Retailers face many challenges today, and a shortage of staff and high staff turnover are often two of them; therefore, any solution that helps to make manual operations more efficient is welcome. In our post on 5 Ways Retailers Can Keep Cash Takings Safe, we mentioned that installing a cash deposit machine can help retailers keep cash safe, but that is not the end of the story – cash deposit machines also have a number of other benefits that can help retailers and the retail industry as a whole function more effectively. In this post, we will take a closer look at all the ways cash deposit machines can benefit retailers.
Hong Kong is suffering a shortage of labour
The shortage of labour in various industries, including retail, has been an issue in Hong Kong for many years now. The main cause is thought to be the ageing population, and the result is that employers will find it increasingly difficult to recruit enough staff and existing staff are put under more pressure to work longer hours.
Having staff manually counting cash in a retail outlet not only uses their valuable time (especially at shift changes), but also presents risks, such as discrepancies occurring, and even theft. These risks are further compounded by the fact that staff are more tired and stressed due to the long working hours.
How can cash deposit machines help?
In 2017, Hong Kong’s Chief Executive Carrie Lam said that technology and innovation could help provide solutions for the labour shortage issue. Well, this is certainly true when it comes to cash deposit machines for retailers.
Guardforce Hong Kong, for instance, has leveraged technology to develop its Smart Cash Deposit Machine which not only improves efficiency, enhances cash management and reduces workload for staff, but is also highly secure.
Cash deposit machines improve efficiency and save costs
Guardforce’s Smart Cash Deposit Machine improves efficiency through being able to speed count up to 600 notes a minute. It is also able to recognise multiple currencies and various denominations.
Time is money, and by using a cash deposit machine, retail staff can spend more time serving customers rather than on the mundane task of manually counting cash.
Cash deposit machines reduce risk
The Smart Cash Deposit Machine is able to reduce risk by detecting counterfeit notes, and up to 5,000 notes can be securely stored inside. The cash is kept in auto-sealing bags, and the machine itself can only be operated by an authorised person with a password for additional security. Using the machine also eliminates the risk of discrepancies which can occur as a result of manual counting.
Once cash is deposited into the machine, the record is uploaded to the cloud and can be accessed anytime, anywhere via PC or a mobile device to allow for real-time cash management and monitoring – this is especially beneficial for retailers with multiple stores.
Cash deposit machines at the heart of an end-to-end cash management solution
Although installing a cash deposit machine is an excellent way to improve efficiency, save costs and reduce risks, retailers should also be employing a full end-to-end cash management solution. Transportation of cash should be carried out by a reliable and professional secure logistics provider. As part of its whole cash management solution, Guardforce offers a door-to-door cash collection and delivery service. Daily cash takings deposited in your cash deposit machine are collected by armed guards and transported in armoured vehicles to a secure cash processing facility before being deposited into your bank account.
By using a cash deposit machine and a reliable cash-in-transit service, retailers can ensure cash takings are accurately recorded and protected at every step of the way.
If you would like to know more about how Guardforce’s Smart Cash Deposit Machine and end-to-end cash management solution can help improve efficiency, save costs and lower risks at your retail business, then contact us now.