According to recent research, the use of cash is declining in popularity among consumers. Retailers may have noticed fewer customers using cash in stores. But that doesn’t mean the challenges of protecting cash have gone away for loss prevention and asset protection professionals. Instead, cash management techniques are evolving alongside new technologies and payment methods. What are retailers’ cash handling best practices in 2017?
Garett Seivold, contributing writer, examines recent study results on consumer preferences among payment instruments in a feature article in the May–June 2017 issue of LP Magazine.
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In the article, Seivold takes the temperature of the current market for the latest technologies and cash handling best practices in today’s retail business environment. From the article:
On the business side, when a retailer can get a near real-time picture of its cash assets, it can make use of that working capital, make better business decisions, reduce bank fees and risk, and improve compliance. And as interest rates climb, the value to retailers of having nearly real-time access to cash deposits increases. And it’s not just LP and finance that can make use of the data that today’s solutions can generate. Marketing can use the intelligence to make a correlation between an advertising campaign or sale and cash intake, for example.
Different technologies and features yield different value. Cash counting machines, for example, reduce errors and cash drawer counting to under a minute. Using a cash recycling machine also saves a retailer from depositing costs, automates the counting process, and makes it easier to track the reconciliation process. The benefits of smart-safe technology are broadly known—they sort cash and automatically credit accounts—but enhanced business intelligence from them is expanding their value.
Check out “Cashing In on Security” to learn more about advanced cash handling best practices and ways to reduce risk with the latest solutions. You can also check out the other articles in the May–June 2017 issue of LP Magazine. Not yet subscribed? No problem – register here for free.
This article was originally published in 2017 and was updated June 21, 2017.