Is cash handling profitable?
Although non-cash transactions are becoming more and more popular, cash handling is a service that many companies choose. What is it about? Is it worth using? And most of all – is it profitable?
Cash handling – what is it?
Cash handling is a specialized service that involves processing and securing cash values. It takes place in accordance with specific formal and legal requirements and banking procedures. As a rule, it is performed by an external company with experience, appropriate staff and technical facilities as well as modern IT tools.
Contrary to appearances, it covers a wide range of activities. They do not always occur simultaneously. It all depends on the individual needs of the client. The most frequently performed tasks include:
- cash processing (cash handling) – is a comprehensive cash management service that includes counting money, sorting it, checking for authenticity and storing. An important element of cash processing is also reporting all performed activities to the client. Thanks to this, the entrepreneur keeps his finger on the pulse
- cash in transit (transport of value) – in turn, it is a service consisting in collecting cash (or a valuable shipment), escorting it and depositing it in a place specified by the ordering party, e.g. in a bank branch, company branch or night safe. The convoy protects the property against robbery, loss and destruction, delivering them in accordance with the established procedure and time, intact, usually in the company of the client or an employee designated by him. As part of cash in transit, the collection service is also performed. It is distinguished from the classic convoy by the fact that the transport of cash takes place without the assistance of a third party
- device service – it consists in ensuring the continuity of CDM operation. It includes a number of activities, including the delivery and assembly of the device, its configuration and the provision of systematic SLA, i.e. maintenance and systematic improvement of the service quality level.
Is it worth using cash handling?
Cash handling is a service that brings the client many benefits. The main argument behind it is the safety of processes related to cash handling and transport. A professional company with qualified personnel, a specialized fleet of vehicles and modern IT tools is able to fully protect the transported property.
Another factor that should encourage entrepreneurs to cooperate within cash handling is the profitability of the service. Contrary to appearances, transporting money on your own is not cheaper than outsourcing, especially if you take into account the risk of losing the funds you transport yourself.
Professional companies providing cash handling services have a tight insurance policy at their disposal. In the event of robbery, loss or destruction of money, the insurance will cover the damage caused. So you don’t have to worry that you will lose all your funds. However, before you decide to use the services of an external entity, carefully read the provisions of the policy offered. This way you will make sure that it guarantees satisfactory protection.
Cooperation with a company from the cash handling industry also allows you to optimize costs. Expenses related to salaries and organization of workplaces for staff dealing with counting and sorting money are eliminated. You also do not have to buy specialized counters or tools for checking the authenticity of money.
Outsourcing of cash handling services is profitable for one more reason. When specialists take care of the service and security of money, you and your employees can fully focus on the duties and development of the company. Contrary to appearances, activities in the field of cash handling are quite time-consuming. Therefore, devotion to them brings losses in other fields.