The digital era has become an inevitable development trend in today’s society, and it has become a driving force in management processes; today’s cash control is not an exception. However, a question arises in the context of the cashless era that has appeared, whether in-store cash management is still of interest or not. In this article, we aim to provide information to answer that question.
What is cash management?
Cash management is the collection, management, and investment of cash from customers or business operations by a business. These processes are often required to be streamlined to maintain their financial solvency and stability. Business managers often handle this aspect of a business.
Do we still care for in-store cash management?
Currently, the world market has two opposite trends: the volume of cash supply is increasing while the proportion of cash payment in retail sales is decreasing. This shows that despite the growing popularity of electronic payments, cash is still the most popular payment method.
It cannot be denied that non-cash payment is becoming more and more popular because of the benefits it brings, such as speed, convenience, limited risks, and is increasingly supported by current technologies, making it popular in most retail locations. Moreover, the pandemic has deepened the use of cashless payments to prevent the spread of the virus. Therefore, retailers are also gradually moving to accept cashless payments.
However, today’s retail market still sees the majority of cash payments happening on a daily basis. Therefore, in-store cash management is still an issue that retailers care about. To cope with the increase in cash volume, retailers are forced to develop and implement new strategies to optimize cash flow. The main challenges retailers face today are automating their cash flow, validating and recalculating cash, organizing storage and collection, and reducing associated costs.
Cash management in cashless era
In-store cash management is not going away but is instead supported by more and more advanced technologies.
To simply and easily manage in-store cash flow, retailers can use retail systems with integrated POS and management of cash. These systems can perfectly work in conjunction with smaller cash registers. This makes it easy for employees to manage cash flow from cash drawers and safes to the bank. In addition, the support for counting by denomination is also a good way to keep track of the smaller coins needed to hand out the change and thus helps to optimize the order of change. Using a cash register can save time and manpower for a retail store.
In the cashless era, in-store money management is still essential and important because cash payments are still the most popular method. If you are looking for great technology to help you manage your money in-store, feel free to contact us.