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How to maximise your retail profits with cash recycling

(Source: Supplied)

Maximise. It’s a powerful word in business. It captures a philosophy that sits at the heart of every successful enterprise.

We can aim to maximise the quality of our product or service. Or maximise the experience we provide our customers. But ultimately, we have to maximise our profits.

Profits are the engine of our businesses. They are how we incentivise our valued employees, or afford to bring in exciting new talent, or invest in new technologies and branch into new territories.

Cash recycling solutions help your business to maximise profits in a variety of ways, giving you a little more space to breathe, more freedom to grow your business, more resources to reward your employees.

What is cash recycling?

Cash recyclers are devices that automate cash handling – accepting and dispensing cash; counting, authenticating, and storing money securely; and keeping an accurate accounting of the cash you have in your business.

Glory’s cash recycling solutions can be used individually at the POS or in the back office, or they can create a full “Closed Loop” system in which your employees no longer need to handle cash at all.

Front office cash recyclers at an IGA store in Melbourne. [Supplied].

This delivers a range of benefits that include unparalleled security and error prevention, freeing up significant labour time, savings in cash transport costs and banking fees, and more.

1. Maximise profits, minimise costs

The only thing you can truly control in business is your costs. Costs are inevitable. A part of doing business. But too often the amount we spend has little correlation with the profit it generates

Handling cash is essential, but it has its costs. These include:

  • Labour time.
  • Cash-In-Transit (CIT) services.
  • Banking fees.

The great news is, all of these costs can be cut, and cut significantly, with cash recycling.

2. Maximise profits, minimise shrinkage

Shrinkage is a problem that affects up to 95 per cent of all businesses, and it hurts everyone (business owners, employees, customers).

Beyond the direct loss of profits, it can also create an atmosphere of suspicion and distrust, encourage micromanagement from employers, and lead to poor staff relations.

Glory’s cash recycling solutions don’t act as surveillance on your employees – they remove the temptation of theft altogether. And on top of that, errors are virtually eliminated, as well as the risk of taking in counterfeit notes.

It’s time to keep the money you’ve earned.

3. Maximise the customer experience, minimise errors, long queues and unavailable staff

Customer needs are constantly evolving – faster today than ever – and the experience we provide needs to keep up, which takes innovation and the proper focus. 

There’s no silver bullet, but there are some easy wins. Payment errors, long queues, staff tied up for longer at the tills or in the back office counting cash – all of these degrade your customers’ experience. And they are easily solved with a cash recycling system. 

4. Maximise resilience, minimise risk

During the worst of the pandemic, the companies that were agile in implementing the necessary technology were both the most profitable and most likely to survive.

Today, a labour shortage in Australia is continuing to cause immense challenges. Many operations are being forced to operate with less staff, and the customer experience suffers for it. By automating cash handling you can take a huge load off of your employees, allowing them to focus more on your customers and meeting their needs.

And when things are really stretched, it allows you to keep your basic functions in place and keep serving customers, even on a skeleton crew.

The cash cycle is often overlooked as just a necessary expense. And it is, but it’s an expense that doesn’t need to be so… expensive. Glory has worked with customers in Australia, such as Decathlon and IGA, to streamline and automate cash processes. 

Don’t let cash handling be an unnecessary drain on your productivity, your workforce, and your bottom line.

Download the full ebook, complete with ROI statistics and customer success stories from Glory Australia to help maximise your profits today, and better prepare you for the challenges of tomorrow.