How cash management can be a critical piece of the franchise puzzle.

For many restaurant brands, it is the franchisees who are grappling with the industry crisis amid the COVID-19 pandemic first hand. As a result, many franchisors are looking for ways to lend support to both new and existing franchisees. While brands often provide ongoing assistance with marketing, training, and construction, many brands overlook one simple, yet impactful area of support: cash management.

“Cash management is often an afterthought, says Lenny Evansek, senior vice president of SafePoint Business Development at Loomis. “Manually creating deposits and taking themto the bank has been done since cash has been a form of payment, so it’s often one of the last areas people realize can be improved.”

While many franchisors have personally invested in cash management solutions for their corporate owned restaurants, Evansek notes that it is often up to franchisees to try new solutions. However, as small business owners, many of these leaders don’t have time to test out cash management vendors to find the right fit, particularly in the midst of an industry crisis.

“That’s where franchisors and franchise associations can step in,” says Tom Simon, vice president of SafePoint Franchise Development at Loomis. “Franchisors and franchise associations can establish a relationship with Loomis so franchisees know the company has been vetted and is going to give them the best commercial terms.”

Additionally, smart safe solutions can provide franchisees with significant labor savings. Not only do smart safes reduce the amount of time it takes to count out drawers at the end of a shift, but managers also no longer need to leave the premises to go to the bank, which both keeps them safer and maximizes the amount of time they can spend with team members in store.

“As we’ve seen over the past few months as pandemic has taken hold, labor is at a premium right now,” Simon says. “Hours and staff are limited, and it’s more important than ever to dig into automation both in the current stage of response to the crisis and as restaurants prepare for the new normal.”

Additionally, with near-real time reporting through the Loomis Direct portal, franchisees’ accounting teams spend less time reconciling cash counts. And, by unifying the use of smart safes across a franchise group as well as a corporation, franchisees and franchisors can share best practices to streamline operations.

Loomis will also provide franchisees across the system with a detailed level of support so when challenges arise, they can get back to business quickly.

“Unlike our competitors, each franchisee will have a dedicated account manager with Loomis to help resolve any issues and questions,” Simon says.

From service to technology to labor savings, Loomis’s smart safe solutions can help restaurants achieve more efficient operations. And during this industry crisis, the company’s franchise program can help franchisors assist their franchise partners in new ways.

“We are the only cash management company focused on proactively building programs which help franchisors lend support to their franchisees,” Evansek says. “Loomis can help franchisors and franchise associations give franchisees the tools they need to be successful.”

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By Peggy Carouthers

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