Cash Cycle Management solutions from Wincor Nixdorf optimize cash handling at retail companies
Wincor Nixdorf presents an end-to-end approach that enables efficient organization and control of the cash cycle and slashes the cost of cash handling in retailing. The solution consists of hardware, software and services. The concept not only provides closed cash cycles at stores, but also integrates the cash center and the chain between retailers and banks. The portfolio’s individual components can be expanded incrementally and used in attended or self-service checkout concepts and at the cash office. A new and intelligent banknote storage concept also enables banknotes accepted at retail stores to be dispensed by automated teller machines, since the same storage media are used in systems in retailing and banking.
The time lost in handling cash in retailing is huge: the payment process at the checkout takes 15 to 25 seconds. Then there is reconciliation of takings in the cash drawer at the cash office, often involving personnel-intensive double checks. Ten to fifteen minutes are needed for every change of checkout attendant. The takings then have to be consolidated manually and stored in a safe. Further work, as well as lack of transparency, is generated by preparing the cash for removal by CiT operators, counting it at the cash center and forwarding it to the central bank.
Added value through automation, transparency and security
Wincor Nixdorf’s Cash Cycle Management solutions automate these processes. Cash handling is automated at the POS by means of intelligent coin and banknote solutions. Cash is removed from the checkout quickly and securely with a mobile, audit-proof drum module. This is then docked onto the cash office system and emptied. The cash is verified and deposited in an audit-proof manner in intelligent storage media that can also be used by the CiT operator to take it away.
This concept offers retail companies two essential benefits. First, costs are reduced significantly, since the need to handle cash manually is eliminated throughout the process chain. Second, maximum security is ensured: closed systems with special security features reduce the risks of robberies to virtually zero and tampering is largely ruled out.
Standardized components for investment protection
The focus in developing this concept was on meeting the requirements of the heterogeneous retail world with its different segments and formats, as well as ensuring that the solutions are user-friendly. It covers different automation scenarios at the checkout, such as cash automation at the conventional POS, self-checkout or mobile shopping solutions. An important aspect in acceptance by customers is an identical look and feel and the same ease of use in the different checkout scenarios. Wincor Nixdorf addresses these requirements by using the same hardware and software technology platform for cash cycle management in all the scenarios. As a result, it protects retailers’ investments by using standardized components that can be freely combined and enables step-by-step automation of cash processes. For example, retailers can start by automating cash processes at the cash office and then integrate the self-service solutions and finally all the POS systems. In this case, cash is removed from all cash points in a closed cycle without employees directly coming into contact with it. If conventional cash drawers are used in the checkout zone, the cash from them can also be disposed of manually at the cash office.
Shortening the cash cycle
In a recent study, Inspiron Consulting ascertained that 75 percent of consumers would like to see bank services, such as cash dispensing, offered at retail establishments. Whether at the automated teller machine or directly at the POS – the cash cycle management solutions portfolio permits a wide range of scenarios. Concepts where cash tendered as payment at the checkout is made available for dispensing after being stored in cash recycling systems have already been implemented.
An end-to-end software architecture and services integrate all cash points
Wincor Nixdorf also offers modular software solutions for controlling, monitoring and system management in the shape of the components of the Cash Cycle Management base. The standards-based software architecture permits integration of all cash points in downstream monitoring and controlling systems. It is flanked by services from Wincor Nixdorf: monitoring and maintenance of systems can be handled by Wincor Nixdorf’s eServices Platform, for example. That gives retail companies maximum transparency – the path taken by cash throughout the process chain, from when it is taken at the checkout to being posted at the bank – can be tracked and monitored at all times. A further option is complete outsourcing of organization and control of cash handling to Wincor Nixdorf.