Cash still matters. In today’s digital payments age, cash transactions remain vital for many businesses, across many industry verticals.
According to the European Central Bank, cash was used for 59% of point-of-sale transactions in 2022, despite a continuing decline in overall market share versus electronic payments.
This is evidenced further by the Bank for International Settlements, which maintains digital payments have not yet fully overtaken cash. Public demand for cash remains steady, both as a means for payment and as a haven.
Against this backdrop, it is therefore essential businesses implement key strategies to boost productivity, accuracy, and security to make their cash activities smarter, yet more simplistic.
In this piece, we’ll explore how you can boost productivity and profitability in cash transactions by automating processes, levering smart cash tech, practicing efficient cash handling, improving security and providing the right staff training.
Boost productivity and profitability in cash transactions by automating processes, levering smart cash tech, practicing efficient cash handling, improving security and providing the right staff training.
Tip 1: Automate cash handling
Many businesses still have manual cash handing processes. Putting these under the magnifying glass and considering the incorporation of more sophisticated cash technologies and methodologies could work wonders for your company or organisation.
Consider the opportunities of integrating smart cash handling. The use of cash handling automation systems and hardware like cash counting machines, bill validators, and coin sorters speed up the counting process and significantly reduce human error.
Alternatively, explore systems that automatically verify and authenticate money, providing an additional layer of security and accuracy, which is bringing cash into line with digital payment practices.
cash was used for 59% of point-of-sale transactions in 2022
Creating a real time view of cash alongside other operational systems, such as digital payment, will drive both efficiency gains and profitability.
Tip 2: Unify payment processes
Creating a real time view of cash alongside other operational systems, such as digital payment, will drive both efficiency gains and profitability.
This can be accomplished through a unified solution seamlessly integrating front-end and back-office cash hardware solutions, like integrated cash recyclers and smart safes, and appropriate cash management software, with other systems in the company or organisation.
Tip 3: Enhanced security
Security in cash management is essential to protect a business’s assets, establish and maintain trust with customers, comply with necessary regulations, and ensure its financial stability and reputation. It minimises the risk of theft, fraud and operational disruptions associated with mishandling cash.
Investment in robust onsite security measures, including surveillance cameras and alarm systems, is one way of protecting your cash. If secure overnight storage is a priority, then cash safes or drop boxes could be utilised. A smart safe, for a business, helps secure cash and monitor money during all the steps of the cash-handling process.
Finally, regularly running comprehensive security audits will identify vulnerabilities in your cash management activities that can be quickly rectified.
Security in cash management is essential to protect a business’s assets, establish and maintain trust with customers…
A well-informed team can go a long way to contributing to efficient cash handling processes and boosting productivity.
Tip 4: Leverage technology
Whilst some businesses may not think digital when it comes to physical cash management, leveraging smart software allows businesses to modernise their cash handling and stay competitive in this digital era.
For example, implementing cash management software to automate tasks like counting and tracking cash. Some cash management systems offer remote monitoring capabilities, allowing businesses to keep track of cash handling activities even when they are not on-site.
A point-of-sale system with cash tracking features enables accurate reconciliation whilst also providing valuable insights and improving the overall customer experience.
In addition, exploring the different technology options means your business can scale accordingly to handling small or large volumes of cash.
Tip 5: Train your team
Staff training is an area that can often be forgotten with all the information around smart technology and automation options.
A well-informed team can go a long way to contributing to efficient cash handling processes and boosting productivity. Train employees in proper cash handling procedures and educate the team about counterfeit and fraud prevention.
Putting regular refresher courses in the diary will help to keep skills up-to-date and consistent across the whole team.
Tip 6: Boost efficiency
We have discussed efficient cash management, but there are other opportunities to boost efficiency further by improving customer service and financial performance.
Streamline the checkout process to reduce customer wait times, for example with self-service kiosks. Offer multiple payment options, including digital methods, to accommodate different customer preferences.
Finally, implement cash-handling efficiency benchmarks and incentives for staff to entice them to think about how they can contribute to boosting efficiency.
Futureproofing cash transactions
Most recently, the Financial Services and Market Act 2023 has given the Financial Conduct Authority new powers to protect access to cash. This demonstrates that cash transactions are set to remain an integral part of many businesses and optimising their efficiency is important for productivity and profitability. By automating cash handling processes, practicing efficient cash management, enhancing security, leveraging technology and providing staff training and looking at other ways to boost efficiency, you can ensure that cash transactions continue to work in favour of your business’s success.
A well-informed team can go a long way to contributing to efficient cash handling processes and boosting productivity.
