships. Since different banks operate in different locations, many quick-service restaurant operators are forced to open and manage accounts at several banks.
However, when working with Loomis, operators can take advantage of the benefits of virtual banking. “SafePoint eliminates the need to have a local bank branch which allows companies to consolidate the number of different banks they use into as few as one,” Evansek says. “This in turn saves more time and more money by having fewer relationships to manage and processes to follow.”
Having the option to work with a single banking portal while having access to financial data is game-changing for quick-service restaurants. The data and analysis completed by Loomis will ultimately give restaurant owners and operators the power to gain a competitive edge in the ever-evolving world of quick-service restaurants.
To learn more about automated cash management, visit the Loomis website.
