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.
2
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
3
Binny’s Pre-Smart Safe Process
4
Reduce Cash Supply Chain Costs
5
Source: Brink’s proprietary customer research
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
6
Measurement Against Desired Outcomes
Objective
Achieved
Manager focus on core business
Improve in-store efficiency through
elimination of multiple cash touch points and
quicker cashier balancing
Improve safety and risk
Information visibility
Improved efficiencies in the supply chain
7
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
8
How Does Daily Credit Work With a Smart Safe Solution?
9
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
10
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 process
•
•
Improve store performance
•
•
Automated oversight & control
Frees manager to focus on core
business activities
11
Questions and Answers