Stephen Bergeron, V.P. of Global Marketing Although we are being led to believe the world is moving towards a cashless era, a good 30-40 percent of retail transactions today continue to be cash based. With cash, comes the question of managing the cash. In the current scenario of escalating labor rates and diminishing labor pool, maintaining cash is a tedious task. Counting the cash alone takes up a substantial amount of time. Stephen Bergeron, V.P. of Global Marketing at APG Cash Drawer, recalls an incident where a client had to count the cash 22 times from the time the money was received from the customer to the time it was deposited to the bank! Furthermore, even after counting the cash thoroughly, discrepancies can still occur. APG Cash Drawer built its
SMARTtill
® Cash Management Solution to specifically address these challenges by allowing cashiers to know the exact amount available in the drawer at the end of every transaction in real time. The solution enables retailers to reduce cash losses, decrease the cost of cash handling, and improve in-store productivity.
The
SMARTtill
® Cash Management Solution captures all cash activity at its location without interrupting the retail transaction and reconciles with the transaction sales log. Using the
SMARTtill
® Cash Manager software, supervisors can remotely track every bill and coin that enters and leaves a drawer, keeping a record of every cash movement, including transaction numbers and cashier IDs. This gives managers a complete, accurate picture of each day’s transactions, allowing them to quickly spot and address any issues that may occur. When a discrepancy occurs, the
SMARTtill
® Cash Manager software flags the error and issues an alert to the back office. This enables the treasury managers to keep track of every cash movement in the company.
Our solution stands on four pillars of efficient operations, loss prevention, data analytics and improved treasury operations
In a typical store setting, supervisors carry out spot checks to know the amount of money required in the drawer, whether top-off is needed for each denomination, and whether a cash pull is required. The
SMARTtill
® Cash Management Solution removes the guesswork and the extra effort involved in spot checks. If a cash drawer is low on change or small bills, the solution will send out alerts to the management for cash replenishment. This saves time that was previously wasted in interrogating every cashier. “Our solution stands on four pillars of efficient operations, loss prevention, data analytics and improved treasury operations,” states Bergeron.
The
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® solution has reduced cash losses by up to 90 percent for its customers. Among the many satisfied customers of APG Cash Drawer is a restaurant and bar in the Canary Islands. The restaurant had a single POS serving multiple waiters that lead to a lengthy manual reconciliation process followed by losses. The problem was that after a busy day, it was not clear when and where and by whom the loss was generated, and whether it was because of genuine human error or cashier fraud. The
SMARTtill
® Intelligent Cash Drawer tracks all cash movements and reconciles the contents of the till against the PoS system at the completion of every transaction. This allowed the manager to view the transaction history at the PoS or in the back office and helped reduce cash losses significantly.
The company will soon launch TCP/IP connectivity capability in its
SMARTtill
® solutions that will make it work in a mobile environment. The solution will be able to connect with numerous tablets allowing retailers to manage cash as well as mobile transactions with a single
SMARTtill
® Device. APG Cash Drawer continues to strive to be the best and preferred supplier of cash management solutions that can be used by traditional retailers or POS companies to globally enhance efficiency and security at the point of sale.
