3 major losses that retailers face and how to avoid them 

Managing one or more retail environments comes with a number of responsibilities, each with their own challenges. Retailers have to oversee a lot of responsibilities ranging from ordering inventory and making commercial decisions to managing staff and faciliatory operations. On top of all of that they also have to manage the cash flows of their shops which can be very difficult, and when done incorrectly can even lead to major losses. Read along to find out what losses retailers face, and how the right tools can help avoid them.

1. LOSS OF INCOME

During busy days and peak hours correctly verifying cash can become difficult or even forgotten. Verifying cash just by hand seriously increases the risk of accepting counterfeits as they are getting more difficult to detect. Once accepted, counterfeit cash is worthless, so without the correct insurances or policies in place, retailers are risking accumulating damages that could be easily avoided but difficult to recover from.

By investing in a reliable counterfeit detection policy retailers can protect themselves and their business against fraudulent payments and avoid possible damages. Reliable, intelligent and accurate counterfeit detection solutions can take away all the risk and worry from their user. Making them essential additions to any retail environment.

2. LOSS OF EFFICIENCY

Time is money, but when retailers are spending too much time on managing their money, they lose both. When cashiers have to manually count the cash inside their registers, the risk of discrepancies and errors increases. Even the smallest counting mistakes can cost retailers a lot of time as recounting and making corrections often require a lot of time and multiple employees. Making a long business day even longer.

Retailers can save time, reduce the possibility of cash differences and smoothen out their administrational tasks by choosing the right solutions to automate their cash counting process. Ranging from coin counters with sorting functions, to banknote counters with built-in counterfeit detection and money counting scales that can count the coins and banknotes of an entire cash drawer in just two minutes.

3. LOSS OF TRUST

In addition to time consuming mistakes, manual cash counting can also lead to mistrust amongst employees. The more employees that touch and handle the cash, the higher the risk of it being lost or stolen becomes. These losses can accumulate quickly as they often take time to get noticed and under control. Automatic counting solutions reduce the time employees spend handling the cash and register everything in great detail. Making it more difficult to create fraudulent results.

AVOIDING LOSSES

With the implementation of the right tools and policies, retailers can save a lot of time and money. However, choosing the right tools can be difficult. Safescan not only offers solutions that are reliable, accurate and easy to use, but our solutions are also designed to fit seamlessly into any retail environment without looking out of place. Safescan also offers an extensive three-year warranty and free software and currency updates for most of its products so they can be used for years to come.

Do you need help to find out the right solution for your business? Please leave your contact information using the form on this page, and we will get in touch with you.