Brink's Helps Retailers Turn Cash Receipts Into Investable Funds Faster
Brink's, U.S. announced recently that Brink's iDeposit service, the company's latest solution for retailers that leverages Internet technology to accelerate funds availability and streamline deposit processes, has hit a new processing milestone of more than 35,000 transactions a month. This impressive achievement comes less than one year after the service was introduced to the market.
With Brink's iDeposit, customers can create deposit tickets online through a secure password-protected Web site and transmit them electronically to Brink's. The Brink's iDeposit system generates a printable deposit ticket, which is then placed with the cash and held for pick up by a Brink's messenger. Working in conjunction with participating financial institutions, Brink's can facilitate accelerated credit based on the electronically reported deposit totals, enabling the retailer to receive the benefit of its deposits long before the actual cash deposit reaches the bank.
In addition to faster access to cash deposits, Brink's iDeposit also gives retailers online access to deposit activity details so treasury personnel can monitor cash deposit activity, analyze historical data, research variances and exceptions, and manage cash flow. Through the iDeposit site, cash deposit information is always available, 24/7, giving managers the vital information they need to understand their true cash position and optimize cash flow—at the transaction level, the individual store level or rolled up to a more comprehensive group or company view.
"The process is simple to implement, and it offers retailers a tremendous advantage, especially in these tough economic times," says Fred Purches, senior vice president of strategic solutions and product development "Retailers can keep tabs on their true cash position each day, and use that information to optimize cash flow right down to the store level."
In many retail operations today, managers prepare the deposits and take them to the bank before the bank cut-off time. Not only does this expose store receipts and personnel to additional security risk, it also means managers are unavailable to help employees or customers for an hour or more a day—every day. With iDeposit the process is automated so that store managers never have to leave the premises. Deposits are made electronically, minimizing any errors and saving valuable time.
Brink's iDeposit is accessible from any intranet, Internet-enabled computer, by fax or phone. There is no equipment to buy or software to install, and the intuitive menu-driven system is easy to operate. Store employees simply input deposit information by denomination and let the system do the rest. Brink's iDeposit automatically calculates the total deposit, virtually eliminating re-keying and miscalculation errors, and transmits the information to Brink's for processing.
Brink's is currently working with a number of banks to facilitate accelerated credit based on the electronically reported totals.
"Banks see Brink's iDeposit as a way of servicing their customers better, and retailers see it as a way of getting better service and better use of their funds," adds Purches. "It's like a three-legged stool where Brink's, the customer, and the bank each represent one leg. Together, we are creating a powerful treasury solution that simply doesn't exist anywhere else."
About Brink's
Brink's, U.S. is a division of Brink's, Incorporated, a global leader in business and security services that specializes in worldwide security transportation and cash logistics. Brink's, U.S. operates the nation's most extensive network of armored transportation services with more than 2,300 armored vehicles in 250 branches. For more information, visit the Brink's Web site at www.us.brinksinc.com or call toll-free (800) BRINKS - 5.
SOURCE: Brink's