New research explores the real cost of cash management to global business
Online PR News – 12-January-2017 – Atlanta, GA – Cash Management Solutions Provider Tellermate (www.tellermate.com) has today announced that it will release exclusive copies of the forthcoming “Cost of Cash” research at NRF Retail’s Big Show 2017.
The long awaited Cost of Cash research will be exclusively released to attendees of the National Retail Federation’s Retail’s Big Show between 15-17 January 2017.
The research, conducted in Summer 2016 finds that businesses could be wasting millions on poor or inefficient cash management practices. It concludes that the average 250 location retailer could be wasting up to $5.9m annually on simple cash management inefficiencies – such as counting cash by hand.
The original research, polled more than one hundred Loss Prevention, Operations and Finance contacts globally across industries such as Retail, QSR, Banking, Hospitality & Leisure. It found that not only is cash still a primary method of payment for consumers, but that poor responses to managing this cash are causing inefficiencies, preventable labor costs, cash loss and unnecessary charges.
Further, the research highlighted that the decline in cash usage may have been overstated by some - with 53% of the respondents in the survey stating that the majority of their businesses takings were still in cash.
In traditionally cash-heavy environments, this was even more pronounced. More than half of those polled from the QSR industry said that their business takes more than 80% of their revenues in cash.
When it comes to managing this cash then, the research also aimed to understand the true impact of managing these large volumes of cash, and the costs, both monetary and non-monetary associated with this.
Because, despite the growth in electronic, mobile or wearable payment technologies – processing payments in cash is still challenging for global businesses.
58% of participants in the research admitted that reducing the cost of processing and managing cash was a strategic priority for the next twelve months.
Tellermate Global Director Dave Lunn was unsurprised by this finding, suggesting that cash would still play a big role in the payment landscape for some time to come.
“Despite living in a world of mobile payments, cash management is still a hugely important consideration for global businesses. Not only just because cash continues to be a primary form of payment for consumers; but because poor or ¬-inefficient strategies for managing this cash can actually lead to an increased cost to the business.”
The research suggested that strategies for reducing this cost to the business include more strategic cash management processes, greater visibility into the physical cash across a business and an investment in cash management technology. All of which will help to reduce cash loss and drive more efficient processes across the business.
In fact, 64% of respondents in the Tellermate study agreed that cash management technology reduces the time spent investigating losses and improves cash loss metrics. Further, 35% of survey respondents stated that their business planned to invest in cash management technology in the next 1-5 years.
Lunn agrees, stating that “The effectiveness of cash management technology in terms of driving efficiencies, reducing cash loss, and providing better visibility of the physical cash across an organization is proven time and time again. Plus, the ROI of such solutions is incredibly fast, with some businesses seeing results in just a matter of a few short months”.
“Retailers, QSRs and any other business that takes cash should consider their approach to cash management and whether this is actually presenting a cost to their business – both in terms of time or money”.
Visitors to the Tellermate booth at the NRF Retail’s Big Show can pick up a hard copy of the research for free. Copies are limited however, so interested parties are advised to reserve their copy here:(http://www.tellermate.com/cost-of-cash-registration/)
Those not attending the show can still procure a copy of the research upon its general release, by registering their interest at: (http://www.tellermate.com/cost-of-cash/)
Tellermate are a Global Cash Management Solutions Provider. Their cash management solutions help businesses all over the world count and manage their cash quickly and accurately. Tellermate have been at the forefront of the cash management industry for more than 30 years – ever since they invented the innovative count-by-weight technology.
Today, Tellermate technology processes over $1 billion in cash every day across more than 30 countries. They’re trusted by over 100,000 businesses, including household names such as Walmart, Burger King, Adidas and many more.