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costs associated with electronic payments , such as processing fees , limit any cost savings that could be made .
Certain stores are also trying other measures to help manage cash better . For instance , nearly a third ( 32 percent ) of retailers are implementing tougher cash handling regulations , while a similar amount ( 30 percent ) are conducting audits and offering frequent staff training ( 30 percent ). While these actions are constructive and much needed , they are essentially band-aid solutions . These approaches don ’ t provide a fundamental and long-term fix for the issue .
At the heart of the problem is the reality that a lot of retail establishments still use outdated cash handling procedures . Cash handling for many businesses is frankly archaic in a time when everything else is going digital . While cash is an old and wellestablished payment system , it doesn ’ t mean the systems , technologies , and processes underpinning it can ’ t be brought into the digital age . By closing the digital gap between cash payments and every other retail business operation , retailers will save money , increase customer happiness , and underpin growth and profit potential for years to come .
How does CashTech work ?
Enter CashTech . CashTech encompasses the technological advancements around physical cash . It comprises of two parts : smart hardware solutions and cutting-edge software . Combined , these two parts enable CashTech to reduce cash discrepancies , eliminate inefficiencies , and create real-time data to enhance business operations . Moreover , CashTech supports improvements in customer satisfaction by providing payment options and choices at a time when consumers worldwide demand financial and data freedom .
CashTech revolutionizes cash management , like how FinTech altered the way businesses handle their finances . Using CashTech , retailers can fully integrate all their cashhandling equipment into a single system , regardless of brand or model . This allows them to connect cash management with other critical operations , such as accounting and customer experience and provides them with a comprehensive view of their cash estate .
This changes the game for retailers . They can cut expenses associated with operations and eliminate money lost to mistakes by digitizing cash transactions . Retail businesses can identify irregularities and stop cash losses by monitoring every transaction and deposit in real-time . When currency is used for payment , for instance , automated tools can count and reconcile it more precisely . CashTech can improve security by lowering the possibility of fraud and theft . Advanced authentication technology in smart safes can provide additional security against unwanted entry . Grocers can save time by expediting end-ofday close-outs and openings by having instant access to data on cash payments .
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