Cash Recycling Automated by EPOS
The concept of automated cash payments is something we are all familiar with having seen the technology for years at self-serve checkouts. However, the concept of automating cash payments at a manned till is still relatively new to the UK market. The technology has been widely adopted across the rest of Europe and now through collaboration with GLORY, Retail Solutions is providing access to this cash payment innovation for UK and Ireland retailers.
A swift and pleasant customer experience in a convenient environment is key to securing returning customers. GLORY helps retailers meet the expectations of the modern-day consumer by taking away the time spent on cash management tasks, giving businesses more time to focus on what matters most – the customer and their in-store experience.
Whilst cash payments have declined in the UK, a retailer must still manage that lower volume of cash and the reconciliation still takes up a heavy amount of staff time. We have taken a journey with card payments, creating new technology to save retailers time and money, integrating card payments with EPOS, and helping them reconcile their funds faster. Now the same technology and benefits are available for a store’s cash takings. Allowing retailers to offer their customers payment choices, without feeling the burden of processing cash.
The benefits of cash recycling include:
• Eliminates all counting of cash
• Removes float preparation
• Removes discrepancies
• Eliminates shrinkage & rejects fraudulent notes
• Faster transactions
• Better customer engagement
• Improved hygiene
Time for Change
The labor intense retail cash process is ripe for review. Most retailers still float each till point as their first daily activity and some include hourly or random till counts to reduce shrink and mistakes.
Shift change re-floats and the full end-of-day counts soak up too much staff and management time and that is before the added stress of discrepancy management. By installing cash recycling technology at the point-of-sale, retailers can remove the need to manage most of these activities and move to a weekly collection of the cash from the unit, redeploying those saved man-hours to other store activities.
Each cash transaction is initiated and automated by the EPOS system, ensuring accuracy every time. Discrepancy management becomes a thing of the past and EOD reconciliation is as simple as taking a read from the screen. Its ability to safely hold large volumes of cash means senior management can reduce their banking activities and having a central view on cash holdings, they can tend to the device only when it is nearing capacity.
Routine cash handling time is reduced to almost zero for point-of-sale staff and to minutes, rather than hours for management.
Improved Customer and Staff Satisfaction
Installed customer-facing, GLORY’s cash automation solutions remove the need for staff to handle cash which improves hygiene and reduces stress. In this Covid world, people have regained some personal space and they don’t seem keen to give it up. This technology reduces the staff/consumer touchpoints adhering to people’s new expectations on space and hygiene. Staff would normally have to count the change for each transaction, taking their attention away from the customer, but now they can give that back. Removing the need to count allows them to engage with the customer for those few moments and takes the pressure of giving correct change away. The human error disappears and each transaction is as fast and efficient as possible.
Shrinking the Shrink
Every day, week, month, and year retailer’s profit margins can be diminished by cash shrinkage. Points of loss in the cash chain include accepting forged notes, miscounting, carelessness as cash moves from point of sales to back-office/bank, and internal shrinkage.
The fraudulent detection technology in GLORY cash recyclers automatically rejects invalid notes or coins and the correct change is always dispensed, removing the need for any awkward conversations and the acceptance of fraudulent money. This technology locks down all the store funds, user preferences allow retailers to choose who can access the money and a user trail creates complete accountability. A central view on cash holdings means the retailer has a live feed on store cash levels, giving them the control to manage the collections, however, works best for them.
GLORY is a global leader in cash technology solutions, helping businesses in more than 100 countries optimize the handling, movement, and management of cash. We provide a range of retail cash solutions to national and independent retailers. Through a direct integration by Retail Solutions, you can now automate your cash transactions at point-of-sale.
Who are we?
We are dedicated to providing your store with the most up-to-date and reliable point of sale hardware, along with software management tools to help you manage your business effectively.
To find out more about what we do, get in touch to chat with one of our knowledgeable consultants:
About the author:
Juliane Camozzato is an Executive Marketing at Retail Solutions. You can follow her on LinkedIn!