Cash Automation
Relieve your team of counting and reconciling cash, and cut the hidden costs that come with it.
“The noblest pleasure is the joy of understanding”Leonardo da Vinci, 16th-century polymath
The problem at a glance
How can businesses reduce the cost of handling cash?
The Profile
There was a time when cash was the preferred mode of payment for most businesses. Traditional businesses have been reluctant to embrace electronic payment, and there are many myths about the benefits of doing business in cash. While it may seem straightforward and hassle-free to accept cash instead of electronic payment, there are many hidden costs to handling cash that need to be considered. According to a report by BusinessWire, cash handling costs retailers between 4.7% and 15.3%. Cash automation coupled with insight from data can help optimise many of these unnecessary costs.
The Challenge
So, what are the costs? Cash handling is labour-intensive; it causes retailers to squander their workforce on the outmoded activity of counting and transporting cash. The process tends to be time-consuming and drives up labour costs.
The time and talent spent counting and re-counting cash could be put to better use serving customers, and errors are bound to occur when cash is handled manually. Cash automation addresses these issues by saving time, eliminating errors and allowing employees to focus on customers.
Even though the percentage of cash transactions has decreased significantly in recent years, the money and time spent handling cash have stayed roughly the same. That makes cash automation even more compelling today.
The Solution
Automated cash management relieves your employees of the tedious task of counting cash and reconciling it with the back-office system. By installing cash counting or cash recycling machines, you free up your workforce’s time, which improves customer service and reduces labour cost. State-of-the-art cash counting machines can be sourced from Consillion (Asia, Australia, UK and Europe) or ChronicCash (US). These machines come bundled with Site Lantern services, which monitor and report the cash inflow and simultaneously reconcile the cash with your back-office and/or point-of-sale solutions.
Site Lantern also integrates with your Cash-in-Transit (CIT) providers to ensure automated pick-ups, same-day cash credits from your CIT and optimised cash inventory in your stores. We also provide self-checkout machines that accept cash as payment.
In addition, you can add Site Lantern’s premium functions such as petty cash payments, point-of-sale (POS) integration, effortless supplier payments and customisable dashboards to ensure your cash automation runs like a well-oiled machine.
The Result
Site Lantern, together with our partners, is helping retailers, hoteliers and gaming venues across the world reduce the cost of cash management in their business. With our cash automation solutions and management technology you can deftly manage cash reconciliation, gather potent data and draw out business insights that reduce cash handling costs and drum up your revenue.
Want to see this working for your business?
Tell us about your data and your goals. We will show you what Site Lantern can do with them.