Growth of Retail Credit in the Retail Sector

Dollar notes inside a retail credit cash till

What is a Retail Credit Machine?

As technology continues to evolve and advance, the use of retail credit machines in the cash management sector has significantly increased in recent years. The main goal is to simplify the cash handling process for the retailer. 

These machines offer a convenient and secure way for retailers to process transactions, manage their cash flow, and reduce the risk of theft and fraud. In this blog, we will explore the benefits of using retail credit machines in the cash management sector and discuss how they can help businesses improve their financial operations.

With high amounts of cash handled. There is always a risk of theft when employees transport the money to the bank. This method allows any trouble to be dealt with by the cash management company that owns the retail credit machine.

The cash management company also profits from the exchange, renting out the machine and charging monthly or yearly.  

The retail credit box lets employees make quick, trackable deposits, day or night, in minutes.

 

Who’s Using Retail Credit?

 

Brinks

Brinks have their take on the retail credit machine, which they call ‘The Brinks Box’.

The Brink’s Box is one of the device options that come with the ‘Brink’s complete solution.’ (A solution designed to improve customers’ cash management strategy). Designed to enable businesses to save time and money, all while keeping their cash safe and secure. 

This retail credit machine gives you advance credit on the next business day. Sent to the bank account of your choice. This credited amount matches the value of the cash deposited.

In addition to having fast access to working capital and skipping unnecessary bank trips. The customer won’t have to pay the bank’s traditional deposit fees.

So how does this device from Brinks work? For the Brink’s Box. When an employee is ready to drop cash into the box, they’ll place the money in a barcoded Brink’s-provided bag. Then they will enter the amount of cash they plan to drop.

Once cash is within the devices, the business will get credit to the bank account of their choice the next business day, as previously mentioned.

Brink’s messengers will pick up the cash in the box once it reaches capacity. 

 

G4S

G4S has its unique take on the retail credit machine called ‘CASH 360’.

CASH360 is a secure and integrated cash management and collection service from G4S. 

G4S says, ‘if your business accepts payments by cash, you could be spending extra money per year on managing cash flow processes.’ 

CASH360 tries to reduce the costs mentioned above while increasing security and efficiency.

 

 The CASH360 service involves installing one of G4S’s intelligent cash safes with an electronic audit system on the customers’ business premises. Next, this machine connects to integrated software.

Cash deposits into the smart safe will be credited into the customers’ bank account while the notes and coins are still on site. Then, the software lets the customer see their cash flow from physical, online and terminal sales in real time. 

 

Loomis 

Cash Management company Loomis also have their take on the retail credit machine, which they call ‘Safepoint’.

Loomis says that using retail credit machines like SafePoint will be advantageous for handling cash in the digital future.

 ‘It’s a unique end-to-end back office cash solution for any size of business.’ 

SafePoint is a tool for counting, sorting and banking takings. It takes care of cash management, allowing its customers to enjoy the flexibility, availability and accessibility of cash. 

Loomis mentions how it gives customers more time to build their businesses and boost their bottom line.  

Loomis has forecasted that their retail credit machine could lead to the following:

  • 25% Service schedule reduction
  • 33% Drop in cash handling costs
  • 60% Reduction in cash handling hours

 

 

What are the Summarised Benefits of the Retail Credit Machine?

 

  • Reduce Cash Management costs by streamlining processes
  • Ability to track cash flow management more effectively 
  • Reduction in human error
  • Reduction in accounting errors
  • Improvement in the quality of the cash cycle
  • Ability to make faster bank account deposits 
  • Save time when cashing up tills
  • Free up staff from cash runs to focus on other tasks 
  • Increase in security, protecting against internal and external theft
  • Decrease possible risk to staff safety

 

Final Thoughts on Retail Credit Machines

The increased use of retail credit machines in the cash management sector has improved the efficiency and security of transactions. These machines provide a convenient and secure method of cash management for businesses and have helped to reduce the risks associated with handling large amounts of cash. As retail credit machines continue to grow, they will likely become an essential part of the cash management landscape.