Using debit and credit cards, as well as making online banking transactions, is simple; so, it would seem that cash transactions would be on the decline. It would be logical and, as the Federal Reserve reports, wrong. The fact is that cash circulation is up in every single country in the world except two. So, unless you live in Norway or Sweden, it’s actually more likely than ever that people are using cash.
This is true whether people are going to the grocery store or buying a car. Yes, there are people who pay cash for cars, and so long as there are consumer web sites telling people that this is the best way to do so, we can only expect cash payments to increase. While auto dealers much prefer their customers to finance their cars, many times offering great deals to get people to finance through them, consumers are realizing they can secure a good deal for a car and pay with cash anyway. Furthermore, automotive dealers have multiple income streams. Many make their money selling parts, accessories, and services, many of which are paid for in cash.
In other words, cash isn’t going anywhere anytime soon. And if someone is going to pay for something like a car in cash, you can rest assured that higher denomination bills will be involved. With this dynamic in mind, automotive dealerships need to keep a keen eye out for counterfeit notes being passed to them. To mitigate this risk, smart safes have proven to be a great investment.
The smart safe’s integrated bill validator does all the work of ensuring the deposited bills are authentic. Smart safes also help cut down on counting and reconciling cash deposits while reducing worry over employee and customer theft. They allow for cash tracking, have extensive reporting capability, and offer a wide choice of connectivity options. So, any business dealing with reasonably large amounts of cash should invest in a smart safe to help automate and secure their cash business.
Automotive dealerships with multiple stores throughout a region may likely have multiple banking relationships, simply due to the geographic dispersity of their stores. Such arrangement can lead to higher banking fees for the dealership. With smart safes, since all transactions are recorded and accessible online, they can help a dealership consolidate their banking relationships from many to one, which can have a measurable impact on their banking fees.
Smart safes provide the technology needed to help businesses reduce costs, redeploy labor, and have greater visibility to their cash transactions. In addition to the technological features they provide, smart safes can also facilitate the availability of provisional credit for cash deposited into the safe before the funds actually reach the bank. Provisional credit has enabled businesses to have much faster access to their working capital, enabling their cash to work for them and not against them.
Many automotive dealers have found Tidel smart safes to be the ideal way to handle their cash business. To learn more about what Tidel can do to keep your cash safe while increasing its availability to your business, visit us at https://www.tidel.com today!