Are businesses wasting millions on inefficient cash management practices? New research from cash management solutions provider Tellermate finds that the average 250-location retailer could be wasting up to $5.9 million annually. The full Cost of Cash study will be released during the NRF Big Show 2017.
The study was conducted in summer 2016 and polled more than 100 loss prevention, operations and finance professionals in industries such as retail, banking, and hospitality and leisure. Key insights include:
- Cash is still a primary method of payment for consumers, with 53% of respondents stating that the majority of their businesses’ takings were in cash;
- More than half (58%) of participants said reducing the cost of processing and managing cash was a strategic priority for the next 12 months; and
- 64% of respondents agreed that cash management technology reduces time spent investigating losses and improves cash loss metrics.
“Despite living in a world of mobile payments, cash management is still a hugely important consideration for global businesses,” said Tellermate Global Director Dave Lunn in a statement. “Not only just because cash continues to be a primary form of payment for consumers; but because poor or inefficient strategies for managing this cash can actually lead to an increased cost to the business.”
NRF attendees can score a copy of the research for free by visiting the Tellermate booth #3876 at NRF. Copies are limited, so reserve yours here.