8 Tips for Choosing a Smart Safe System
Even in this digital age, cash remains a major player in the retail industry. Quarterly Expectations & Experiences research by Fiserv in 2017 showed consumers rank cash first for security and second for speed and convenience when making payments. In fact, consumers used cash for more than 50 percent of transactions valued at less than $25, according to the U.S. Federal Reserve’s 2015 “Diary of Consumer Payment Choice.”
Still, with all that cash comes extra costs through employee mistakes, theft, banking fees and armored-car pickups, to name just a few. Pick any point in manual cash management processes, and you’ll likely see risks and inefficiencies. Employees spend valuable time managing cash flow through a system subject to human error. Internal theft is a factor at every stage of the cash cycle. Retailers also face adjustment fees and extra time spent correcting administrative or paperwork errors.
That’s why many in the retail industry are turning to a cash-management system that includes remote cash capture, or smart safe systems. If you are considering such a system, there are important factors to keep in mind. Here are eight must-haves when choosing a smart safe system: