Closed cash management is a method of dealing with cash which not only addresses store security concerns, but also the efficiency of retail cash processes. So what is it exactly?
The key characteristic of a closed cash management system is that it keeps cash locked away for the entire duration of its lifecycle in a store.
In other words, from the moment a customer pays to the point at which it is collected by cash-in-transit services and taken to a cash-counting centre.
What Makes a Closed Cash Management System 'Closed'?
To create a truly closed system inside a store, the following units are typically combined:
1. A payment station at the checkout for notes and coins which recycles cash as change and stores larger denominations in separate cassettes.
2. A sealed cassette (sometimes ink-protected) which can be removed from the payment station once filled with cash and taken to the back office.
3. A back-office deposit safe into which the cassette is inserted and from where cash-in-transit services securely collect the cash.
A closed system like this ensures that cash is never exposed or handled manually once it has left the customer's hand. As well as the obvious security benefits, other advantages include the elimination of cash differences, automatic reconciliation and the utilisation of staff for jobs other than counting cash.