Do You Really Need a Cash Drawer for Your Business?
Traditional billing systems were very popular with business owners. The billing system had a built-in cash drawer that could be locked manually and it was also connected to the billing section.
When a sale was completed, the drawer opened with a ‘ka-ching’ sound that quickly became synonymous with a sale. At the end of the day, the storeowner could choose to store cash in the drawer and lock it up to ensure security.
However, times have changed. Now almost all shops have moved on to computerized billing systems or even to the latest wireless billing systems, states Chron. Customers are also more likely to pay by credit card than cash. All these factors do make cash drawers redundant but is this really true?
Cash drawers are not mandatory but they do provide a valuable service for storeowners, according to Business. Take a look at what an efficient cash drawer can do for your store.
The most obvious advantage of a cash drawer is cash collection. Yes, most customers prefer credit payments but cash payments are common as well. Having a cash drawer means that the store employee can collect payment, make change, and tally the day’s collections correctly.
To simplify the process, manufacturers also provide modified inserts that have spaces for different cash denominations, coins, etc. This makes it easier for the store employee to provide change and tally cash.
With so much cash passing over the counter in a day, it is tempting to pocket a few bills but cash drawers prevent that completely. The drawer connects to the POS system and it opens only when a sale is billed.
This means that the system automatically counts what cash is provided and then deducts change and keeps track of whatever is in the drawer at any given time. It encourages staff honesty and proactively discourages theft.
During the day, cash is deposited into the drawer with every sale. Most stores collect the cash, tally the payment with the POS system and then transfer the cash to a safe when the store closes. However, this means that the cash drawer is open all day. To prevent theft, the drawer is locked with a manual lock.
This lock cannot be disengaged even if the POS system is bypassed in an attempt to rob the store. For additional security cash cassettes are also available. These cassettes can be sealed and locked and transferred completely to the store safe. Vendors like Shopify provide a huge range of inserts, cassettes and cash drawer varieties to ensure security and safety.
For stores that deal with credit payments, a cash drawer is still useful. It provides a handy receptacle for collecting credit card receipts, missed coupons, loyalty program invitations, cards, etc. The cash drawer inserts can be used to catalog the paperwork and prevent loss of documentation.
Most modern day cash drawers are completely wired into the store POS system. Good systems can provide a tally of how much cash should be in the drawer. The system can also notify you when incorrect change is given and if the drawer becomes full, an automatic notification pops up on the computer. Real time cash inventory along with specific denomination counts are also possible.
To facilitate cash collection, manufacturers make several different styles and models. For example, almost all cash drawers work with wireless and traditional POS systems. They can also work with smartphone and tablet-based billing systems.
For larger stores, the cash drawer can be single-tier or two-tiered. They can be placed on the billing counter or underneath and still work as effectively. Traditionalists can choose manual billing drawers, as well, to complete sales.
As a storeowner, it is a good idea to err on the side of safety and invest in a good quality, secure cash drawer, states FPS-freepossoftware. Remember, your employees will be collecting cash all day and it is necessary to store the cash in a secure place until it is transferred to the bank, says Infobarrel. Cash drawers may be simple but they are necessary until people convert entirely to credit payments.
Even in this complete credit payment environment, a cash drawer will be necessary to store credit card receipts, coupons, customer loyalty program cards and forms, etc. Just consider the cash drawer as a be-all-end-all receptacle for all the paperwork that passes over the billing counter.
At the end of the day, it also ensures that you do not have to go digging here and there searching for essential paperwork. It will be in the cash drawer.