Choosing the right cash management partner

So now would be a good time to take a look at how you manage cash within your business to ensure you have an effective system in place which leaves you free to focus on maximising profits at peak times.

It’s a fact that the need for cash management services is growing, and for many businesses seeking a cash management partner effective technology and transparent communication are at the top of the list. 

New technologies often provide easier and faster services.

And if something goes wrong, being able to trust that your provider is on your side is essential. 

Keep in mind that not every cash management provider embraces new technology so when considering a cash management partner, make sure they offer the following to best serve you and your business needs.

1. Answers to your questions and concerns in a timely manner

Open and transparent communication with a cash management partner is vital when it comes to building a successful relationship. Make sure to find a partner that doesn’t use a third party for customer support and offers dedicated relationship managers, so you don’t have to wait for answers.

Responsive experiences and on-call resources, such as a call centre and, in the case of Loomis, a 24/7 customer portal, are ways to demonstrate that your provider is always there when you need them.

And look for a partner who keeps you in the loop about new initiatives or new product developments or continuous improvements to the services they provide.

2. A solution to help you save, and make money

Cash handling is a time-consuming and low-value task.

Whether you are a retailer or a financial institution, the right cash management partner will help improve your bottom line, make the best use of your employees’ time and see a maximum return on investment. 

This can be done both by increasing efficiency or cutting costs, so look for a cash management partner that is invested in your business’ specific cash needs to help you find the right solution.

Cash management should be about both saving, and making, money. Your partner should offer solutions that minimise cash loss and reduce cash handling labour, as well as providing access to cash, reporting, and account information to manage your business.

3. A way to stay on top of your business from anywhere, at any time

An online customer portal that provides easy and near-real-time access to all accounts and reporting information from virtually anywhere via a smartphone or computer is essential for cash management. Managers or a corporate team can save a significant amount of time by accessing near-real-time information to help with reporting, accounting, tracking, and end-of-day reconciliation.

Your cash management partner should offer an online customer portal where you can access detailed reporting and real-time proof of delivery.

Even better if you can create and manage support tickets and requests, get notifications of disruptions or delays, and expedite reconciliation and research - all of which can support better decision-making.

4. Industry service you can depend on

When comparing cash management providers, seek out the ones who have a skilled in-house team for important departments such as customer service and service development. They don’t need third-party providers to handle problems, develop new technology, and answer customer questions.

It’s also important to have a cash management partner whose operations remain steady and consistent during challenging times, such as the recent pandemic. 

Look for a provider that has a solid business continuity plan to assist you in navigating through emergencies.

5. Technology that benefits you

 Not every cash management provider is embracing new technology, but many of the advancements today are centred around creating a more user-friendly experience for service users - from software that tracks vehicle movement and cash delivery through to methods of monitoring and maintaining business accuracy in performance and accountability. 

For retailers, this also comes in the form of more automation to reduce time spent on cash handling tasks. These types of services are designed to promote a better customer experience while allowing retailers and financial institutions to reallocate their labour resources to more productive or revenue-generating activities.

It’s important to look for a partner who is investing in technology that can do more for customers. Taking the time to develop and advance their products and services is an indication that your cash management provider is putting you first.