Navigating Cash Payment Solutions Using Automation.pdf
- 1. Navigating Cash Payment Solutions Using Automation Carolina Cash Adventure May 2019
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- 3. 3 40B Cash is still king. Notes in circulation doubling between 1996 and 2016 30% Of all transactions, the most frequently used method 25% Use of cash across all households and goes up among lower income brackets 50B Dollars lost due to shrinkage in 2016 – National Retail Security Survey in 2017
- 6. 6 The need for a different approach to cash management 30% 30 percent of U.S. households are unbanked or underbanked CNBC Article Macroeconomic Factors • Expansion • Low Unemployment • Rising Wages/Labor Laws • Rising Interest Rates • Tax Reform • Historically Tight Labor Market Industry Trends • Standardizing Procedures • Scale for Growth • Investments in security • FI Consolidation • Data Driving Everything • Investments in Automation • Competition for Employees
- 7. 7 BDEX CPS Branch Vault Deposit Virtual Depository Smart safes Recyclers Established Industry Standards Emerging Solutions VRU Change Orders E-mail Change Orders Change orders by mail CPS Smart safes Established Industry Standards Emerging Solutions
- 8. 8 Emerging solutions overview CIT Solutions Financial Services (Bank) Managed Solutions Non bank Solutions Financial Technology CONCEPT Direct with CIT, Provisional Credit with Banks, CIT dashboard. Managed services solution including CIT, safe, and maintenance across multiple suppliers. Lead with advanced technology. Manage or set up partnerships for retailers or banks. Replacing CIT and Smart Safes with virtual technology and credit solutions. EXAMPLES Loomis SafePoint, Brink’s CompuSafe, Garda CashLink, Dunbar Cash Manager Fifth Third CPS, Huntington, BofA Safe Connect Plus / Cash 360 Cash Connect, Superior Press, FiServe, Integrated Cash Logistics DTS Mail In Solutions, Cash Vault with Provisional Credit VALUE PROPOSITION Closed loop, no third parties, bundled solution with maintenance, CIT, reporting, service, agreement. Single point of contact “one throat to choke” instead of multiple supplier relationships. Superior technology, safe and CIT agnostic, alternative to CIT and Banks Low price, replacing CIT, use technology to manage cash
- 9. Cash & coin recyclers 9 Features & Benefits: • Under the counter to very large currency and coin counting deposit & recycler devices. • High speed acceptance and dispense capabilities. • Back office cash management hours are significantly reduced or eliminated • Fewer pickups by CIT services are needed • Less cash on hand is required Recyclers are designed to automate the entire cash handling process and automate the back office cash office.
- 10. 10 Smart safes Types of businesses that benefit include: • QSR, LSR, Fast Casual • Convenience store & gas stations • Retailers with less than 10 registers • Healthcare • Higher education There are over 80,000 smart safes with provisional credit in the United States. Smart safes bring value by reducing in store cash handling, reducing risk to employees, and by providing faster access to cash deposits.
- 11. 11 Mail in deposits and change orders A web-based depositing module that’s available to create, track, manage and analyze deposit activities at the location level Features and benefits: • USPS or UPS for transportation • Minimum of 2 shipments per month • Liability limited to $5K per shipment • Available wherever service is available • Ideal for remote locations • Order change for return shipments
- 12. 12 Managed, non-managed, bundled, or unbundled? Making sense of it all. Do you need: • Supplier who can manage all of the elements of the program in one place • Provide project management and training resources • Data to help make business decisions Do you have: • People who can source the pieces separately and evaluate the best overall cost and solution • Time to manage multiple suppliers and processes • Ability to centralize the data into a usable format Key Element Cross functional team including Treasury, Operations, Loss Prevention, and IT.
- 13. 13 What should I think about… Faster credit, cashiering fees, reconcilement Loss Prevention Labor hours, procedures, technology Shortages, safety Operational Financial How will faster access to cash deposits help us? Do we want to consolidate our bank group? Can we benefit from reconciling our cash daily? What type of deposit tracking do we have and need? What are cash deposits and change orders costing us? How much time do we spend counting cash and making deposits? Are our processes consistent store to store? How are we training employees to count cash and make deposits? How do we hold our employees accountable for cash handling? What is our cash shrink percentage? What is the turnover for positions responsible for cash management? What information do we use to perform investigations into losses? How do we secure our in store cash funds and deposits today?
- 14. 14 How does cash automation benefit your business? Value Drivers that affect ROI Return on Investment Redirect time to sales activity Working capital benefit Reinvestment of revenue Labor Armor car Change orders Insurance Turnover Mileage Bank fees Training Shortages Robberies Revenues Total Expenses Cash automation Smart safe technology Remote user management Device management POS integration IT development Change order visibility Recycling technology Deposit tracking Managed services Armored cash-in-transit Change orders by mail API Services
- 16. Thank you.