Christmas is just around the corner, and, if you’re a business, an increase in cash is coming your way! With the ultimate spending period for retailers finally here, we highlight the 5 things to know about Christmas cash handling.
You know it’s going to be a busier time than usual at your business, so it’s best to be prepared. Let’s take a look at how our Cashmaster tips and tricks can ensure you’re ready for the holiday season:
Be Ready For More Bills
It seems pretty obvious, but you should be ready to accept more cash through the registers in the festive season.
But increased Cash Acceptance won't stop once Christmas is here. 40% of respondents in research carried out by LINK; the UK’s most popular cash machine network; highlighted that they like to receive cash, and would themselves gift it to others.
With hundreds of thousands set to receive cash gifts this Christmas, be prepared to count it with the Cashmaster One range when they go to spend it!
Prepare for Increased Footfall
An increase in shoppers is coming, with many people keen to return to in-person stores following the covid pandemic.
And as people become more conscious about their personal environmental impact, the damage caused by big online retailers is coming to the fore.
Concerns over the environmental impact of Christmas, like plastic waste and emissions (47%), along with a desire to shop ethically (20%), are also driving shopping decisions, as highlighted by the Mirror newspaper.
As people look to ethical, in-person shopping, you can expect an increase in cash transactions coming your way!
Expect an Increased Demand For Change
With an overall higher volume of cash and a potentially higher mix of high-value bill denominations that deplete change reserves – cashiers will find their demand for change increases significantly during this period. Big bills are having to be broken down, and a considerable pain for many retail staff is not having enough dollar bills to make change for customers.
Even with a weekly change order, stores can often run low on low-value bills and coins due to the unpredictability and increase in revenue.
Make sure you stay on top of your cash management procedures with Cashmaster One.
Organize More Cash Pickups
As mentioned, cash is plentiful during the holiday season. That means the tills will more readily reach their pre-determined “maximum” of cash to have in the drawer, meaning cash pickups will become more frequent throughout the day.
If these are being carried out manually, staff will be required to pause whatever activity they were doing and spend 5-10 minutes opening the cash drawer, counting out the cash pickup/skim, and completing the associated record keeping, and securing the funds into the store safe.
Having a robust cash-management process in place for creating automated receipts and records, and one that can count cash quickly and reliably, can ensure this process is carried out to completion in less than a minute. The time saved through such a solution could be critical in a retail establishment during the holiday season and could make the difference between a $100 and $1000 sale. That’s where we come in.
Maximize Staff Training
Holiday hires can make up more than 50% of the staff during busy periods. Cash register training is one of the essential elements of store training but also can be one of the most challenging tasks to train staff on.
Having a consistent and straightforward solution for cash handling can significantly reduce the time spent on training and decrease count errors dramatically.
A cash management process that automates bank deposits and quickly and accurately counts cash could be the difference needed to increase revenue and reduce staff overtime.