Cash management is still one of the biggest challenges retailers face even with today’s advanced POS terminals. Between counting cash repeatedly, reconciling cash drawer amounts, and transporting bills and coins to the bank, a lot of time and money is spent on managing the process. In a recent conversation with a Tier 1 retailer, we learned that they count/handle cash up to 22 times from the time of receipt to the time of deposit.
As we have discussed in the past, trusted advisors focus on solving problems and don’t necessarily sell products. The sale becomes the by-product of solving the problem. POS VARs who help their customers alleviate these cash management challenges can also help themselves in the long term by becoming a trusted advisor. VARs who can build, integrate, and install automated cash management solutions for their customers will be rewarded by helping reduce cash-handling costs. Focusing on the benefits of cash management solutions as opposed to focusing on selling hardware, will expand revenuegenerating capacity and reduce the risk of pushing customers into the arms of a competitor.