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.