5 Types of Cash Technology You Can’t Ignore

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by Dunbar Armored, Inc.

It’s no secret using a cash management provider can make your business more efficient and productive. From armored trucks to smart safes, your business is able to better protect your cash and valuables while increasing the safety of your employees and customers.

However, as cash payment trends change and technologies improve, your provider must be equipped to adapt and meet the new demands. In order to keep your customers happy and business thriving, ensure you provider stays up-to-date to prevent any service disruptions.

CASH TECHNOLOGY CHECKLIST

By having access to leading technology and robust data, you’re able to better prepare your business and forecast future goals. Detailed reporting not only lets you track your cash flow in real-time, you can also observe payment trends in your business.

That’s why it’s important to ask: “Is my cash management provider using the latest technologies to service my business?”

Ensure your business and employees are efficient as possible by working with up-to-date systems. Look for a provider who can do it all:

1. HAND-HELD DEPOSIT TRACKING

You’ve probably seen the armored truck pull up, a guard hops out and then scans the barcode on your deposits and change deliveries. It’s critical to ensure your armored service provider is continuously reevaluating and updating their device’s system to ensure you are always able to quickly track your cash flow. Additionally, make sure their system is fully integrated into their entire armored process.

Having tracking data in the palm of your hand lets you see reports for your location(s) deposit pick-ups and deliveries, as well as enabling you to identify any discrepancies. Without the tracking ability, there’s no real-time reporting to see if the deposits were picked up and delivered to the bank.

2. SMART TRUCK DEPLOYMENT

If your cash management provider offers armored services, confirm they use and invest in smart trucks for their routes. Smart trucks enhance the armored guards by providing GPS routing systems and ensuring safe driving.

The technology found in smart trucks increases the efficiency of their fleet by making sure their routes are streamlined and can accommodate new business. Additionally, the technology increases accountability since the trucks can track every move and with geo-fencing, the truck can disable itself if it goes out of the approved zone.

Without optimized trucks, customers would see delays as their provider would be unable to adapt to new stops on the route. And with extended transaction time, your employees and customers are exposed to increase in security risks and threatens their safety.

3. ONLINE CUSTOMER PORTALS

In addition to deposit tracking, make sure your provider offers an online customer portal where you can view all reporting data. The portal should be developed internally so your cash management provider can keep an eye on the security of the site and quickly make updates without having to go through a third party.

This centralized reporting location gives you the flexibility to view your cash flow 24/7 and remotely. With increased visibility, you’re able to watch your deposits in real-time and always know the status of your money.

Your provider should also simplify the change order process by enabling you to quickly place or modify change orders through the online platform. Web orders provide documented records which you can use for tracking the deliveries and use to identify trends for forecasting.

4. INTERACTIVE TELLER MACHINES (ITMS)

A top cash management trend for 2018 is the transition from regular Automated Teller Machines (ATMs) to the advanced Interactive Teller Machines (ITMs).

ITMs look like a regular ATM but come with video-chatting capabilities. The machine lets customers talk directly with a banker about their account, similar to if they were in a traditional teller line. These technological features give customers the option to visit the bank after work or bank business hours and know they can easily speak to someone.

If you’re thinking about installing one you must confirm if your provider knows how to properly service the machine. Otherwise, your customer satisfaction will decrease because they are unable to have convenient and quick access to funds.

5. SMART SAFES

Finally, make sure your cash management provider can install and service smart safes. As another trending technology, smart safes automate manual cash handling tasks – especially in retail environments. Not only do the safes give your employees back time, it also increases the safety of your cash.

Make sure the safes provided by your cash management provider are able to wirelessly connect and communicate real-time safe activity to the customer dashboard. Accessing the data online gives you greater visibility and control over your cash flow.

Additionally, the online portal gives you insight into the cash flow at all of your location and lets you track trends over time. Without a smart safe, businesses lose time to counting and preparing deposits as well as lost or stolen cash.

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