An elevated interest for retail self-encashment is one of the leading cash management trends in 2018.
An elevated interest for retail self-encashment (also known as online encashment or remote deposit capture) is one of the leading cash management trends in 2018. The possibility of depositing outlet revenue and instantly transferring it to the retailer’s account using automated deposit machines (ADM) is high in demand. It is a service that many retailers are expecting from their banks.
The benefits of using ADMs are evident from the side of trade and service enterprises:
Lowering the risks relating to cash gap. The collected revenue is instantly deposited onto the corporate account and can be used to cover rent, employee wages, supplier expenses etc.
Responsibility. After depositing, the enterprise is no longer accountable for the cash, as it becomes the responsibility of CIT services. There is no longer a need to insure cash funds or excessively invest in back-office security.
- Facilitating the work of cashiers. Eliminating the need to base schedules on the operating time of CIT services. Depositing no longer requires the cashier to meet with CIT staff and prepare required documentation.
- Array of deposit identification methods. The system identifies the cashier making the deposit (an optional update enables biometric identification). The system accounts individual operations. Thus, the cash flow management within the outlet becomes more controllable, transparent and secure.
As for the perspective of credit and financial institutions, and CIT services, self-service cash collection as a service is viewed as a viable new branch of business.
Why banks need self-encashment:
- Funds are stored in secure deposit machines that are protected from breaking in, as well as intentional and accidental damaging.
- Larger capacity of ADM bags reduces the number of CIT operations and CIT-related expenses.
- Remote monitoring of deposited amounts and proactive notifications on reaching upper limits allow optimizing outlet CIT management.
Cash-in-transit services are interested in implementing such solutions to optimize expenses and risks. Their staff are able to work on individual schedules and no longer dependent on coordinating their time of arrival and do not waste time while documentation is prepared by trade and service enterprises.
BS/2 presents the Cash-In Box.iQ solution based on the Cash-In Box 17 automatic deposit machine that ensures all of the features listed above.
The device and the encashment monitoring software package are available to our clients in Azerbaijan, Georgia, Uzbekistan, Kyrgyzstan, and other countries.
Learn more about the fractures of integrated ADMs on the solution website. If you are interested in the product and the prospects of its deployment, please contact BS/2 sales representatives for further information.
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