WHAT IS A SMART SAFE AND HOW CAN IT HELP YOUR CASH MANAGEMENT?
Cash handling is still a vital part of conducting business today. This means security is a real concern when managing cash within your organisation. As a result, smart safes are experiencing an increase in adoption among companies.
In a survey of more than 3,000 respondents worldwide, it was agreed that three technologies are the most useful in preventing financial crimes. These include:
- Cloud-based data and technology (67%)
- AI and machine learning tools (56%)
- API technology (47%)
As more companies look to secure and manage their cash with the help of smart devices and technology, they also get the added benefit of driving efficiency at the point of sale (POS). Taking into account the risks of theft, human error and increasing labour costs, employing an innovative cash management solution is the answer business owners are looking for to enhance the process of cash handling.
In this article, we take a look at how a smart safe works and how it can help your business – with specific focus on industries such as wholesale, retail, restaurants, fast food outlets, banks, casinos, schools and universities. We also consider factors in choosing the right smart safe for your organisation, and how all of this comes together to create an effective end-to-end cash management solution.
What Is a Smart Safe?
Smart safes are devices that accept, verify, record and secure cash. They do this automatically and can be used as a fully integrated solution within the business. They provide real-time visibility and transaction trails to audit each transaction. You can even determine which operator accessed the device at any given time.
Furthermore, besides reducing cash handling issues, they also improve back-office capabilities of:
- Cash protection: You secure cash in the safe so that once you insert the money, automated reports are the only requirement for calculating sales totals and reconciling ledgers.
- Built-in banknote validations: While you train employees to look for counterfeit money, fake cash can still make its way into your establishment. Banknote validators within your smart safe are a foolproof way to ensure the currency placed inside the machine is authentic.
- Secure cash retrieval: With two-factor authentication credentials, the only people who can access the cash are those with authorisation to handle the money.
- Various settlement options: Another functionality of a smart safe is to provide direct settlement of cash deposited into the smart safes into the business bank account. Through integrated solutions, many settlement options are available, from when cash is removed by the authorised personal to when cash is dropped within the smart safes.
How Can a Smart Safe Help Your Business?
Roughly 47% of companies experienced financial fraud within the past two years. To help reduce risk in cash management, every business owner should consider how a smart safe can benefit them.
Here are some of the leading industries that need smart safes, and how these safes can help businesses become more secure:
Wholesale and Retail
Retailers were among the first to adopt smart safe technologies. Retailers should consider smart safes not only because they are secure cash handling devices. They also help you manage other aspects of your daily business operations besides cash management logistics.
These cash management solutions can help you with inventory, vendor and cashier management. They can also automate merchandising. Smart safes manage many responsibilities you task employees to fulfill. Employees can instead spend more time dealing with customers and maintaining business operations.
These cash management smart devices also:
- Lower labour costs
- Decrease balancing and reconciling time
- Reduce cash loss caused by human error
- Eliminate cash discrepancies
- Help to free up staff so they can focus on customers
Restaurants and Fast Food Outlets
Whether your restaurant is a dine-in, takeout or drive-thru establishment, smart safes are the best way to mitigate the risk of managing varying amounts of cash. During meal times, cashiers and service staff handle significant amounts of money. Provide them a safe alternative to carrying large sums of cash during their shift. Allow them to make drops into the smart safe.
An automated cash management solution allows for full cashier reconciliations at a fraction of the time.
Watch the video to find out how the Deposita Protector 1200 sp Smart Safe works to secure your retail or restaurant business:
Banks and other financial institutions benefit from smart safes and cash recyclers such as Deposita’s Exchangor range, because they enhance customer experience and provide transaction tracking. They also mitigate risks associated with money management with real-time reports and AI-driven improved efficiency. You improve security with digital analytics, better forecasting, and by decreasing cash touchpoints.
With a smart safe cash management solution, you can:
- Digitise cash handling
- Offer self-service systems
- Improve working capital
- Optimise cash inventory
- Secure and process cash onsite
- Free up staff to serve customers
- Integrate all your cash management systems
- Enhance risk management
With a smart safe, casino owners and managers can enjoy peace of mind, knowing all their financial transactions remain secure. Casinos manage more substantial sums of cash than some banks do and, for that reason, need cash management solutions as robust as those offered to financial institutions.
Casinos receive many of the same benefits as retailers and financial institutions. Since they also have service staff and dealers who work on tips and require the advantage of drops during long and cash-intensive shifts. Other benefits that smart safes offer casino cash management include:
- Optimised cash cycle monitoring
- Improved management information and reporting
- Multiple systems integration
- Queue-free service
- Trusted comprehensive reporting
- Flexible payment settlement
Watch the video to learn how the Deposita Protector 10 000 d-s1 Smart Safe works to protect businesses handling large volumes of cash:
Schools and Universities
There are several places where cash transactions occur at educational institutions. Schools and universities benefit from smart safes because they limit points of contact with money. There are self-service options in many smart safes, and with a banknote disinfection cabinet, handling cash is more hygienic.
Factors to Consider When Choosing a Smart Safe
There are several things to consider when choosing a smart cash management solution. Price points and features vary depending on the needs of your establishment. So, if your company is planning to invest in smart safe cash management technology, consider the following:
Cash-in-Transit (CIT) Fees
Increased cash visibility means you can decrease the number of times a cash in transit provider visits your site. When you reduce the frequency of CIT visits, you minimise fees, increase savings and reduce the risk of violent robberies during a CIT collection.
When you invest in a smart safe, make sure you choose a company that:
- Has the ability to produce and replace devices and parts in a very short turnaround time to limit any downtime.
- Has a footprint that can service and maintain your businesses footprint nationally.
- Has a track record of superior service and reaction time on resolving incidents.
As a business, you need to align with industry leaders and experts on cash management who have their eye on the future in terms of growing innovative solutions. You need a partner; not just a supplier.
What is an End-to-End Cash Management Solution?
When it comes to smart safes, you want to ensure you can integrate them with your other cash management technology. That is how you can provide an end-to-end solution for your establishment.
Deposita also offers a cash recycler range called Exchangor. The Exchangor frees your staff from time-consuming cash management tasks and float management, so they can focus on providing exceptional customer service.
Manage Your Cash Handling More Securely with a Smart Safe from Deposita
Smart safes are cash automation solutions offering superior technological features that support the automation of cash management functions. Any sector that manages cash transactions should consider incorporating smart safe technologies for their cash management solution.
At Deposita, we work with large, medium and small businesses to help them reduce operational costs and optimise their cash management solutions. We can help you improve productivity, all with the focus on enhancing the safety and security of your establishment, your staff – and yourself.
If you’re looking for a more secure way to manage cash at your organisation, contact us to book a free consultation with Deposita.