Too early to predict the end of cash: how to avoid risks

The long-awaited end of the cash era hasn‘t come. Neither bank card or smartphone nor internet payments have been able to force out cash circulation and recent data shows that no state will have a cashless society in the near future.

According to a survey conducted by European Central Bank, as many as 79% of the population of the eurozone countries make payments by cash and only 19% by card. This means that smooth, fast, convenient and controlled cash flows remain crucial for the consumers, the businesses and the national and global economy.

Technology that helps prevent losses and risks

Today’s trends and consumer habits make it clear that cash is nowhere to be lost. Safe and convenient management of its flow remains one of the key challenges in curbing the shadow economy and ensuring stable growth. Cash involves a variety of risks, which are usually determined by the human factor. Banknotes and coins need to be counted, authenticated. It is difficult for cashiers to eliminate errors (intentional or unintentional) when performing these actions. In addition, cash management is time-consuming, and it is difficult to ensure security.

Today automated solutions can also effectively help cash-based trading or service organizations. Glory Cash Infinity, a cash management software recently introduced to the market, is a completely innovative and modern cash handling system that minimizes, and in some cases eliminates, the risks associated with using cash in the trading and service sector.

With the introduction of Glory CI cashiers no longer have to physically touch the money. The machine itself checks the authenticity of the banknotes, eliminating the risk of counterfeiting. All-day long cash is kept securely locked. The machines are far more resistant to external attacks, robberies, and theft than cash stored at the cash register. Thus, innovative equipment not only eliminates security and human error risks but also reduces costs to manage money and saves employees time.

Innovation to ensure smooth management is offered by Hansab UAB which has repeatedly introduced innovative solutions to the Lithuanian market. These technologies are launched in the Baltic region by Aibė as well as Apollo cinema in Estonia, Latvia, and Lithuania.

Convenient for business and for consumers

Glory CI operates on the principle of a closed money management system. The customer, who wishes to pay at the checkout for the goods, places banknotes and coins in the appropriate receivers of the machine. The system calculates the amount to be refunded and the customer withdraws it from the special cavity. The money in the machine goes into one of the money holding modules, which is stored until the end of the business day. In the most popular models, the CI-10 holds up to 1,350 banknotes that can be used for return or end-of-business transfer to a cash processing company. At the end of the business day, Glory CI transfers the money collected to a cash-in cassette, which, once unlocked, is transferred by the store employee to the CI-100 back office machine, which recalculates the money and provides the final daily income data.

Finally, the new technology allows to improve the quality of customer service: cashiers avoid problems and conflicts due to mistakes and the store employee can focus on the customer. The stylish and comfortable design of the device fits into different sizes of premises and its ease of use allows customers to shop faster.

A fast-paying future

Return on investment (ROI) estimates that investing in a Glory CI system can pay off over a 12 to 24 month period due to the significant reduction in cash management costs and losses. The data collected shows that the time spent on in-store cash management operations is reduced by up to 90%, the training time of new employees is significantly reduced and monetary losses due to human error are eliminated. Because the robust and external threat-proof machine keeps money safe, it also saves up to 70 percent on store security. As a result, this market innovation not only minimizes the risks of managing cash flow in a store but also reduces the time it takes and significantly reduces costs.