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Smart Safes vs. Traditional Safes

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Businesses find success by figuring out how to make their revenue larger than their costs. It’s as simple (and as complicated) as that. Making money is what allows you to stay in business, and keeping that money safe should be one of your top priorities. Here at Monify, we believe that all business owners should understand all payment solutions available to them. From petroleum pay at the pump systems to POS equipment for restaurants and retail stores, our business service providers are here to help you find the package that fits your needs. And that may include investing in a smart safe to replace the traditional safe you currently have. 

Unfortunately, many business owners allow the process of cash handling and choosing a safe to fall through the cracks. Maybe you’ve got a bulky, but secure, traditional safe in your office and you think it does the job. Tradional safes, or dumb safes, are costing you money. Move into the future and take control of your cash flow by ordering a smart safe from Monify. If you’re still undecided about investing in a smart safe, continue reading this blog post or contact us for answers to your questions.

Cash Handling

Cash handling is simply the process of giving and receiving money in a business. This is an aspect of business money management that requires very close attention. It’s not a glamorous part of the job — like ordering new inventory, or hiring team employees, or redesigning your storefront — but quality cash handling is vital to your success.

Implementing a high-quality point-of-sale equipment like Clover Point of Sale is a great starting point for implementing payment solutions. The business owners that partner with us here at Monify often do not know that they can integrate a smart safe with their POS system. Doing so allows you to use technology to improve your cash management practices.

Things that can go wrong:

 

  • Lack of due diligence – as a business owner, you should know where your cash is at all times and who has access to it. If you neglect this aspect of your business, you’re opening yourself up to bookkeeping errors, fraud, and theft.
  • Security flaws – we’ve all seen businesses that keep their cash in a manila envelope on the manager’s desk. Cash handling needs to be more secure, whether through policies or technologies like smart safes. When there are security flaws in your cash handling, your business is vulnerable.
  • Limited cash tracking – you need to have systems in place to know where and when your cash is being handled. Doing so makes it much easier to identify mistakes — like discrepancies between cash accepted and cash in the deposit — and track the mistake back to the source so you and your employees can learn from errors.

 

Understanding how cash is handled in your business is vital to improving and streamlining your business procedures and practices. A smart safe can make many of these practices more accurate and allow you to better track trends over time. 

Dumb Safe Downfalls

Traditional, mechanical safes do what safes should do — protect and hold your money. But that’s all they do. They’re essentially a more secure lock box. 

Because they don’t have integrated technology, the safe cannot be an active part of managing your business. Instead, that roll is left to your desktop computer or point-of sale equipment. Dumb safes are a payment solution for only one part of your business, and cannot be integrated to other parts of your management systems.

Traditional cash management means that you or your managers are busy counting money and preparing deposits instead of engaging in other business needs, like forming relationships with customers or training and supervising employees. Having a dumb safe also means you’ll spend time and energy worrying about whether or not managers are skimming cash from your deposits.

20st Century Business 

Smart safes, and other merchant processing services, are key to securing and tracking your business’ cash. Technology, like electronic merchant processing services and point-of-sale equipment, has allowed businesses to take a quantum leap into the future. While in the past a safe sat under the register or in the basement, smart safes communicate wirelessly and can send data to central systems, web portals, or web services you can access anywhere. 

If you go on vacation, you can still monitor your cash flow on your mobile device. Smart safes also come with fraud detection software that allows it to authenticate bills when they’re deposited. So go ahead and get rid of those highlighter pens you’re using on the big bills and replace them with something smarter. 

Smart safes also increase your employees’ accountability when handling cash. Each time a cashier or other employee engages the device, they have to identify themselves with a password and the smart safe tracks those interactions. And you can compare the information from your point-of-sale equipment with the smart safe’s internal bookkeeping. 

Smart Safes Are a Great Business Decision

Smart safes, like the kind you can browse here at Monify, are certainly an investment. But they’re an investment that keeps your cash safe and pays off in the long run because it gives you control over your cash in a way that simply isn’t possible without the cash management technology smart safes offer.

The smart safe gives you peace of mind by counting the money that’s put in. Not only will this prevent internal theft, but it also reduces human error. If your employees are counting money themselves at the end of their shift or business day, there’s bound to be mistakes. A smart safe eliminates any counting errors.

Ultimately, it’s important for you to be in control of your cash at all times, and smart safes give you unprecedented control and understanding of your cash flow. You can set up alerts on your phone every time the safe is opened so you know immediately when cash is taken out or put in. Smart safes also give you reports on your money, so you’ll always be in the know and in control.

Monify Business Service Provider

Monify offers a variety of cash management safes from Armor Safe Technology. You can browse our smart safes collection, or contact us to learn more about the service packages we offer to businesses of all sizes and industries.