WITH THE RISE OF TECHNOLOGY IS THERE A PLACE FOR THE RETAIL CASH CHAIN IN TODAY’S WORLD?
The cash handling process, also known as The Retail Cash Chain, is the journey that takes the cash from the consumer and turns it into credit in the business account. Though the financial technology sector is making great strides for the portion of the globe embracing digital payments, they are ignoring the role that cash plays. Cash is King and a robust portion of the retail landscape. Technology is advancing all around us and as brains get bigger and devices get smaller the FinTech Industry will tell you that cash is dying. It’s not. But that doesn’t mean that we don’t need to look at the Retail Cash Chain and see where it can be improved.
We need to change the narrative that is trying to convince us to forget about the Retail Cash Chain altogether, because to ignore the inevitable can be dangerous. AllCash and Glory Global Solutions help you mitigate that danger. In 2020 AllCash partnered with Glory Global Solutions and is now the distributor for their CASHINFINITY™ Range of Cash Recyclers. The range ensures maximum functionality to enable retailers to improve efficiencies of cash and float management, cash reconciliation and cash handling costs.
“We are very pleased with the enthusiastic response we have had from Banks, Cash-in Transit companies and Retailers to AllCash’s launch of the Glory CASHINFINITY™ range of recyclers”, remarks Graeme King, CEO of AllCash.
“We believe that the business case to introduce these products in Retailers is very strong in terms of improved efficiencies and accuracy of cash and float handling, and in terms of time saved on cash handling.”
We must be aware that physical cash is part of the Retail Cash Chain and the need for Cash Recyclers are at a high. Turning a blind eye to the role that cash plays in the process can lead us to neglect the critical steps we need to take in order to protect those who handle that cash.
HOW DOES THE RETAIL CASH CHAIN WORK?
Every business that handles cash on a day-to-day basis is familiar with the Retail Cash Chain.
A customer will tender cash. The cashier then authenticates and secures cash, and issues change. The cash is then moved off the trading floor to a secure office where it needs to be collated. Already there are multiple instances for a security breach. If you think cash is no longer in play, and ignore these risks, you are putting actual lives in danger. But it’s not over yet.
At this point the business is in possession of the cash, but it is not yet allocated to the business bank account. To do this the physical cash must be transported from the business to a bank to be deposited. This is where a Cash-in-Transit (CIT) specialist comes into play. Even the process of moving the cash from the business location to the bank is part of the Retail Cash Chain.
In the meantime, the business must order more change. Here a CIT specialist is again deployed to deliver cash from the bank to the business. And as we all know CIT is an extremely high risk.
So, let’s change the system, and reduce that risk, shall we?
How? Simple. We introduce cash recyclers to each and every location that deals with their own Retail Cash Chain.
INSTEAD OF PRETENDING THE RETAIL CASH CHAIN IS OBSOLETE, LET’S TAKE IT TO THE NEXT LEVEL
Introducing the Glory CI-10. This secure Cash Recycling System eliminates a large part of the human element and therefore the risk element from the Retail Cash Chain. The CI-10 will also reduce the amount of cash businesses need to order as well as the amount of pickups the CIT’s need to do.
One way it helps recycle cash in the Retail Cash Chain is the way that the CI-10 knows at all times how much money it contains and therefore cashiers don’t need to cash-up. They will just need to logoff at a shift change and the new cashier logs on and carries on.
The introduction of the CI-10 to a business will also improve hygiene in locations where cash and food are handled. Considering the device is customer facing and the teller never needs to handle cash this reduces the amount of times the cash is touched or is passed from person to person.
Counterfeit banknotes are also an issue in the Retail Cash Chain that the CI-10 can solve. Detection and foreign object or counterfeit coin detection helps the retail store to significantly reduce losses. In addition, the modern technology ensures staff manage cash accurately and securely.
“Glory is the world’s leader in terms of cash recyclers for the retail sector and AllCash wanted the best solution with the most reliability for the South African environment”, says King.
Ordering and handling change can be a thing of the past if we all embrace Cash Recyclers. Electronic Funds Transfer is already a reality at point of sale. So, with the goal of applying that same approach to physical cash and coin, AllCash and Glory have set out to eliminate the risk that comes with the Retail Cash Chain, and ultimately save lives.