Smart safes improve security, cash availability

Handling cash can be a major challenge for banks and businesses alike. For businesses, they have to count it, keep it safe and at times take a trip to a bank branch to get it processed and debited to their accounts. One business called Cash Connect is attempting to make handling cash safer and easier with its smart safe solution.

The solution, which is called Remote Cash Capture, features smart safes, cash recyclers and kiosks and allows business to "accept, validate and count currency," John Clatworthy, SVP, chief customer and strategy officer at Cash Connect, said in an email interview.

"The device will hold the funds in a secure cassette, and in conjunction with armored carrier pickups, customers receive daily credit for validated funds. Detailed reporting provides valuable data for merchants to have visibility across multiple sites and aide the otherwise tedious cash reconcilement process," Clatworthy said.

With this solution, businesses can essentially digitize cash to receive it as a debit at the end of the day. When the merchants put the cash into the smart safe bill validators, Cash Connect receives a file with the amount of the validated currency, then it sends an ACH to the customer's bank of choice.

Cash Connect also works with armored car carriers to arrange secure cash pickups. These smart safes can also help banks, Clatworthy said.

"The benefit to banks when working with Cash Connect Solution is that we compete with larger, armored carrier and FI-led programs. Cash Connect is a great option for banks who are looking to reduce operational expenses related to managing internal RCC program (i.e. compliance, vault infrastructure, carrier relationships, program costs, etc.) along with the reduced risk of accepting cash deposits at branches," Clatworthy said. "Our systems ensure that deposits and funds are secure and transported with the best armored car services. Lastly, Cash Connect offers a flexible solution for the customer — our offerings can be bundled or chosen a la carte to best fit what your business needs."

For retailers, these smart safes are helping them gain more capital up front.

"The timeline from cash sale to deposit within our bank accounts has been shorted by weeks and even months in some cases leaving us in a better working capital position. The implementation process was organized and almost seamless from our end, thanks to Cash Connect," Kerry Williams, manager of treasury and accounts payable, Bob's Stores, said in an email interview. "Having Cash Connect serve is the liaison between our retail locations and the armored car carriers has been a huge help and cost savings for us as well."

Williams also said that the safes cannot be opened by employees, which is turn helps reduce shortages. The company can also print up a report on how much cash was deposited during the day.

Lastly, this solution helps save costs for businesses by eliminating the time needed to count all the cash.

"This tends to be one of the biggest improvements to a business when using a smart safe. The costs that are associated with cash counting, processing and bank related fees is reduced significantly or entirely at times," Clatworthy said. "The demand for having an employee responsible for cash counting and management is removed allowing the business to focus on customer focused matters and eliminates the need to physically be responsible for managing cash flow."