EN
LT
RU
AZ
UZ
KZ
KG
GECash management in retail outlets
Nowadays two opposite tendencies are observed in the world market: the share of cash payments in retail turnover is decreasing, while the volume of cash money supply is growing. Thus, despite the growth of non-cash payments, cash is still the most popular method of payment for goods and services all over the world.
According to the European Central Bank, the pandemic has only intensified the growth of cash. At the end of 2020, there were more than 1.4 trillion euros of cash in circulation ($1.7 trillion), up 11 percent from a year earlier. Consumer surveys indicate this is because people continue to believe that cash is the most secure and straightforward way to pay.
The largest number of cash transactions occur at retail outlets. In order to cope with the growing cash volume, retailers are forced to develop and implement new strategies to optimize cash circulation. The main challenges retailers face today are automating their cash circulation, validating and recalculating cash, organizing its storage and collection, and reducing related costs.
Points of optimization
Cash storage
Collection costs
Workflow automation
Workload planning and distribution
Automation of document flow
Self-collection and cash storage
Storing revenue in a store’s back office not only involves the expense of keeping it secure but also increases the working capital needs of retail organizations.
Automated deposit machines and electronic cashiers provide a high level of security for deposited cash, as well as the ability to instantly credit proceeds to the retailer’s account, thereby allowing the retailer to avoid cash gaps.
Reduced collection costs
Connecting individual retail outlets to an automated cash management system makes it possible to reduce the costs of the retail organization for the collection of facilities, as well as to provide the store with the necessary amount of changeover funds. In addition, modern cash management systems provide a number of tools to ensure instant crediting of collected funds to the company’s account, thus reducing the organization’s need for working capital.
For example, one of such tools is a QR code generator for bags and cash cassettes in the cash management system. When a code is read by a cash collector, the information about the cash is immediately sent to the system, and the cash itself can be credited to the account.
Validation and recalculation of banknotes
Another problem faced by retail organizations is the handling of large volumes of banknotes and coins. These processes require significant human resources, as well as additional investment in specialized equipment for counting and validating cash.
Current models of electronic cashiers, automated teller machines and self-service cash desks use the same innovative technologies of cash validation as the newest models of ATMs, count money much faster than most counting and sorting devices and can process big amounts of cash in a single operation. This functionality is optional, but combined with other functions and advantages of ADMs, electronic cashiers and self-service cash desks, it allows to significantly reduce investments of the retail organization in additional equipment for cash processing.
Advantages
Reduced working capital
Decreased collection expenses
News in English
Новости по-русски
Naujienos lietuviškai