Which Cash Counting Technology Is Right For You, Part 2Source: Tellermate, Inc.
By Jim Stone, director of marketing, Tellermate Group
In the first installment of this series, we established the folly in relying on smart safes for counting money taken at retail tills. While smart safes can play a strategic role in retail cash management, the crux of our argument is that they’re essentially an extension of your bank within your physical location; feeding bills directly from tills into a smart safe is akin to handing a bank teller a bag full of cash for deposit without validating the bag’s contents.
If we can agree that you wouldn’t want to do that, we can pick up the conversation where we last left it; the cash in your tills must be counted prior to deposit. How much labor budget you spend and sales you lose as your store associates execute on that task depends on the approach you take. Here we’ll present a short and pointed discussion of the pros and cons of the various cash counting approaches available to retailers, in an effort to help you determine the process that best fits your size and budget.