OUT THE BOX

NOW THAT’S A GOOD IDEA…CASH RECYCLING

CLOSE LOOP CASH RECYCLING

HENDERSON GROUP HAS IMPLEMENTED A BACK-OFFICE ‘CLOSED LOOP’ CASH RECYCLING SOLUTIONBASED AROUND TILL POINT CASH HANDLING MACHINES THAT MEANS STAFF NEVER COME INTOCONTACT WITH CASH.

WHAT’S THE BIG IDEA?

Cash recycling to drive efficiencies across all non value-added cash processes like cash handling, cash management and banking processes across both the back and front ends of the business.

TRY THAT AGAIN IN ENGLISH...

In essence, staff never touch cash. Machines sited at both manned tills and self-service tills directly accept cash from customers and dispense change without staff ever having to touch it. In theory, you’ll never lose a penny out of your entire cash loop again. Henderson Group refer to it, in fact, as a ‘closed loop’ system. From the point cash first enters the shop to the point it gets uplifted for transport to the bank, staff never touch it.

We saw a return on investment in time-saving alone of over 30%, even with the reduction in cash takings due to the current climate.

HENDERSON GROUP ARE DOING IT?

Yes, they’ve just implemented it in 26 company-owned Eurospar stores in Northern Ireland after a successful trial in their store in Portadown. They’re using a solution called Glory CASHINFINITY following a full integration with Hendersons’ EDGEPoS software. There are units at every till point, manned or self-service, and they are essentially small safes.

WHAT ARE THE BENEFITS?

Greatly reduced banking fees, no loss of cash out of the system and increased efficiencies in routine cash process like managing floats and cashing up at the end of a shift. The solution also frees up more of the staff ’s time to focus on other important issues. An unintended benefit is also the fact that many shoppers apparently like the system because it minimises the risk of personal contact during these very hygiene-conscious times.

SOUNDS PRICEY...

It is. The solution can cost ‘tens of thousands’ of pounds per store, depending upon a load of factors - but Henderson is expecting to see an ROI period of a year or less because of the savings and benefits the system brings.

WHAT’S HENDERSON GROUP SAYING?

Ron Whitten, Chief Financial Officer, says “Glory’s range of retail cash handling solutions provide centralised control of cash inventory and optimisation of all cash processes. Whilst we have been primarily focused on streamlining in-store administrative tasks and removing inefficiencies in our processes to allow stores to focus on the customer experience, the current challenges presented by Covid-19 have further heightened our interest in new technologies to remove pressure on our store teams.”

HOW DO I FIND OUT MORE?

Visit Glory’s website.