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Four benefits of automated cash management

South Africa’s economy remains cash driven to a large extent. With approximately R168 billion circulating on the country’s streets at any given time, according to the South African Reserve Bank, cash remains the preferred method of payment and transacting.

“The ongoing use and popularity of cash are compelling reasons for retailers to invest in an automated cash management solution. Automated solutions enable retailers to access sophisticated fintech solutions that empower them to grow their businesses, while simultaneously accommodating the payment choices of all their customers,” says Mark Templemore Walters, operations director for Cash Connect.

Automated cash handling from Cash Connect can benefit your retail business in at least four ways:

1. Save more than 40% in time and money. Automated cash management is fast and accurate. It can save retailers over 40% in time by eliminating all the staff touch points associated with manual reconciliations and banking, counting, shrinkage and double-count supervision. In addition, automation puts money back into the business. A retail store that trades 30 days a month, employs a daily cash-in-transit service from Monday to Saturday and banks a monthly total of R2 million in cash, easily spends R30 000 a month on cash management costs. A fully automated, end-to-end cash management service with a secure cash vault will cost around R15 000 a month – a saving of nearly 50%.

2. Enjoy instant access to your cash in real time. Manage and improve your cash flow with the Instant Access facility that allows you to use your cash while it is still in your cash vault. Need to make an urgent payment for a stock delivery but the cash-in-transit service provider hasn’t collected yet? No problem: real-time access to your cash is just a click away with Instant Access.

3. Hassle-free business funding within 24 hours. The business funding division, Capital Connect, enables retailers to ‘Click & Borrow’ up to R2.5 in million business funding in just 24 hours. Quick access to hassle-free finance is crucial in the retail environment, making it possible for retailers to leverage opportunities, such as buying stock in bulk at discounted rates, renovating their store, or investing in ‘shopper-tainment’ that can immediately increase profit margins.

4. Up the safety of your trading environment with a robust, automated cash vault. An important element of an automated cash management solution is a robust cash vault that is built to SABS Category 4 standards, which increases the security of your premises and the safety of staff and customers. An automated cash vault is like having a bank in the store. As soon as you deposit cash into the cash vault, there is an immediate risk transfer and your funds are guaranteed with a same-day (or real time) settlement into your bank account.

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