For many businesses operating in a cash-intensive model, onsite ATMs are crucial for customer convenience. However, when incorrectly managed, this convenience can become a hindrance and a point of frustration for those needing to make a withdrawal for purchasing purposes. If you’re still guessing currency inventory levels or utilizing inexperienced staff to manage, here are three key ways your business can improve its ATM cash management.
OPTIMIZE CASH INVENTORY
Inaccurate inventory management can mean cash shortages and outages, especially during peak operating hours for your business. Instead of guessing how much cash your ATMs will need, business should be analyzing data to optimize its currency inventory levels. Overstocking ATMs can also mean your assets are unnecessarily tied up in your machines instead of being used elsewhere.
TRANSPARENT TRANSPORTATION & AUDITING PROCEDURES
Self management of ATM cash often means employees are handling counts and transportation to a business’ vaulting facility and/or financial institution. It is important to implement procedures for accurate reporting of cash and transparency as it relates to where and when it’s being moved.
UTILIZE A TRUSTED THIRD-PARTY PARTNER
While self management may seem like a viable option, that is not the case for those operating in the legalized cannabis industry. The majority of financial institutions that provide dedicated banking programs for these businesses require ATMs be provided and managed by a trusted partner, as operator-managed ATMs present an AML/BSA potential risk. Not only that, but management should also consider that errors are more likely to occur and, more importantly, there is an increase in safety concerns and liability with employee management. This opens your business to unwanted and unnecessary risk.
A third-party partner can help businesses better analyze and optimize their cash inventory levels as well as provide secure cash-in-transit services. This often provides greater transparency into the ATM cash management process, including accurate reporting, tracking of transportation and more timely deposit and processing of funds.
HOW OSS CAN HELP
OSS can provide full-spectrum ATM cash management to cannabis businesses, standard commercial businesses, and any registered client of a financial institution, including:
- Direct sourcing of ATM machines
- Direct sourcing of cash recycling machines
- Unique flexibility in scheduling ATM machine cash fulfillment
- Industry-leading cash-in-transit services that safeguard your staff and funds through discreet cash pickup and transport to any Federal Reserve Bank location or other location specified by your Financial Institution
- Secure, short-term asset vaulting with tracking, transparent accountability, seamless reporting, and convenient on-demand access