There are eight malls in South Africa (and 11 in Africa) that make use of cash solution company SBV Service’s innovative Shopping Mall Cash Recycling (SMCR) system. The system reduces stockholding by recycling the money from retail store cash registers and channelling it into the centre’s ATMs. The intent with the cash recycling system is to have to less cash being transported to and from the mall, avoid the need for cash-in-transit services.
But a retailer doesn’t need to be as big as a shopping mall to be able to recycle cash within the business. In fact, all you really need is an ATM installation in your business and enough turnover to be able to replenish its cash stock regularly. The option to self-cash an installation is available through ATM Solutions. In this blog we will have a look at some of the benefits of choosing to replenish your ATM’s cash stock yourself as well as provide tips on how to execute it effectively.
The benefits of self-cashing your ATM
Cashing your ATM yourself gives you control and visibility over the flow of cash within your business. But there are other benefits, too. To wit:
- Less downtime. When self-cashing your ATM, you never have to wait for cash-in-transit services to come and do it for you. You can restock at your own convenience (like after-hours), at a time that won’t interfere with your customers’ need to withdraw cash.
- Saving on cash deposit fees. Because you’ll be taking cash straight out of your till and into the ATM, there’s no need for you to make trips to the bank. So you save time and money when you consider how high cash deposit and drop safe collection fees can be.
- Keep cash out of your till. The developers of the Mall of Africa were wise to try and decrease stock holding and valuables in the mall. Excess cash held on premises can be a security risk. By emptying the cash in your till into your ATM, you reduce this risk significantly.
What to keep in mind when self-cashing your ATM
Cash-in-transit agents are professionally trained to carry out ATM replenishments. While you’ll also be provided with all the information you need to cash the ATM yourself, there are a few precautions to be taken:
- Try to restock outside of trading hours. This is to ensure that you don’t interrupt normal business operations and that there’s no one around while you empty the till and count the cash.
- Check for counterfeit notes. Invest in a money counter and counterfeit note checker. It might seem laborious to check and see if each note is counterfeit or not, but it pays off in the long run.
- Take your time. If you’re rushing to cash your ATM before the store opens you might make a few errors which can cost you. This is why it’s best to replenish your ATM’s cash stock outside of business hours. If necessary, you can put a sign up and open the store a little later than normal. It’s a small price to pay for peace of mind.
When you choose to get an ATM installation with ATM Solutions, you get a complete assessment of your business in order to determine which installation type is best for you as well which cash replenishing method is recommended. Now that you’ve read the benefits of taking control of your business cashflow, download the ATM Solutions brochure below to have a look at the installation types we have available.