According to the Federal Reserve, there is more money in circulation today than ever before, with nearly $ 1.56 trillion in July 2017. 43% of the US population does not have a credit card, 20 % don’t have a debit or credit card, and nearly 20 million Americans don’t have a bank account. Despite the continued growth in electronic and mobile payments, the amount of money used in businesses today means that many businesses are still very cash-hungry.
Cash can require much more laborious procedures compared to managing electronic payments, such as having to spend time counting, sorting, depositing, reconciling, verifying and preparing cash. You will have to make bank transfers, store the money securely, pay higher insurance premiums to cover the risk of having a lot of cash on hand, safe from internal theft, all of that on top of that. operational inefficiencies and costs.
Cash management solutions
When business owners are fed up with these inefficiencies, they can turn to cash management solution providers to shift their organization’s labor and liability costs to cash management experts. There are four main cash management solutions, most of which come in bundled packages and sold to cash-intensive businesses as a service package.
1. Armored truck service (remark pickup and delivery)
In the United States, the main players in armored vehicles are Brinks, Loomis, Dunbar, Garda and G4S. This department is where the Armored Carrier will deploy an armored truck to the trader’s location to physically retrieve the notes and then transport the contents to an Armored Carrier money processing center.
At said processing center, the carrier will process the contents on behalf of the bank (using a dedicated safe). In addition to performing a pickup, the armored carrier can also drop tickets off at the location for the merchant’s currency exchange operations or to fill the merchant’s ATMs.
2. Smart safes
A smart safe is an advanced operational safe that automatically counts, verifies, records and deposits cash amounts deposited into the merchant’s bank account the next business day, through a process known as “daily bank credit”. . This advanced operational safe can detect fake banknotes and print custom reports not only from the smart safe menu board, but also through an online reporting portal that a merchant can log into and view all sales. in cash, credits and other reports in real time. time. Major manufacturers of Smart Safe include Tidel Engineering, Fire King Security Group, and Armor Safe Technologies.
3. Cash dispensers
ATMs are typically used by higher volume locations that may need to dispense tickets for various operational purposes. Using the cash dispenser can also allow higher levels of security, as excess bills and coins can be stored securely in dispensers, rather than being stored in other areas of the business. Tidel Engineering is a leading supplier of ATMs.
4. Money recyclers
Cash recyclers are also typically used by higher volume locations, especially those with multiple payment channels (like a large supermarket). This technology makes it possible to streamline many back-office operations such as end-of-day balancing, preparation of bank deposits, preparation of cash registers, etc. The main suppliers of cash recycling are Tidel Engineering and Glory.
The bundled package
To bring it all together, armored carriers typically partner with financial institutions and cash management technology manufacturers to provide a suite of cash management services to cash-intensive businesses. This service pack also includes a maintenance policy purchased in parallel by the armored transporter, which gives peace of mind when it comes to technology maintenance requests. The bundle package generally includes:
- Cash management technology, based on the needs of the merchant, a customized Smart Safe package is designed, along with any value-added technologies that might be needed for the location, including ATMs, cash recyclers, etc. .
- Daily credit deposits through the financial institution
- Online reporting technology
- Technological maintenance policy
- The armored transporter will guarantee the physical content of the technologies as well as the service that the technology will provide to change fund orders
Rate this article
class = “blarg”>