Cash automation is about what your dispensary can STOP doing. It’s about reducing the time and energy spent handling currency. And it’s about reducing risks by closing exposure points that increase loss. But implementing the right cash automation requires advanced cash management solutions.
Cash Handling Solutions help reduce manual tasks, save time and increase security
Saving Time, Energy, and Effort
One of the biggest issues cannabis retailers have with cash is the time involved. Every transaction requires bills and coins to be counted in and change counted back out. Bills, especially the most common notes such as $20s, $50s, and $100s, must be checked for legitimacy. Finally, there is the issue of storing the money and reconciling transactions at the close of each day. These tasks combined can often take dispensary staff and management more than three hours per day.
The right cash management hardware and software solutions, however, can reduce or remove almost all of the manual tasks associated with cash handling. Often, it is possible to reduce those daily three-plus hours to a mere 20 minutes or less – all while significantly increasing accuracy. By automating the cash handling process, staff can spend more time focused on customer service and generating revenue.
Big Dollars Require Better Solutions
US marijuana sales are on pace to exceed $21 billion in 2022, and a big slice of those payments will be made in cash. With that kind of money exchanging hands, cash management and security becomes even more critical to the successful operation of a dispensary as the amount of money traveling through the business makes dispensaries a prime target for theft from criminals and even employees.
Manual cash management processes are a key factor in exposing cannabis retail establishments to losses. Each step exposes cash to potential criminal activity or, much more common, employee error or shrinkage. Accepting cash payments, returning change, checking for counterfeit notes, storing money, and reconciling transactions are all touchpoints that increase risks.
Cash automation is the best way to reduce these exposure points and safeguard the large volume of cash utilized by a dispensary. MVP’s cannabis cash management solutions can be scaled to grow with a business and include options that virtually eliminate the need for employees to manage money. Designed to be scaled to grow with your business, we offer a wide range of CIMA hardware and software solutions such as coin and cash recyclers to increase accuracy and security.
Download our brochure or schedule a custom consultation to learn more about how you can resolve your cash management challenges and reduce time spent handling money.
Contact Jeremiah O’Connor by email or at (415) 483-1524 for a custom quote. Click Here to schedule an appointment at your convenience.