Cash handling for a commercial network – what is it?
Outsourcing of services is one of the most effective business management strategies. It consists in delegating the implementation of specific tasks to a specialized external entity. Retail chains that turn a large amount of cash can outsource its handling to companies providing cash handling services. What is cash handling for retail chains? Is it worth using it?
Outsourcing of cash handling by retail chains – why is it worth it?
Although many people have announced the end of cash in Poland, cash payments still play an important role in the economic cycle. Retail chains that have to manage a large amount of cash experience it every day. However, they are not alone in this process. They can count on the support of companies providing cash handling services.
It allows the retail chain to reduce operating costs related to cash handling and increase the efficiency of money management. Cash security is also important. Entities from the cash handling industry are able to guarantee them.
Cash handling for retail chains – what does it include and what does it consist of?
Cash handling is a specialized service that is becoming more and more popular. It is decided not only by banks, but also by other entities that turn a large amount of money on a daily basis. We are talking here, among others about retail chains. What does this service include and what does it consist of?
- quality control,
- checking the authenticity,
- preparing reports on performed operations.
Companies providing cash handling services, apart from the above-mentioned activities, also offer cash escorting. It consists in the protection of money combined with its transport. This is done with the help of special cars and with the assistance of properly trained escorts. The client or an employee authorized by him is also present during the escort.
Retail chains may also decide on the collection service. In this case, unlike conventional escorting, the presence of the client or a person designated by him is not required when transporting cash. It is an extremely convenient option that allows you to quickly and safely transport money to a designated place. It is popular not only in the case of retail chains, but also individual points that turn a large amount of cash, e.g.
How to improve cash handling in retail chains? Innovative CDMs
Due to the large amount of cash in circulation, retail chains need improvements that will automate money management and ensure its security. One of the recommended solutions are innovative CDMs. They allow you to limit the amount of cash at a point and protect it against theft. Most often they are equipped with a safe where the money goes after conversion.
Modern CDMs not only count and sort cash, but also check its authenticity. This protects the commercial network from accepting counterfeit notes and coins. Thanks to the advanced monitoring software, the devices are even able to control the amount of money and send notifications to the company providing cash handling services about the need to collect cash and escort it to the bank or the parent company.
Limiting contact between retail chain employees and cash improves the cash management process. The staff can take care of other duties. No wonder then that CDMs are becoming more and more popular among entities that accept a lot of cash.
Professional service of cash deposit machines is one of the pillars of operations of companies providing services in the field of cash handling. It includes not only the delivery and installation of the device in the indicated place, but also adapting it to the individual needs of the customer. It is also necessary to ensure the correct SLAs for SLM and FLM.