We are pleased to feature SCTA member, CIMA Cash Handling America Inc., and its Vice President, Vik Devjee, in this month’s member spotlight.
Q: How does your company work within the cash industry?
A: CIMA Cash Handling America Inc. is the wholly-owned US subsidiary of CIMA S.p.A. (Italy). CIMA is a global manufacturer of cash handling solutions that help businesses significantly reduce the cost of managing cash. We supply a broad range of smart safes, back office/front of store recycling systems, and software to businesses across banking/financial institutions, retail, hospitality, and gaming.
Q: What is the one thing you want other SCTA member organizations to know about your company?
A: We manufacture a broad range of cash automation, fit-for-purpose solutions that align with any specified requirements. We do not believe in a one-size-fits-all approach, and that’s why we have the industry’s most diverse range of cash handling solutions.
Q: What drew your organization to become a member of the SCTA?
A: The networking opportunity to become better connected to key industry players in the cash industry. Last year’s conference was my first SCTA conference, and it certainly validated the diversity of the audience from end-users, to vendors, to industry alliances.
Q: What are the biggest changes you expect in the future of the cash industry? Why?
A: At a high level, I see much greater investment across all segments in the automation of cash and across all technology categories (TCRs, smart safes, back-office recyclers, consumer-facing recyclers). The cost of technology has come down, greater competition, and increased labor costs are all drivers towards a faster ROI and greater adoption of solutions.
Q: What is an exciting development in the industry you’ve recently seen? What excites you about it?
A: I truly believe there will be a significant shift towards consumer-facing cash handling applications with automating the cash payment process at the point-of-sale (traditional lane or self-service kiosk). Traditional methods of automating the cash handling process and the transportation of cash will be challenged due to COVID-19 and the increased costs of managing cash. Staff/customer safety and automation will be top of mind for businesses.
Q: What are the biggest challenges the cash industry will face in the next 1-3 years? Why?
A: I think the ongoing battle of cash vs. cashless will continue. I strongly believe more states will impose restrictions on retail businesses that refuse to accept cash. However, cash as a payment instrument will continue to face more pressure as other platforms enter the market, and existing digital ones mature. As a result, reducing the cost of managing cash for businesses will be more important over the next 3 years and so we will certainly see increased spend.
With the onset of coronavirus nationally, concerns around safe and hygienic retail cash management have become a concern. CIMA America offers solutions that are safe and hygienic and can also save you time and money.
The rapid spread of the coronavirus has brought the world economy to a grinding halt. Every facet of commerce, from the multimillion-dollar transaction to the simple act of grocery shopping, has been altered. Early reports that paper money could harbor the virus spurred many retailers to demand digital or card payments. Not only has that claim been debunked by the experts, but refusing cash payments hurts millions of Americans without bank accounts or access to credit or debit cards. According to the World Health Organization, the danger is minimal. The risk posed by handling a paper note or coin is less than touching other common surfaces. Doorknobs, elevator buttons, handrails, or credit cards are just as likely to retain viral matter. Vigilant hand washing after touching any foreign surface or object is still the best defense against transmission.
Despite some negative perceptions, paper notes and coins will continue to be a significant part of the U.S. economy. Consumers withdrew large amounts of cash at the outset of the pandemic because it represented tangible value. According to the Federal Reserve, cash accounts for:
42% of payments less than $25
32% of all purchases
After weeks of lockdown, people have been conditioned to maintain their distance and touch as few surfaces as possible. This behavior is likely to resurface during annual flu seasons. In response to this new mindset, business entities and retailers must consider implementing immediate measures that address concerns and behavior about retail cash management. Retailers need to make their customers and workers more comfortable by minimizing the contact points between people and cash. Automation solutions are immediately available, and the benefits go well beyond hygiene and health.
Smart safes are the most widely deployed cash management solution in the market today. They provide a low-cost answer to securing cash in a retail environment. These solutions only offer cash depositing and are not designed to dispense money out. Nevertheless, they do offer retailers the ability to secure cash soon after it has been collected.
Cash recyclers were historically only used by larger retailers with very high cash volumes. Now, cash recyclers are available in a range of models and are customizable to almost any size business. The benefits are immediate:
- Eliminate multiple touchpoints – In a manual process, notes and coins must go through multiple hand-to-hand exchanges between cashiers, cash office staff, and management. Receiving notes and coins directly from the recycler for floats and then depositing end of shift funds means that fewer people need to handle the money.
- Reclaim valuable labor – Counting money in the cash room requires trusted employees and managers to step away from customer-centered activities to count manually, recount, and prepare floats or reconcile end of shift funds. A cash recycler automates and speeds this process. It takes fewer employees less time to complete this task. Workers can focus on more important things, such as replenishing stock or serving customers.
- Reduce errors and shrink – Automation can eliminate human error and theft. Businesses keep more of the money they earn.
Traditionally, cash cassettes inside a smart safe or cash recycler need to be opened, cash removed, and sometimes bundled and then packed into secure transport bags. Newer smart safes and recyclers from CIMA incorporate self-sealing stacking bag technology that eliminates the need for cassettes to be manually “decashed”. Notes are sealed in a secure plastic bag inside the safe and ready to be transported when removed. No exposed cash, no need for someone to remain in the cash room longer than just a quick pick up.
- POS Cash Recyclers are fully automated, customer-facing teller stations used in a wide range of businesses. These cash recyclers can be used as staff-assisted devices, or as self-service kiosks.
- A clean solution where hygiene is essential – Cash is paid directly into the recycler, and change is dispensed directly to the customer. The machine itself can be wiped down and disinfected.
- Reduced labor costs – Fewer staff are required to process payments. The employees can spend time on customer service activities or other business tasks.
Increased security – Cash is collected, recorded, accounted for, and secured in the recycler until ready for transport by CIT service.
At CIMA America, our first priority is the health and safety of our employees, clients, and business partners. At this time, we continue to monitor the Coronavirus (COVID-19) Pandemic closely.
Our CIMA America team is taking all necessary precautions to conduct and maintain business-as-usual during this time while working remotely as we are closely following guidelines set forth by national and local government agencies. We will continue to operate at the same level of responsiveness and customer service that our customers and partners are used to receiving.
We will continue to monitor the COVID-19 Pandemic closely and in the interim, if we can be of assistance, please contact Vik Devjee at (832) 974-4820 or email firstname.lastname@example.org or through our website: Contact Us
We are grateful for your continued confidence in CIMA America.
By Vik Devjee
ATMIA US Conference 2020 was held in February 2020 in Houston, TX and was interesting and intriguing. We had a preview of the market and industry, as seen by leaders and innovators in the ATM space, banks and financial institutions, independent ATM deployers (IADs), and service providers. We also met with payment leaders, talked about cryptocurrency and bitcoin, and looked at innovations and discussed disruptive ideas that bode well for our industry. Software solutions innovators continue to impress with their farsighted view of the industry in the transition to the future of payments but remaining grounded to the oldest and most popular payment: CASH. Above all, we heard from all these industry innovators that cash is here to stay, and the future demand for safe and secure cash management is strong and getting stronger.
CIMA seemed to resonate with several consumer-serving companies (IADs, banks, cash service providers) when the conversation turned to interactive customer systems. The discussions covered streamlining customer transactions, including multiple means of payment, such as cash or card, and minimize the exposure of cash to employee handling. The industry wants very much to consolidate cash services to the consumer. Combining the most basic ATM functions with payment processing needs were broadly discussed. Innovations such as “cardless” transactions were discussed in addition to conversations exploring alternative means of delivering the tried and dependable services that were shared.
It was clear to us over the two and a half days of exhibit hall and conference presentations that delivery of services is going well beyond the traditional ATM for which this Association and Conference provide. Whether it is ATM services or bill payments, self-service ordering, or information sharing, the market wants to interact directly with the customer and offer them a means of quick, safe, and secure delivery of cash, services, and goods. Our conversations around CIMA’s Cash@Kiosk product were quite well-received, with requests for more information as it becomes available.
The focus of the conference was on ATMs and their place in the market. Speakers from around the country addressed needs such as outsourcing, connectivity, fraud prevention, future designs and innovations, and how consumers use cash, to name a few. All these insights help guide and structure the road map for future development and innovation in the cash management space. Perhaps most informative were discussions around the legislative initiatives being undertaken, especially at the federal level, to ensure fair and comprehensive reviews of current and pending bills before congress that will affect our industry.
The state of the industry is excellent. Despite the growth of alternative payments like bitcoin or another cryptocurrency, the demand for handling our most basic payment process, that is, cash, safely and securely, is foremost on the minds of the industry. At ATMIA and the US 2020 Conference, CIMA was able to introduce new ideas, new products, and new opportunities for organizations and individuals that have long been in the cash management and delivery business with the introduction of our new In-Lane Solutions and Cash@Kiosk. Thanks for coming by, spending time getting to know us, and giving us a chance to get to know you. The state of the industry is excellent. The future is bright. And CIMA is privileged to be a part of it.
Once again, CIMA is a sponsor and will be exhibiting its world-leading cash handling solutions at NRF 2020, Retail’s Big Show in New York City from January 12-14, 2020. Held at the Javits Center, NRF 2020 is expected to attract over 40,000 visitors from around the world. This premier global event for anyone connected to the Retail industry showcases some of the most innovative retail technology and solutions the world has to offer. CIMA has been a proud sponsor of NRF for several years. This year will showcase our biggest presence to date and introduce some of the newest and most advanced cash handling solutions the industry has to offer. Our range of smart safes and back-office cash recycling solutions for any retail application will be on display. Even more exciting this year, we launch our range of INLANE CASH@POS and CASH@KIOSK solutions. We cannot wait to demonstrate how retailers can allow consumers to pay into an automated cash payment device at the point of sale or at a self-ordering kiosk making the process of managing cash in store more secure and efficient. Ultimately, our goal is to continue to deliver solutions that help Retailers REDUCE THE COST OF MANAGING CASH.
Our note deposit solutions incorporate our innovative self-sealing stacking bag technology that eliminates the need for cassettes. This saves CIT time-on-site and eliminates costs due to cassette repairs and replacements. CIT note processing time back at the depot is also significantly reduced. We will also showcase our bulk coin deposit solution allowing for a complete note and coin deposit combination.
CASH RECYCLING SOLUTIONS
The world of “one size fits all” is over. Stop by for a demo of our “fit-for-purpose” retail back-office cash recycling solutions and see our unique approach to delivering solutions that are aligned to store requirements. This means lower overall investment and a significantly faster ROI. If you or your client is a grocery, department store or DIY retailer, regardless of size, be sure to visit our booth to see how we can help reduce the cost of managing cash.
CASH@POS – INLANE CASH RECYCLING
We are excited to launch the industry’s most comprehensive range of mini cash recycling solutions designed to automate cash payments at the point of sale (POS). See how customers can pay into our recyclers and receive change without handing money to the operator. This reduces cash shrink and eliminates the need for managing cash manually at POS. CASH@POS is ideal for convenience retail, cafés, fast food/QSR, bakery or pharmacy.
CASH@KIOSK – CASH ENABLED SELF ORDERING / BILL PAYMENT KIOSK
QSR / fast food outlets can now take cash payments and dispense change at the point of transaction thanks to our kiosks with a fully integrated note and coin recycling technology. Why force customers to queue at a traditional POS lane to pay with cash? Our cash-enabled kiosks can also be used in self-service bill payment applications or retail self-checkout applications where a weighing product is not needed.