Card payments may be on the rise, but cash is still king in the grocery retail sector, and security is a hot button issue.
Checkout spoke to Aidan Comerford, Director at Premium Cash Solutions (PCS) about how it can help.
Cash payments account for a significant amount of transactions for supermarket retailers, especially when it comes to payments under €20.
According to the European Security Transport Association, in some European countries, more than 50% of cash-sourcing transactions are carried out by the retailer. Therefore, finding the right cash-handling solution is hugely important, so – how can PCS help retailers find the right system for their needs?
Director Aidan Comerford says, “By conducting a review of the retail cash operations we can determine the most appropriate cash handling solutions for any retail business.
“There is a wide range of cash handling solutions available, both point of sale and back office based, which solve different problems and have varying investment costs.
“The key to selecting the right cash handling solution for any retailer is to identify the key security issues and inefficiencies that exist, while understanding what the retailer wants to achieve. You can then match the retail environment with the most appropriate and cost effective solution.”
Protection Of People & Cash
Comerford explains that security is one of the most important benefits that PCS can offer, “A robbery can be a traumatic experience so the security offered by the closed cash handling system, ‘SafePay’, gives shop staff peace of mind.
“Our SafePay solution protects cash throughout the entire cycle – from when the customer pays, all the way to the bank or cash in transit cash counting centre. No gaps in security and no weak links,” he says. “Keeping cash locked away and out of sight removes the temptation of robbery, but also the wider costs from the negative effect on staff and customers. It may not be realistic to create a ‘cash-less’ store, but closed cash handling can create a ‘cash-secure’ store. A safer place to work and a safer place to shop.”
Closed Cash-Handling Efficiency
The cost of managing cash does not have to be a necessary evil, says Comerford. Closed cash handling requires less administration and less staff time.
He says, “Cash is never handled manually and correct change is always given. Unexplained cash differences – and the task of dealing with them – are a thing of the past. “Cashiers no longer need to have responsibility for cash at the till or back office administration. Their time is better spent focused on the customer and increasing sales.”
He adds, “Closed cash handling establishes a single, secure, controlled routine for the whole store and automates counting and checking. It is always clear at any time how much cash is in each SafePay.” Reducing Shrinkage The SafePay system also eliminates cash shrinkage completely, as the till drawer is replaced by the note and coin recycler. SafePay receives all notes and coins, and dispenses any change. As it is integrated with the POS system, the correct cash amounts are always received and returned. This eliminates cash shrinkage, discrepancies and reconciliations from your daily cash process. As SafePay is ECB certified it also eliminates any acceptance of counterfeit notes or foreign coins. To learn more about Premium Cash Solutions and SafePay, go to www.premiumcashsolutions.com