Innovation and Growth in
Challenging Times:

Unlocking Opportunities for the Cash in Transit Sector

Pressure Is Mounting

Global economic challenges including rising inflation and energy costs have created an increasingly hostile and complex environment for businesses to operate in. Consumer-facing industries like retail, hospitality, travel, and tourism are feeling the pinch as consumers limit their spending and operating costs soar.

It is no wonder that independent research conducted on behalf of PayComplete has found that across the globe, alongside improving customer satisfaction, boosting efficiency is a top priority this year for consumer-facing businesses. Consequently, this need for better efficiency puts pressure on cash-in-transit (CIT) businesses to lower their prices while also managing ever spiralling expenses.

Yet, CIT businesses should view the demand for improved efficiencies as an opportunity rather than a challenge. Advancements in technology in recent years have created fully end-to-end cash management solutions. Adopting an holistic cash management solution provides CITs with an infrastructure that facilitates operational efficiencies and develops the ability to offer new services and unlock hidden revenue growth.

To take advantage of this opportunity, CITs must select the right solutions provider who operates as a genuine partner and not just a supplier. With a partner focused on innovation, CIT businesses can future-proof themselves, and create a platform for sustained, long-term growth. However, with so much consolidation and rapid technological advancements, knowing what to look for in a cash management solutions partner is no easy feat.

This report will outline the key features CITs need to look out for and ask about when choosing a solutions provider. Our five factors for the perfect partner will help your business take advantage of the opportunity to enhance and grow like never before.

Keith Purvey

CITs Caught In The Middle

Cash transactions remain a major part of business operations for most industries. But with many organisations worldwide now up against a perfect storm of economic pressures, the cost of handling cash is growing more expensive.

Under strain from technology acceleration, supply chain volatility, climate change, macroeconomic unpredictability, and geopolitical risks, PwC’s 27th Annual Global CEO Survey, launched in January 2024, found that 45% of CEOs across 105 countries and territories are concerned about their longterm business viability. Furthermore, despite a decline in the inflation rate, the European Central Bank suggests eurozone economic growth will stay weak in the short term in the face of tight financing conditions and low export growth. It’s no surprise that 48% of CEOs in Western Europe also believe that domestic economic prospects will decline.

This paints an unsettling picture for CIT operators. Squeezed on both sides, firstly by customers wanting better deals and lower prices and secondly by also needing to handle their own higher operating costs, many are feeling the pinch.

Smaller players are especially vulnerable. Larger players are moving to consolidate the CIT and cash management space, which leaves many in an uncomfortable position. Selling solutions previously provided by independent vendors, smaller operators increasingly run the risk of opening their customer bases to competitors.

CIT operators face a conundrum. Caught in the middle, how can they possibly offer clients ever more innovative and reliable solutions to manage the increasingly complex risks cash handling entails while also managing spiralling costs of their own? It’s time for a change. The best operators are now rethinking the fundamentals of cash management, helping boost efficiencies and unlock new revenue streams. Read on for more.

Time For A Fresh Approach

Higher inflation, economic uncertainty, and geopolitical tensions have put pressure on CITs and their customers. As a result, CITs are forced to lower their prices while also absorbing ever-increasing operational costs such as fuel and labour. This can’t continue. What’s needed is a fundamental rethink of how CITs operate, and who they choose to partner with – favouring independent suppliers over those with an eye on market consolidation – that creates the savings both they and their customers need.