Out of the Box

NOW THAT'S A GOOD IDEA: VOLUMATIC

Closed cash loops

IMPROVED CASH HANDLING CAN HAVE A DRASTIC EFFECT ON REDUCING OR ELIMINATING CASH LOSSES, AS INDIE FORECOURT GROUP MPK GARAGES FOUND OUT RECENTLY

What's the big idea?

Closed cash loops.

Which means?

Creating systems where, once cash is handed over by customers, it is deposited into the in-store system by staff and never gets touched again until it gets to the bank for processing.

Why are we discussing it?

Independent forecourt group MPK Garages has just implemented a closed cash loop with the help of Volumatic, a leading manufacturer and cash handling solutions business.

What are the benefits?

Increased payment efficiency and reduced cash losses. In MPK’s case, cash losses fell by 96%.

How does it work?

Volumatic’s CCi (CounterCache intelligent) is a one-touch cash solution: it checks, counts and safely stores banknotes at the point of sale. Not only does it minimise cash contact for safety, but it also helps to create a closed-cash loop. Once staff have deposited the cash, they don’t touch it again; only the bank does during processing. Cash exposure is minimised to just the customer transaction.

Other benefits?

One of the significant benefits of the CCi cash solution is that it limits access to cash. This safe, tamper-evident storage allows store staff to focus on customer service. At the same time, convenience stores have peace of mind that the risk of theft is reduced, and staff are not responsible for scrupulous forgery checks. Instead, the CCi does the forgery checks, aligned with the Bank of England forgery framework. Cash is still a prominent payment choice for MPK Garages, as it is for many retail businesses, with more than 60% of all transactions made in cash. Eliminating these cash risks and reducing cash accessibility has had a profound effect on MPK. The system also gives total visibility and control of cash and staff feel much safer

Who else is using these types of systems?

Over 35,000 Volumatic units have already been installed globally and 10,000 more lanes are scheduled for this year. It is used by Nisa, Spar, Costcutter and Londis stores, among others.

What is MPK saying?

Wayne Harrand, Retail Director, says: “Volumatic’s CCi has really made transactions much easier in our sites thanks to its one-touch element. At the point of sale, once we have deposited the cash, we don’t touch it again; only the bank does during processing. We love that cash exposure in our stores is minimised to just the customer transaction. “We removed all cash risks from the business. So much so, in the last six months, we have reduced cash loss by 96% across our whole estate. In terms of theft of cash, we have saved so much money as access to cash is so limited.”

Want to find out more?

Visit www.volumatic.com.