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Today’s grocers are faced with managing multiple banking relationships across their network of stores because often there isn’t one bank that can serve all of their needs. In addition, grocers are challenged with balancing different types of media (e.g. cash, checks, specialty checks, etc.) and the need for provisional credit for their deposits so they are able to quickly access funds.
Savvy grocery stores are turning to advanced technology solutions to meet these challenges and simplify their cash management processes. Mt. Prospect, Ill.-based Cummins Allison, a leading innovator and provider of coin, currency and check handling solutions, outlines three steps grocery stores can take now to reduce costs, while improving store operations.
1) Adopt Competitive Differentiating Equipment: Self-service coin counters on the fourth wall help enhance customer service and grocers can experience a rapid return on investment (ROI). A self-service coin counter that dispenses cash immediately means customers don’t have to wait in long lines at customer service desks to redeem cash. Because cash is dispensed immediately at the point of coin redemption, customers can spend their redeemed cash in the store right away – a win-win for both grocers and customers.
2) Invest in Multifunction Equipment: Investing in technology that streamlines deposit processing reduces a grocer’s costs and improves overall efficiency. The key is selecting solutions that enable the grocer to accomplish more tasks with less capital investment and/or fewer full time employees. For instance, grocers can redefine the way they balance their cash tills and prepare deposits by investing in technology which brings check and currency processing together. This multi-use check and currency solution plugs into your financial institution’s RDC platform and images checks 200% faster with improved image quality. Plus it processes cash at 1,600 notes per minute helping keep store managers out of the back office and on the floor.
Making investments with solid ROI, such as a high-volume self-service coin counter on the fourth wall, can help grocers attract more traffic inside. According to a survey by BranMark Strategy Group, customers who cash in coins are more likely to spend this money while in the store. In addition, grocers can run store coin on the self-service machine to reduce the amount of coin in the store’s inventory or as an avenue to process cash till coins.
3) Boost Employee Productivity: Improving employee productivity can have a dramatic impact on a grocery store’s overall operating costs. Next generation technology solutions can eliminate entire workflow steps, dramatically increase efficiencies and get store managers back on the floor helping customers. Using new, highly reliable technology, the back room of a grocery store can now process large quantities of mixed currency and checks in less time than ever before. Cost effective solutions like these keep key personnel where they are most needed.
Self-service coin counters are another way grocers can improve their employees’ productivity. The less time employees are able to spend managing or assisting with self-service coin machines, the more productive and efficient they can be. Automated coin counters that can immediately dispense cash right into customers’ hands eliminate long lines at customer service centers.
To learn more about how your grocery store can reduce costs and improve customer satisfaction with advanced money handling technology solutions, visit cumminsallison.com/retail.