We may live in the age of plastic, but 50% of transactions under $10 are still done in cash. There is more cash in circulation than ever before. In short, cash isn’t going anywhere. But, retailers know all too well that cash is fluid and hard to keep track of throughout the day as it flows in and out of the till.
So how do retailers keep track of legal tender, specifically coins, coming in and out of their store? We explore this question on this episode of MarketScale’s Retail Podcast with David Barclay, vice president of marketing for Tidel, as we discuss paper cash and how automated solutions can help stores manage their flow of cash.
Retail stores, particularly grocery and big box stores, are perhaps suffering the most from the difficulties of handling liquid cash. On a day-to-day basis, a store is losing profit as a result of the human element needed to handle coins and bills. But Barclay was adamant that stores need not eat into their profits by handling physical money.
Automated solutions, like that provided by Tidel, Barclay said, can help increase store efficiency and lead to “optimal use of store labor.” The biggest hurdle facing stores is that they “…don’t know at any one time how much cash you have on hand,” he said.
As a result, cash is susceptible to theft, mishandling, and miscounting. Automated systems create better cash visibility, and the “ability to develop predictive models,” Barclay said, which empowers stores with useful data for greater profit. Automated cash monitoring systems are not just for retail. Tidel’s software has made its way into the healthcare, education, and entertainment sectors.
More than just a network to monitor cash flow, Tidel helps businesses run more efficiently, which trickles into every part of the operation. The Tidel advantage is best summed up in the situation we’ve all been in–standing in line, waiting for an employe to count a handful of coins. Automated systems like Tidel’s, Barclay said, “…takes the manual counting of cash off the table.”
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