What are smart safes?
Smart safes are a type of technologically advanced safe with ‘smart’ functions. These functions are related to access to the safe and the management, validation, and tracking of its contents.
Smart safes are typically used by businesses to monitor security and cash flow. In some cases, they are also used by individuals to protect personal property.
Their technology does not make them any more secure against physical entry than regular safes. But it does make them more secure in other ways. For businesses, this means less vulnerability to fraud by customers and theft by employees.
And the benefits in their ‘smart’ functions go beyond security, especially for businesses.
What’s the difference between a smart safe and a regular safe?
In short, smart safes include cash management and monitoring technology that regular safes do not have.
Both types of safe are secure. However, regular safes are simply secure containers with lock mechanisms that are used for storing and protecting valuable items.
Typical smart safe features (& their benefits)
Different smart safe models vary in their specific capabilities. Below is a list of some typical features they might include.
1. Integration with other systems
Smart safes often integrate with the payment, record-keeping, and other systems a business usually has. This integration can range from point of sale (POS) systems to product inventories, accounting software, and more.
This helps ensure all key systems and processes are up-to-date in their view of sales and cash data. This in turn benefits the overall cash management and cash flow of the business.
Smart safes can even automate the triggering of credit facilities once they fall below a certain threshold in cash.
2. Data collection
Many smart safes collect data on cash and the cash handling process. This includes how long it was stored and when it was added to and removed from the safe.
There are important security benefits of monitoring cash in this way. It is also useful for gaining visibility and insights into processes, as well as data collection for accounting tasks such as audit trails.
The accuracy of smart safes also reduces both the time needed and scope for human error in cash counting processes.
3. Remote management
Modern smart safes can often be managed remotely. Alerts can be set up for pre-defined limits or unusual actions. This is especially helpful for businesses with multiple offices or stores.
4. Counterfeiting protections
Integration with note and coin validators saves businesses an extra step of using separate machines to authenticate money before storing it.
5. User authentication
Smart safes can grant multiple users access via keys, codes, or biometric data. This access can be changed by administrators when needed. It reduces the risk of lost and misplaced keys, forgotten passcodes, etc.
PayComplete’s smart safes
PayComplete’s smart safes blend sophisticated technology with sturdy hardware to secure and authenticate cash. They offer real-time cloud-based data access to help enhance cash management and visibility for businesses.
These smart safes also facilitate remote cash tracking, audit trails, and provisional bank credits.
Our Connect on-Device software is used globally and is compatible with both our own and third-party devices. This makes them ideal for advanced cash handling and retail tech companies.
Smart safes are the latest evolution in securely storing cash and other valuables.
They provide physical protection against theft and damage as well as integrating advanced technologies for cash management and security.
Many smart safes can also:
- Authenticate cash
- Integrate with other business systems
- Offer remote management capabilities
- Provide real-time data access
These features provide invaluable benefits as they bring together essential processes and data. This makes smart safes an indispensable tool for modern businesses that are looking to optimise their efficiency.