While a recent article from Stores on the true cost of cash didn’t actually tell you how much your cash costed you as a merchant relative to debit, credit, and other payment solutions, it did provide some good ideas on how to decrease the cost of handling, and securing, that cash.
Counting cash is costly. It takes time. It can be miscounted. Some of it can disappear in the counting process. However, automation technology in the form of “smart safes” can reduce this cost considerably.
Taking cash to the bank yourself is costly. It takes time, increases the risk of theft, and delays the credit to your account until it is received AND processed by the bank. However, cash logistics services such as armored transportation, deposit solutions, and cash processing can reduce those costs and get you your credits faster. For example, store receipts can be transmitted electronically.
It was a decent article, and if you handle a lot of cash as part of your business, you should consider checking it out.