retailers: are smart safes a bright idea?
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Retailers: Are Smart Safes a Bright Idea?. Introductions. Tim Smith Corporate Controller Binny’s Beverage Depot. William Burback Vice President Global Treasury Management U.S. Bank. James Poteet Senior Vice President Business Solutions Brink’s U.S. Binny’s Beverage Depot. - PowerPoint PPT PresentationTRANSCRIPT
Retailers: Are Smart Safes a Bright Idea?
Introductions
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William BurbackVice President
Global Treasury ManagementU.S. Bank
James Poteet Senior Vice President
Business Solutions Brink’s U.S.
Tim SmithCorporate Controller
Binny’s Beverage Depot
Binny’s Beverage Depot
• Upscale wine and liquor store with selection of 50,000+ items
• 28 locations throughout Chicago area
• 800 employees• 2011 revenue of $250
million
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Binny’s Pre-Smart Safe Process
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Reduce Cash Supply Chain Costs
Source: Brink’s proprietary customer research5
Binny’s Desired Outcomes
• Get manager back to managing the business• Eliminate the risk of multiple cash touch points• Improve employee safety and enhance overall
risk management • Improve information visibility & quicker cashier
balancing• Improve banking relationships through
efficiency
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Measurement Against Desired Outcomes
Objective AchievedManager focus on core business
Improve in-store efficiency through elimination of multiple cash touch points and quicker cashier balancingImprove safety and risk
Information visibility
Improved efficiencies in the supply chain
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Market Solutions Available to Address the Funds Timing Gap
• Remote Deposit Capture (RDC)• On-Site Electronic Deposit – enables customers to deposit checks
electronically from the convenience of their office using a PC and a desktop scanner
• Checks may be processed as an image check deposit or converted to ACH
• Customers are able to make deposits as soon as they are received, eliminating desk float and the need to transport checks to the bank
• ACH processing allows customers to further maximize funds availability
• Remote Currency Capture (RCC)• Remote Cash Deposit – Armored car smart safe solution with daily
credit to bank• Cash deposits are electronically posted to the bank on a daily basis,
resulting in better availability of collected funds• Faster availability of cash deposits makes reconciling more efficient
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How Does Daily Credit Work With a Smart Safe Solution?
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Added Benefit to Binny’s
• Better availability for validated cash and imaged checks
• More efficient/timely corporate reconciliation process
• Better deposit tracking enabling proactive funds monitoring
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Why Do Customers Use a Smart Safe?
Key Areas of Focus Benefits
Reduce store/corporate labor costs • Deposit cash as soon as the customer pays
• Track deposits from the store to the bank
• Save labor daily hours associated with counting cash
Reduce operating and administrative costs • Automate bank account reconciliation• Quicker identification of issues
Reduce internal/external theft • No access to safe contents• Dual control required for removal• Guarantee for cash in cassettes• Quicker balancing and reconciliation
Reduce employee turnover • Eliminate risk of taking deposits to the bank
• Employees spend more time with customers
• Automated cash handling processImprove store performance • Automated oversight & control
• Frees manager to focus on core business activities
Questions and Answers