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Established 10 years
Unit 7 Torc MK
Chippenham Drive
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MK10 0BZ

Tel: 0845 601 6431
Fax: 0845 601 6432
Email: info.currencytech@gi-de.com

CounterCache Intelligent

The Cash Challenge

Cash continues to be the preferred payment for many consumers and its use continues to grow. But how much how much does cash cost the retailer?  Managing physical cash through the retail business and banking system in the UK is the source of high cost and risks, which are particularly highlighted through comparison with Electronic Funds Transfer at Point of Sale (EFTPOS).

Currency Tech approached a typical forecourt business, Parkfoot in Kent, with a proposal to secure their cash in-store while at the same time reducing their associated cash handling costs. This case study describes how CounterCache Intelligent (CCi) was able to achieve the desired results.

 Process Improvement

Reducing the number of manual cash handling occasions will reduce the associated labour costs, and opportunities for in-store cash losses.  The CCI, third generation remote cash capture equipment is cheap, clever and brings technology to the mass retail market. CCi positioned at the point sale allows each note tendered to be placed immediately on receipt into the CCI to validate the denomination and check for forgery. Once checked by the Bank of England benchmarked validator the note is plunged into a secure, tamper-evident pouch. The note is not physically touched again until it reaches the vault (external cash centre).

The net result is simpler cash processes, a dramatic reduction in total cash handling costs, and potential savings and value for all parties in the total cash process.

CCI Solution

CounterCache intelligent™ operates as a low-cost standalone unit at point of sale which scans bank notes, recognizes their value, checks for forgery and stores them in a tamper evident, sealed Cash Pouch™, accepted by all the major cash-in-transit companies.

 

CounterCache intelligent™ is networked to push data 24/7 about every transaction, event (door opening, maintenance required etc.) creating a continuous flow of information which can be integrated with the EPOS or a Business Intelligence solution. Each Cash Pouch™ can carry up to 400 notes at an average value of £17 per note that means a till point can securely trade to the value of c£6800.00.

CCI delivers improvements for Parkfoot by

 

  • Notes are verified at Point of Sale, secured in tamper evident bar coded pouches and dropped into a Class111 safe ready for Cash-in-Transit collection.
  • EPOS links with CCi to require verified deposit of tendered notes to stop "sweet hearting"
  • CCI at point of sale are fully networked
  • Float reconciliation uses note deposit data, credit/debit card data and voucher data, to enable instant audit by cashier by shift and by day
  • Counting, validating and deposit preparation costs are reduced in-store
  • The CCi equipment is well liked by staff as being reliable, easy to operate and effective.

 

David Charman Parkfoot MD says the CounterCache intelligent™ with the Cash Pouch™ is a good investment, delivering a capital return in less than 12 months, and provides confidence to all users both at point of sale and in the cash office.

 

 

 

 
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