Speed Service, Reduce Shrink, Grow Revenue: Coin Automation
With rising labour and operational costs, retailers need smart ways to improve efficiency and reduce shrink. And, with 48% of payments made by British consumers being made in cash (per the Payment Council), automating the cash transaction just makes sense. Any technology that reduces shrink while speeding up the cash transaction process is a win-win for the owner.
It All Adds Up
Coin automation management is changing the game for shop owners. Stores survive by processing purchases fast and by servicing a high volume of customers during peak periods. If your employees are manually counting change, a cash transaction consumes a full eight seconds more than it would if you were using automated coin dispensing. Now multiply 8 seconds by every cash transaction in your store. Every day. Simply put, counting change adds up. With the time spent manually counting change, your employees could move on to more productive tasks, like alerting customers to promotions that add up to bigger-ticket sales.
Now consider shift changes and closings. With automated coin dispensing, you’ll greatly reduce the likelihood that the till won’t balance, which makes counting coins at shift changes and closings a largely obsolete practice. No more counting out all the change in the till. That’s more labour time you’ve freed up, including some of your store manager’s time.
Optimize Staff Efficiency
When change runs low, the pre-filled coin canister can be installed in a matter of seconds, so there’s never a bottleneck when cashiers run out of change at the register. What if you could save 2 hours a week in labour by automating coin handling while you serve more customers per shift? Now we’re talking a measurable increase in operational efficiency—an increase that adds up. This can be achieved simply and affordably by automating the way you handle coin.
Coin Automation: Reduce Shrink at Every Register
The National Retail Federation (NRF) cites that 56 percent of retail shrink results from employee theft and administrative error. A sandwich shop owner in the UK tells us “We’ve seen that the T-Flex™ Coin Dispenser reduces cash handling errors and we’re serving 20 percent more customers during our 3 peak hours. It’s become a vital part of my store.”
When coin dispensing is automated, coin is 100% accurate every time, eliminating manual counting errors. And when coin is locked in a canister and triggered only by your ePOS system, it’s impossible to skim coins, lowball a transaction or simply not enter it. Conservatively, let’s say that automating coin handling reduces your shrink by one or two pounds a day. That’s a cost savings of £30 to £60 per month at one register alone. If you consider the savings with ten stores, coin automation becomes a serious cost saver.
Optimize Staff Efficiency
What seems like a small adjustment, modifying the way you dispense coins, has proven to yield significant operational impact. For a cash outlay of just several hundred dollars, stores have documented returns on their coin dispensing investments in as little as 45 days. In addition to higher customer throughput, more productive employees and reduced shrink, they’ve cited faster cashier training, improved customer service and a host of other benefits. Bryan Lim, Director of Development and Integration at Panda Express remarked, “The results of our implementation indicated that the T-Flex™ Coin Dispenser from CPI improved store operational efficiency by 25%.”
Delivering accurate and efficient service in a retail operation is what your business is all about. If you don’t deliver on that promise, your customers may not be coming back. When it comes to technology investments that deliver profitability and operational improvements, coin automation dispensing should be a straight forward decision.