It’s no secret that cash management is a critical, challenging part of restaurant operations; however, it may be surprising to learn that some of the locations that struggle most are those handling the smallest amounts of cash.
“The cost of handling and depositing cash gets more expensive the less of it you have,” says Lenny Evansek, senior vice president of SafePoint business development. “Stores with lower cash volume still have to count out and count down drawers, do mid-day drops, and then make and take deposits to the bank, so you are completing the same number of tasks on cash management whether you’re working with $500, $5,000, or $10,000.”
COVID is also creating new cash challenges. Many banking centers are closed due to the pandemic, making managers drive farther to make deposits and spend more time away from the store. Meanwhile, many brands are hiring people for sanitation roles that didn’t exist prior to the pandemic. Yet as more businesses reopen in the coming months, restaurants will face more competition for labor, making it hard to recruit, onboard, and schedule employees.
As a result, many brands are finding new ways to automate restaurant operations, including cash management. Yet while many leaders of low-cash restaurants may think the cost of a smart safe system might be prohibitive given their cash volume, Evansek argues that smaller profile smart safes like Loomis’s SafePoint Titan Z are cheaper than many think and can actually help these low-cash restaurants save time and money.
“Low-cash restaurants—like pizza delivery chains and fast-casual restaurants where 90 percent of sales are electronic— need a smaller solution that will easily fit in a cabinet or on a desk in a back office or under a register at a lower price point than a larger smart safe,” Evansek says. “That’s why we launched the Titan Z. Not only does it have a smaller profile than a traditional smart safe, but it’s also priced below what was previously our lowest cost product.”
Yet despite the SafePoint Titan Z’s small size, it still comes with all the operational benefits of a smart safe, as well as Loomis’s robust SafePoint features, including armored car pickup to eliminate time-consuming trips to the bank, an online cash dashboard with near-real time visibility, and provisional credit for cash deposited in the safe even before it’s been deposited at the bank.
Additionally, Titan Z comes with white glove service, providing more robust maintenance guarantees than Loomis has ever offered before. Loomis also offers a free 60-day test period so that low-cash stores can try Titan Z with no obligation or termination fees as they plan for next year.
“During challenging times, great companies look inward at how they can get better and invest in solutions so that they won’t be caught flat-footed when the bad times come again or be caught unprepared for the inevitable hospitality boom. Automating low value tasks, such as the handling and depositing cash, is one change restaurants of any size can benefit from no matter what the future holds.”
To learn more about how Titan Z can help your restaurant, visit the Loomis website.
By Peggy Carouthers