Reduce Cash Handing Costs and Improve Security
What is cold and hard but burns a hole in your pocket? The answer is cash and in the retail world it is more than your personal pocket that gets scorch marks, but also the pocket of your company or business. A 2013 Tufts University study confirmed that there is a real world cost to taking cash for any business and so the wise owner or manager needs to find ways to reduce the cost of taking dollar bills and pocket change. The cost comes in the form of cashier labor (in the time it takes to accept payment), managerial labor (preparing cash for deposit and counting), bank fees (for cash deposits or stocking till cash), lost or stolen cash (employee theft, counterfeit money and change making errors) and transportation costs (armored cars or personal drive time). The study found that over twenty-seven cents out of every $12 transaction went to cash handling and theft.
However, as over 85% of the world’s transactions still come in the form of actual paper bills and change, it is highly unlikely that a retail operation will be able to avoid accepting that basic form of payment any time soon. The result is that stores must examine possible ways to mitigate the loss due to accepting cash payments.
One solution is a Bank Note Recycler (BNR). POS Plus has partnered with Pan-Oston and Utopia to offer an innovative solution to the challenge of handling cash that can revolutionize the way you look at your front end.
The BNR was designed to provide all of the cash handling ability of a human cashier with increased security and cash management benefits. Regardless of the application, the BNR lowers costs, increases security and delivers ROI. Imagine cashiers not actually handling currency and not being tempted to pocket a few extra dollars or failing to make proper change.
This solution is not only a cost savings, but it is also easy to integrate with most POS systems. POS Plus can assist with any integration. Also the Utopia self-checkout is very similar to a normal cash terminal making it easy to use for the customer as well as the cashier. In more basic terms, the cash drawer is replaced by an easy to use ATM.
Also, the POS software becomes invisible to the customer by way of an interactive graphical user interface (GUI). The GUI makes it easier for a cashier to control the checkout experience. The self-checkout GUI can be integrated directly to the POS software, to a separate database, or it can even be operated totally independent of any POS software.
This system with POS Plus and Utopia has the following benefits:
- Plug-and-Go self-checkout
- Works with and without POS systems
- PCI compatible
- Developed to work with any .NET or Linux back office system
- Gives grocers of all sizes the flexibility to optimize their front-ends
- Can work with your current lanes and hardware
- Scalable and can even work as a stand-alone cash register
- User friendly and requires minimum special programming
- Available in colors to match your store décor
- Will help with your loss prevention program
If you have any questions regarding the capability of this cost cutting technology please request a demo at your convenience. At POS Plus, we are dedicated to finding you and your organization the best solution possible. We would appreciate the opportunity to discuss this and other opportunities at your convenience.