Smart Safes vs CIT

But one area that is often overlooked is cash handling. So many retailers don’t quantify the cost of cash handling for their business - but with the need to count, recount, reconcile, transport and deposit your cash – there’s a lot to be done! This can involve a huge time and resource commitment which all costs your business money.

There are, however, several Loomis solutions to effectively help with cash handling and management, cutting time, resources and costs. These include cash recyclers, SafePoint smart safe solution packages, and Cash in Transit (CIT) services. But which solutions is the best fit for your business?

Let’s take a look at the benefits of using these solutions and focus on two of the most popular options to help you decide.

Eliminate trips to the bank

Many retailers take multiple trips to the bank each week to deposit cash. This can become extremely time consuming. What’s more, with banks closing branches across the UK, finding a branch in close proximity to your business premises is becoming more of a challenge. This means longer distances to travel and more time spent transporting cash on a regular basis – all of this eats into your valuable time and resources. Both Loomis’ CIT and Smart Safe solutions mean that you will never have to transport your cash to the bank again.

Benefits of Loomis Cash in Transit service: Outsourcing your cash transportation to Loomis means you can forget about scheduling time to travel to the nearest bank and enjoy the convenience of having our driver guards come to your premises to safely and securely transport the cash on your behalf.

Benefits of Safepoint Smart Safes: Loomis’s smart safe solutions include cash transportation as standard so you get all the benefits of a CIT service along with a secure unit in which you can store your cash until it is time for your collection.

Reduced risk 

Not only is transporting cash to the bank time-consuming, it can also be dangerous. Anyone carrying large sums of cash, either in a vehicle, or on foot, becomes a potential target for theft and is immediately placed in a vulnerable position from the risk of attack. Using both Loomis’ Cash in Transit services and SafePoint package will alleviate this risk. You’ll be working with highly trained security professionals who are full equipped to deal with any potential threats, lowering the risk of harm to your employees and ensuring your cash is delivered and deposited securely.

Lower loss and shrinkage

There are many opportunities for loss or theft to occur within cash operations. The more accessible the cash, the greater the risk involved. Whilst Loomis’ CIT services can reduce the risk of employee theft during cash transportation, Loomis’ smart safe solutions go one step further.

A Loomis smart safe reduces touch points in cash handling processes and provides owners and operators complete visibility of all safe activities, such as the date and time stamp and personnel information associated with each deposit.

Cash in transit services are great for saving resource – no longer will you be paying staff members to spend their time out of the premises travelling to and from your nearest bank branch. And, with SafePoint, there are even more benefits. You will save hours by significantly reducing the amount of time your employees spend counting and re-counting your cash takings, reconciling and reporting – our Loomis SafePoint smart safes do all this for you!

Increased security

Whilst cash in transit services are great for you keeping your cash safe whilst on the move, what about whilst it is within your premises? You may use a traditional safe but does that really offer the protection you need? With SafePoint smart safes the contents of your smart safe unit are fully insured by Loomis. The unit is highly secure and bolted to the floor reducing the opportunity for theft. However, if the worst was to happen you can rest assured knowing the cash contents of the safe is protected by us.

Optimise cash control and reporting

Whilst using cash in transit services can help with the day to day practicalities of cash handling, if you need more visibility and transparency, particularly if you have multiple sites, SafePoint is for you. When retailers invest in Loomis Smart Safe technology, they gain access to real-time reporting and 24/7 visibility into their cash operations via the myLoomis Customer Portal.

Here, you can easily log on and view how much cash your stores have with easy remote monitoring and management, so you never have to worry about being out of the loop with your business’s cash flow.

The advanced reporting functionality of Loomis Smart Safes allows you to optimise your business’ cash flow by making informed decisions based on real data.

Ultimately the decision on which solution is right for you will be reliant on your particular business’ needs. Ask yourself the following questions to evaluate you requirements.

How to evaluate your store’s cash needs

As we know, the way consumers make payments continues to evolve.

Therefore, you should analyse your store’s cash handling process regularly.

Depending on how you answer these questions, it may be time to meet with a Loomis cash management expert to discuss your current arrangements.

• Where are the common inefficiencies in your cash handling processes?
• How much labour is required to complete daily cash handling tasks?
• How much cash and coin is being held in your store’s inventory?
• What percentage of your sales are cash?
• How often do you make deposits?
• Who is responsible for making intraday or end-of-day deposits?
• How are deposits made?
• How much cash and coin inventory do your stores need?
• What bank charges are you paying to make deposits?
• How much time does it take to create, make, and reconcile deposits?
• Do you spend an extensive amount of time tracking cash discrepancies?
• Do you have an issue with shortages or internal theft?
• Could you benefit from more transparency into your business’ cash operations?
• Has your business been targeted by criminals or is located in a high-crime area?
• Could you benefit from gaining access to your cash deposits overnight?

For all retailers, maximising resources is crucial to operating efficiently and maintaining profit margins. Businesses that accept cash payments need to find the least costly and time-consuming way to make deposits - and the experts at Loomis can help you find the right cash handling solution for your business.

We are here to listen and to help, so contact us today @ https://uk.loomis.com/new-customers