Heritage Day and a long weekend is just about here, bringing with it, exciting trading opportunities for retailers.
As always, managing cash will be a priority, given that it remains a cost-effective trading tool and the preferred payment method for many consumers, says Mark Templemore-Walters, operations director at Cash Connect, South Africa’s leading provider of automated cash management and payment solutions for retailers.
Courtesy of Cash Connect, here are some ways that retailers can optimise cash management over the long weekend:
1. Put a bank in the store
Every retailer can put a bank in their store by installing an automated cash vault built to SABS Category 4 standards. Cash Connect’s cash vault, for example, is a hardened device with proven technology for safe and efficient daily cash handling.
Once the retailer deposits their cash into the cash vault, Cash Connect guarantees the funds in their bank account – same day, with an immediate risk transfer.
2. Automate cash handling
Automated cash management helps retailers to save time and money by almost 50 percent.
By automating daily cash reconciliations, counting and banking cash, employees can focus on tasks that add real value to the retail store, rather than counting money or standing in bank queues. Reducing employees’ handling of cash in-store, also helps to reduce shortages and eliminate cash shrinkages.
3. Increased cash flow with instant access to cash
Cash Connect’s cash vault is at the heart of a set of tailored fintech enabled solutions developed specifically for the retail industry.
For example, even if there are no cash in transit collections over the holiday period, and at the simple click of a button, retailers can still get instant access to the cash in their cash vault, by transferring it to their bank account. This ensures retailers have access to their cash whenever they need it.
4. Quick, hassle-free business finance
Retail merchants can access up to R2.5-million in business finance in just 24 hours, hassle-free and based on their monthly cash and card receipts.
This unsecured finance solution gives retailers quick access to trading capital.
They simply download an app to click and borrow. The business loan can be repaid in small daily instalments directly from the cash in their cash vault, or by daily debit orders from their bank account.
Safe and Intelligent trading environment
“Our goal is to empower retailers with tools to operate in a safer trading environment, and to provide solutions for improved business efficiency and cash flow,” Templemore-Walters says.
“Automated cash management solutions are an essential component of a successful retail store, along with fintech solutions that show tangible cost savings on the balance sheet.”