The Future Of Cash Management

August 2014 Integrated Solutions For Retailers

Edited by Dan Schell

A Q&A with John Rhoads, senior VP of product and channel development, FireKing Security Group

How does a cash management solution/strategy improve overall in-store operations?

Rhoads: Cash management (CM) solutions allow employees to safely deposit and validate cash on-site in a secure, closed-safe environment, providing accurate, automatic counts of money received. With newer systems, employees can master a device’s touch screen interface in minutes. These systems allow employees to enter their secure personal log-in ID and make a deposit by simply inserting bills into the machine. Bills are accepted, verified, and secured, and a cashier is given a printed receipt for the amount deposited. Management can review and reconcile deposits automatically by either cashier or shift. Cash placed into the safe is immediately visible and secure until removed to make a bank deposit by either an armored-car service or an authorized staff member. These improvements can obviously free up time for more revenue-generating activities, such as spending more time with customers or improving their experience while in the retail environment.