3 questions to … Hagen Höhl, Glory Global Solutions
One subject that keeps being a hot issue in retail when it comes to cash management is cash register and inventory discrepancies. They result in losses of several billion euros each year. Hagen Höhl, Head of Retail Europe at Glory Global Solutions explains the benefits of automated retail payment solutions.
Mr. Höhl, what are the benefits of retail cash management automation?
”Our experience has shown that cash management automation in retail definitely pays off. The use of a closed, automated cash management system prevents staff from having access to cash in-store or at a branch.
What are the benefits when associates no longer have direct access to cash?
”The error rate for counting out change is reduced and unbalanced accounts and cash discrepancies can be avoided. Associates are relieved of the responsibility for handling the cash register, thus freeing up more time to devote to customer service. Fraud attempts are also preventable since the automated system automatically detects and rejects counterfeit banknotes.“
Which retail area gains the potential for optimization in this case?
”All retail areas are affected by cash register and inventory differences. Thanks to cash management automation, all of the cash logistics processes in retail from payment in the front office via storage and processing in the back office all the way to transportation can be monitored and optimized.“