A smart checkout drawer that advises retailers how much cash is and should be in each till at any given moment has been launched by cash management solutions specialist Tellermate.
The smart cash drawer, named T-ice, removes the need for manual cash counting processes, the company says. Available as both a flip top and sliding drawer, T-ice can fit into existing retail furnishings and link up with back office systems to simplify current cash counting processes.
Tellermate adds that T-ice has been developed to give managers tighter controls on incoming cash as well as increased visibility of cash and its movements at any time once it has entered the cashier’s hands. Fraudulent activity will be deterred as having real-time transaction data means that any error is immediately flagged up in the back office.
“Cash is the dominant form of payment within the grocery, retail and quick serve restaurant sectors,” said Tellermate’s group sales director, David Lunn. “We wanted to give our clients a solution to the arduous task of cash management and problems of internal shrinkage.”
The most recent edition of the annual
‘Global Retail Theft Barometer’
issued last November, found that losses in the sector from shrink, which includes shoplifting, employee or supplier fraud and administrative errors, cost retailers around the world more than US$128bn last year, with losses in the US amounting to US$42bn. Norway and Japan accounted for the lowest shrink rates in the study, with the highest rates experienced by retailers in China and Mexico.
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