Stores dealing with cash and cheque transactions face more challenges than those areas of business that have converted primarily to card or online payments. It’s all too easy for carelessness to lead to losses; all it takes is not verifying identification when taking a personal cheque, counting change incorrectly or not accurately totaling up sales figures. But even if technology hasn’t convinced everyone to give up these payment forms, it has made it easier to deal with them. Here are three ways your business can handle payments more efficiently:
- Investigate Cash Recycler Machines
If you take in quite a bit of cash, it may be worth it to invest in a cash recycler. These machines count, securely store and dispense cash, and may be either stand-alone machines or integrated into point-of-sale systems (like cash registers). Either way, they minimize losses due to human error, as well as cutting down on the labor costs associated with counting cash and accounting for cash transactions both as sales are made and when it’s time to do the regular bookkeeping.
- Use High Speed Scanners
Cheque scanners should be considered a must by any business that accepts personal cheques. If you run a system that bills, rather than taking payment up front, the need is probably even more urgent (since people are more likely to pay bills via cheque). High speed scanners can zip through dozens or even hundreds of cheques, creating automated records and allowing you to deposit them remotely. That saves labor costs both in terms of bookkeeping and banking. High quality scanners may cost a bit up front, but you should take into account time saved when weighing the cost, as well as the fact that many banks charge a fee for processing paper cheques these days.
- Implement Software Solutions
Whether you choose to hire out your accounting or keep it in-house, you can increase efficiency and reduce errors by using a retail enterprise management system that links your finances to your transaction records electronically. This can also make it easier to track where you make and spend your money, enabling you to make better selling decisions. Ensure that you’re using software that takes into account the payment type used, which will allow you to assess which payment types are most beneficial and should be encouraged.
Do any of these cash and cheque solutions sound viable for your business? Will you be shopping for high speed scanners and cash machines tomorrow, or continuing as you have? Discuss in the comments.