Tellermate, a global cash-management technology solutions provider launch the latest version of its cloud-based cash management solution, LiveDrawer Manager™, during the Eurocis 2018.
LiveDrawer utilizes Tellermates proven count-by-weight cash counting technology to provide real-time visibility of the cash in the drawer, virtually eliminating cash loss at the point of sale (POS), detering internal theft and significantly reducing operational time spent counting the drawer. All this leads to a significant improvement in any retailers bottom line.
Its a customizable solution that automatically counts and reconciles the physical cash in the drawer against the POS to show any discrepancies caused due to accidental loss or theft. The new LiveDrawer Manager software that supports the drawer gives businesses a detailed picture of their cash by providing 24/7 remote insight into the drawers contents. In fact, not only does it provide a tribunal-proof audit trail, but it delivers an end-to-end cash management solution, that can be tailored to a companys needs, whilst dovetailing with CIT providers to close a major gap in the cash cycle.
Loss Prevention Magazine noted “Intelligent cash solutions, such as Tellermates LiveDrawer solution, are potential game-changers in the retail and restaurant sectors. This type of technology represents a big step towards the goal of end-to-end cash management with minimum human interaction, reducing the opportunity for error or dishonesty, and closing the loop between cash entering the business at point of sale and leaving with CIT.”
LiveDrawer offers retailers, restaurants and any other business that uses cash:
· Reconciliation against the POS to show how much cash is actually inside the drawer – not just what the POS thinks it holds.
· Real-time data and insight, which is available the moment store managers or head office want to see how much cash needs to be lifted or replenished.
· In-depth cashier analysis to help identify lower-performing employees and the stellar ones, too.
· Ability to turn on alerts that show when cashiers give the wrong change, allowing them to correct the mistake immediately.
· Error elimination by exception-based reporting to mobile devices, instantly highlighting overages/shortages so they can be corrected on the spot.
· Count-by-weight technology that automatically counts the drawers contents. This eliminates the need for manual reconciliation, especially at shift changeovers or end of day – saving valuable time and reducing labor costs.
Tellermate CEO, Paul Parrish commented: “For Loss Prevention and Operations professionals alike LiveDrawer offers real-time visibility of a business cash down to the very last penny. The new LiveDrawer Manager cloud software offers a powerful dashboard and reporting system that can be used to identify and monitor trends such as; problem stores, cash replenishment optimization, cashiers with the highest levels of loss, and even when and where cash loss is most likely to occur. All this means businesses get better visibility of their cash, reduced shrink, and a more efficient operation."
After a major European retailer implemented a LiveDrawer and smart safe combination across its stores, it experienced a 32% reduction in the time spent counting and managing its cash. LiveDrawer allowed the business to do away with redundant manual processes, such as counting cash and the dual-count process, which resulted in time savings and a reallocation of duties. Cash loss at the POS was also eliminated.