Handling cash in retail safely and effectively - make a Smart move!

Anyone operating in the retail sector, and in particular the convenience  sector, will know that despite predictions to the contrary, we are still far from a cashless society.

Indeed, recent research from one of the nation’s leading building societies reported that ATM withdrawals jumped by nearly a fifth last year compared with 2021, marking the first time in 13 years that cash use has increased.

The Nationwide, which used its own data for the findings, suggested that the trend reflects households’ use of physical money to help them manage their daily and weekly budgets.

More than 30.2 million cash withdrawals were made from Nationwide ATMs  alone last year, marking an increase of 19% compared with 2021 - so a lot more money in circulation for retailers.

For the first time in years we are seeing a natural rise in cash withdrawals so it is vital that the retail sector is closely attuned to this trend and is well-equipped to offer customers choice and convenience when paying for their goods.

Here at Loomis, we fully understand the important role that cash plays in society - and also that in a world where customers want choice over the way in which they pay for goods and services, businesses  can't afford to decline cash.

Everyone operating in retail will recognise that the significant amount of cash in circulation needs to be handled safely and effectively. They will also be aware that, historically, cash handling  has had a number of associated negatives; human error and the risk of theft, high labour costs…

Which is where Loomis comes in, with a comprehensive package of cash management, cash in transit and Smart safe solutions designed to help retailers accept cash easily and get it into their bank account safely - without needing to leave the premises.

Whatever the size or nature of the business, ultimately what matters most is the bottom line.

In the challenging economic climate of recent times, businesses have been employing all kinds of strategies to enhance the bottom line. But, in the search for profitability many don’t consider an issue that is easily addressed and can make a significant, positive impact upon the business - and that’s cash handling.

Cash handling can be a difficult process to manage - and business owners and managers undoubtedly welcome any solutions that enhance both cash handling and back-office efficiency.

And this is exactly where the Loomis range of Smart Safes excel, providing an all-in-one cash management solution.

So, what is a Smart safe?

A Smart safe is a technically advanced safe that will help businesses effectively manage cash at the same time as gaining valuable business insights. Smart safes facilitate the monitoring of a business’s cash at every step of the cash handling process and provide clear visibility into the flow of cash at all times.

What Makes them Smart?

Smart safes have justifiably earned their name by combining traditional security and storage aspects with the technology and management solutions of modern cash management software. Essentially, the smart safe is a sophisticated solution designed to handle all aspects of cash management quickly and efficiently.

Smart safes will generate a range of user statistics which will help to inform management decision making; they record the history of cash movement; they will provide an real time view of cash movement in the business - and effectively take on the responsibility for cash management, leaving managers and team members free to focus on other tasks.

Loomis Smart safes are also equipped with currency validators, which significantly decreases the risk of counterfeit fraud. Banknotes have become increasingly sophisticated in their production so the incidence of passable counterfeits has decreased - but there was still an estimated £1.7 million worth at face value of fake notes in circulation in 2022, so a Smart safe has an important task to perform here too.

By being unable to process a fake bank note, the Smart safe also cleverly takes the onus away from the staff member in rejecting the note; it’s not their decision but the safe’s!

Once the smart deposit safe has approved all inserted bills, they are validated and moved to cassettes for secure storage. Cash is reconciled automatically, reducing the need to spend hours on reconciliation each night. The Smart safe also takes the pressure off back-office employees to count cash perfectly each time.

Cash Insights

What makes a Loomis Smart depository safe such a valuable addition to any business is its ability to integrate with smart technologies and cash management software, including AI for dynamic logistics and cash needs forecasting. It will provide data access and monitoring for tracking and controlling all aspects of cash operations - allowing business owners to understand their cash flow and needs at every stage.

Benefits include:

• Cash analytics: The data surrounding the day to day movement of cash day-to-day, such as cash balances, deposit reporting, and reconciliation
• Cash forecasting: Insights into trends that help to forecast cash needs and provide a view of cash on hand
• Data about cash utilisation and denomination usage
• Cash management logistics: Insights into cash ordering information, allowing managers to schedule and forecast Cash In Transit collections and cash replenishments
• User tracking: Audit trails and reconciliations based on user profiles
• Real time visibility: smart safes can be monitored from remote locations

 

The most obvious benefits of a Smart safe are its ability to securely store and manage cash. It will safeguard hard-earned cash and it will reduce the stress which can be felt by staff involved in the cash management process.

But when a business automates a time-consuming process like cash management, a significant amount of personnel time is saved, leading to less overtime and overall lower labour costs.

Which Smart Safe To Choose?

Loomis offers a comprehensive range of Smart safes which have been developed for businesses of varying sizes and with different cash management needs - from local, independent traders to national chains.

Starting with the SafePoint Compact, through options including SafePoint Store, SafePoint Boutique and SafePoint Solo, there is a Loomis Smart safe that is a perfect fit or any retail business.

The recently launched SafePoint Compact is already proving very popular with businesses in the convenience retail sector - with dimensions of just 610mm h x 210mm w x 495mm d it is easily accommodated into most retail environments, whether that be under-counter or back-office.

SafePoint Compact has been developed to  support all retailers wanting to improve their cash flow and in store security by depositing their bank notes in a fully insured safe anytime 24/7. And with very affordable weekly packages which include service and maintenance, it is better, quicker, safer and more convenient than traditional methods of cash management

No more time-consuming cash reconciliation and trips to the bank - just more time to focus on managing and growing the business whilst reducing the time, labour and cost involved in cash management.

Loomis experts will help to choose the best Smart safe solution for the business, deliver on-site training and manage delivery, installation and maintenance.

All in all, adding a Smart safe to the business is a very smart move indeed!

To discover more about the SafePoint Smart Safe range from Loomis visit www.loomis.co.uk or call 0845 309 6419