A smart safe makes managing cash transactions safer, easier and more efficient. It forms part of an automated cash management solution that accepts, validates, records and secures currency. Every sector can benefit from using a smart safe. This article covers 10 different types of businesses that should consider incorporating a smart safe into their cash management process.
Learn more about why your business needs a smart safe.
1. Retail and Wholesale Stores
A comprehensive Urban Studies survey showed that nearly 80% of South Africans visit neighbourhood retail shopping centres at least once a week. These retail businesses often receive large cash payments and therefore need a method to manage these transactions that make cash handling safer.
Retail establishments include:
- Department stores
- Warehouse stores
- Shopping malls
- Specialty shops
Since the majority of South African consumers still pay in cash, a secure cash management solution is necessary to mitigate risk and increase efficiency.
Find out more about Deposita’s retail solutions:
2. Restaurants, Cafés and Fast Food Outlets
Another sector that deals with a significant number of cash transactions are restaurants. These include cafés, coffee shops, bars and fast food outlets. It is clear: cash is still king in South Africa.
The food service industry is one of the largest industries that accept cash transactions and economists agree – this method of payment isn’t going anywhere anytime soon. If you own or manage a restaurant, bar, coffee shop or café, you need a smart safe.
Gambling establishments like casinos deal with large volumes of cash. They must keep money on hand for cash payouts of all winnings. In South Africa, there are around 40 casinos, and much of their business comes from tourists looking to win big while vacationing. A cash management solution like a smart safe not only secures this currency, it also makes tracking cash transactions easier. Obtain insights, generate reports and deposit money in the bank faster. A smart safe also verifies currency to ensure no one is trying to pass a fake bank note.
4. Banks and Financial Services
Banks and other financial service companies (like currency exchanges) can improve overall customers’ experiences with a smart safe solution. You can track transactions at every touchpoint and reinforce security. With a smart safe, you can provide your customers with a self-service banking system that gives them the peace of mind to know their money is secure. It allows your customers to process cash deposits and frees up staff to better serve your customers.
Find out more about Deposita’s banking solutions:
5. Hotels and Hospitality
Millions of tourists visit South Africa every year. If you are in the hospitality industry, you are aware of the large sums of cash transactions that occur on a daily basis. Whether a patron buys a gift at the gift shop or wants to renew their stay with cash they have on hand, a smart safe can help to streamline your cash management processes.
6. Schools and Universities
Educational facilities can also benefit from the use of smart safe technology. Whether buying a book for a class or securing meal vouchers for the cafeteria, students can use a smart safe terminal without relying on staff assistance.
Faculty and administrative staff can easily process cash payments as well. The best part is that there is no need for faculty to make a trip to the bank. Cash in transit services provide safe and secure collection services for all your cash transactions.
7. Convenience Stores
While convenience stores are a form of a retail store, they are on the list as their own category because of the nature of this type of retail business. The convenience retail business grows annually at a rate of 13%. Sadly, so do the number of thefts, including those associated with robberies involving cash loss. A smart safe offers the protection of timed deposits to keep money from being accessed by unauthorised personnel or anyone who may rob the store.
8. Storage Facilities
Business offices within a storage facility often take in cash payments for monthly rentals of storage spaces. It can equate to large sums of cash remaining onsite at these facilities. Smart safes offer a secure method to ensure these cash transactions remain safe. It also frees staff from time-consuming accounting of these transactions so they can focus on maintaining the other daily tasks associated with managing storage units.
9. Repair Shops
Mechanics and auto service technicians don’t want to spend their time counting money. Their specialised skills include maintaining and repairing vehicles. If you own an automotive repair shop that offers cash as a form of payment, a smart safe can help improve productivity.
10. Car Dealerships
Car dealerships don’t take in cash transactions on vehicles as often as other forms of payment. However, some people do make down payments on new cars with cash. Furthermore, customers are more likely to pay outright for used vehicles, and people make cash payments on some of these purchases. If you own a dealership or manage the finance department, you know that a secure solution for cash management is necessary for safe and cost-effective methods for these transactions. A smart safe is the most obvious choice.
Keep Your Money Safe with a Cash Management Solution for Your Business
If your organisation deals with cash transactions, you need an effective way to keep your money safe. Smart safes provide cash management solutions that automate cash handling processes.
At Deposita, we work with businesses of all sizes to help them mitigate risks associated with accepting cash payments. We can reduce operational costs and optimise productivity. How can we help you improve the safety and security of your company and your employees?
Contact us today and book a free consultation to see how we can help keep your money safe so you can do more with what’s yours.