Despite the significant growth in online banking in the UAE as well as broader and more efficient connectivity, cash is not disappearing, today it remains the most widely accepted form of payment. However, as ironic as it sounds, handling cash costs money.
The introduction of Transguard’s ‘smart’ cash deposit machines(SCDM) have transformed the cash-in-transit industry, an industry that has seen Transguard occupy more than 93% market share since the company began in 2001. Smart cash deposit machines are disrupting the sector and transforming the way companies handle their cash, especially supermarkets and retailers.
The machines receive, check, count, credit and securely store cash until it is collected by Transguard’s Cash in Transit teams.
Top #5 features of the SCDM
By using the machine, companies can reduce the time spent by staff in sorting and counting cash and reconciling sales with deposits. Its automated so it reduces shrinkage due to counterfeit notes and miscounts, improving the cash flow.
The cash machines also eliminate the risk of loss through theft or fraud as Transguard owns responsibility for the cash once it has been deposited in the machine.
The customer is no longer liable for the cash once it has been deposited in the machine. Having no access or ownership of the cash once deposited significantly reduces risk and potentially insurance premiums.
Improved efficiency for banks
The cash machines can reduce footfall at bank branches as it eliminates the need for customers to physically travel to the nearest branch to make deposits.
Improved cash flow
Once the cash is deposited in the machine, it is credited to the client’s bank account multiple times a day.
For everything Cash Services click here: https://www.transguardgroup.com/services/cash-services