Innovative Retail Technologies sat down with Jim Poteet, executive VP, sales and marketing at FireKing Security Group about the evolution of cash management and how it directly impacts the retailer’s bottom line. Poteet provides specific and actionable insight that retailers concerned with cash management won’t want to miss.
IRT: How is cash management evolving in the retail environment?
Poteet: There is significant amount of innovation occurring in retail when you look across the quartet of banks, cash-in-transit (CIT), POS, and cash management service providers — all those involved in the handling of cash from when it is accepted from a customer until it is safely deposited in the bank. This innovation represents change and opportunity for retailers, which is amplified when they have multiple banks, CIT or cash management providers across their operations. Compound this with the fact loss prevention, operations, accounting, treasury, and IT are all looking for enhanced capabilities in their cash management systems, there is a lot going on in the space.
First, banks are evolving treasury services to go beyond traditional payment receivables and payables. Leveraging the innovation of Fintech companies and focusing on the integration of these solutions has accelerated the benefits for customers. Taking advantage of the unique intellectual capital of external partners versus the banks trying to build everything internally has allowed for a faster evolution within the overall payments ecosystem.