The business transactions scene has changed from time to time! The objective is to make it seamless and secure with every passing day. Today, the new age business transactions are transforming into a paperless process.
And the entire financial transactions scenario has now become electronic as well. But even then, today there are cash transactions that are most prevalent in the in-person retail buys.
Cash is a real currency, and that has to travel from one location to the other from time to time. However, it is essential to make this cash shifting take place in complete security, as there are few risks involved.
It is here that the process of Cash-in-Transit has become crucial. It is useful in securely transporting cash.
When the process of Cash-in-Transit takes place entirely, generally, the merchant calls in for a secure car, and the cash gets picked up. After that, the money is processed and then finally deposited at the bank account effectively.
This process needs to be carried out with high precision and caution. No step should get delayed. If there is a delay, then the process will slow down the retailer’s workflow as well as cash-flow. To know more about this, you can read about cash in transit security.
Today, a considerable percentage of corporations and business houses depend immensely in the Cash-in-Transit security solutions. It is mostly because of the following reasons:
- Provides free staff time
When companies make use of advanced Cash-in-Transit solutions, it can stop sending their staff to banks. It also has an important role to play in securing the staff from any possibilities of robberies, heist as well as other security stacks that tend to be dangerous. Hence, it secures the staff in several ways than they can imagine.
- It enhances the security
By making use of the Cash-in-Transit solutions, you have the scope to improve the overall cash security. And it also helps to minimize the chances of theft.
- Provides a customized plan
When you are equipped with reliable Cash-in-Transit security services, you can create a personalized schedule in a streamlined manner. It will enable you to transport or collect cash along with other essential items to your bank. It helps to minimize the expenses to a large extent.
It is one of the main reasons why most retailers today have been opting in for Cash-in-Transit services. However, this process includes a critical component. It is the smart safes that too have gained immense popularity. Today the process of Cash-in-Transit security solutions is considered incomplete by most without the smart safes.
Advantages of smart safes
There are several reasons why the use of smart safes has been considered essential and beneficial over the years. Some of the essential benefits are as follows:
- Reduced cash transport
The elements of a fee for pick-ups and cash deliveries always add to something. The use of smart safes minimizes the count of the Cash-in-Transit pick-ups, by merely reporting about the cash deposits to retailers’ bank. Also, it gets secured till such time it’s picked up. The users get the credit in place of cash before the same gets deposited physically in the account. Hence, there’s no requirement for daily deposits.
And since the smart safes tend to be storage devices with insurance rating, it is perfectly safe to keep the cash on-site. You can even consolidate many days of the cash deposit in one single pick-up. A secure cash inventory further enables the retailers to retain the money with them for any changes and tills. And this also minimizes the chance of cash deliveries.
- There is more cash security
The new age cash automation equipment minimizes potential safety and security hazards. The moment when cash gets stored in the safe, it gets completely insured. There’s going to be no cash loss, and that’s a guarantee that the service providers today offer you.
The smart safes minimize the exposure of cash by keeping it pretty much out of site. It also restricts the manual handling and counting process, as that can make it slightly vulnerable to all kinds of external and internal thefts. Furthermore, the cash automation device also restricts cash access to all the authorized users. It helps to add traceability as well as accountability to all the cash transactions.
- Speed up the access for working capital
The cash recyclers and the smart safes help to keep an entire electronic record of each transaction. And this deposit information gets deposited to the financial institutions that can issue the credit for funds to merchants. It gets done before the funds get deposited to the bank. The retailers also have the right amount of access to the credited funds to make use of the much-required working capital within very less time, that’s needed for manual cash deposits.
- The immediate cash visibility
The cash recyclers and the smart safes can also get connected to a chosen network. It is this network that enables the retailers to keep track of your cash on a remote basis via real-time reporting. The device can send information for every transaction offering access to the real-time data. And this information is secured, through the application of the new data encryption technology.
Furthermore, the smart safes also simplify the cash balancing as well as reconciling methods. If any questionable activities are unaccounted for, the outcome gets reported to the loss prevention specialist. Hence, you can see that the process is secured and completely organized. It is this that makes the smart safes completely secure.
- Provides security against the thefts and counterfeits
The smart safes can verify currency automatically as that enters the safe. It instantly checks for any sort of counterfeit coins or bills. There are the loss prevention specialists who get alerted about any red flags at the time of the authentication process. Additionally, smart safes are considered tamper-proof. It helps to maintain an entire audit trail of the transactions that reduce internal theft. And this in a way strengthens the employee morale which is an essential component of a well-organized and secure workplace as well.
- Enhanced cash flow
It is slightly challenging to organize the cash effectively, especially if you are not able to track the cash flow. The smart safes assist the big box retailers in maintaining precise and a constant track of the cash outflows and inflows. It also helps to organize the fluctuation balances. And this as a whole helps to sustain financial health in a better way.
- Helps to save time
When you enhance the cash management process, there is a substantial ROI that you receive. A secure safe can minimize the overall time needed for counting, validating, sorting, auditing and reconciling the cash amount. It is because the device will get it done automatically. The money gets counted just once, and that helps to save a tremendous amount of time. Also, all the time savings can lead to reduced labour expenses. It will ultimately boost profitability.
These are some of the essential advantages of smart safes. It always depends on the business houses to choose what works best for them. But if you opt-in for the smart safes you can derive the maximum benefit from it, and an also keep the cash in secure hands.