A New Approach To Handling Cash: Cash As A Service
Thanks to the rapid expansion of e-commerce and Amazon, there is no doubt that a range of new card payment options are on the rise. At the same time, retailers are still handling enormous amount of cash daily because cash remains by far the most commonly used payment method by shoppers throughout the world (1). In the Euro zone, for example, cash was the main payment choice for purchases under €45, which accounted for 91% of all POS payments (2).
Where there is a cash, there is a cost, and some of that is absorbed in the day-to-day running of a business: cashing up at the end of the day, issuing floats for shift changes or cash loss investigations, to name a few. It is critical that brick and mortar stores have visibility into these activities to be successful. By investing in cash management technology, merchants can reduce any unnecessary costs that don’t contribute to the bottom line.
What if merchants had a way to accept cash payments without the costs and hassles of cash management? That’s what Transtrack International set out to address by creating Numus, a cash-handling software solution company that deposits the value of every cash transaction in real time at a merchant’s account. To enable automatic cash-back deposits, Numus, Amsterdam, Netherlands, needed to pair the software with an intelligent cash drawer that tracks notes and coins of any denomination in real-time. After looking around, Numus chose APG’s SMARTtill Intelligent Cash Drawer.
Transtrack International makes software for the money transport market used by banks and Cash in Transit (CiTs) companies in 21 countries. The company wanted to make cash transactions easy and cost-effective, so it introduced a new concept for retailers with Numus, requiring minimal effort from merchants for cash handling and allowing customers to pay with cash.
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