The electronics retailer Gravis is drawing a clear line for now: The approximately 40 branches of the German retail chain will no longer accept cash. This has surprised many, as coins and bills are still popular in Germany. Most retailers have not yet faced the question of for or against cash. What concerns them more is: How can the costly cash handling be optimized?
Cashless - not an option for many
Following Gravis's decision, many speculate whether the cashless era is beginning. Feedback from major German retailers indicates: Most retailers around the Rewe Group, Aldi Nord, Netto, or Edeka leave the payment decision to their customers. The trend is not moving away from cash, but towards multiple payment methods. Whether at traditional checkouts or self-checkout systems, retail as a basic provider will continue to accept coins and bills in the future.
However, it is undeniable that retailers should consider more efficient processes in cash management. Currently, complex processes dominate cash handling, time-consuming procurement procedures, and a lack of transparency. This also puts increasing cost pressure on those responsible. Various software solutions are available to counter these challenges. The switch to digital processes can help physical money persist—without unnecessarily burdening the trade.
Security, Transparency, and Efficiency: the triad of digital processes
They all have one thing in common: Digital solutions can optimize the entire cash cycle—from the point of sale through collaboration with cash-intransit companies to the Central Bank. Often, the focus is on the higher security that results as a positive side effect of automated processes. Additionally, media breaks and manual inputs are eliminated, allowing for seamless documentation. Various error sources can thus be minimized through digitization.
Retailers experience a rapid efficiency gain after the introduction of software solutions. Time-consuming procurement procedures give way to simple change orders. The intuitive operation of the applications also helps to utilize resources optimally. With continuous documentation of the cash cycle, the solutions can further create transparency. In real time, all information and liability transitions in the digital product are securely stored, for example, in the ICC platform.
Cash management: Software solutions for retail
ALVARA | Digital Solutions already has a broad portfolio of software solutions for retail. Separately or in combination, they deliver various approaches for improved and more modern cash handling—safe, efficient, and transparent.
The ALVARA Interactive Cash Control Platform (ICC) controls the entire cash cycle between retail, cash-intransit companies (WDL), financial institutions, and the Central Bank. From cash deposit to booking, those responsible can keep track of every liability transition. A real asset: The various ICC modules can be used flexibly by retail as a platform solution or as a mobile version—via ICC App. An example illustrates the advantages: In collaboration with WDL, employees can also use the ICC App for the digital identification of drivers and the digital receipt. Thus, the process gains security and speed.
Through the ALVARA Coin Marketplace, retailers can supply themselves with coins independently of WDL or financial institutions. The goal: If they urgently need change, they can quickly meet their demand through the trading portal. The Coin Marketplace brings together coin surplus and demand. In this cost-effective way, retailers remain flexible at all times. Additionally, it offers simple payment options—prepayment, Giropay, Paypal, or Paydirekt—and shipping options like DHL, courier, or self-collection. Another special feature: Retailers can purchase not only rolled but also loose coins.
Cash recyclers are an absolute must for retail. Especially when retailers want to rely on automated processes in cash handling, they are a necessity. The full benefit of the solution unfolds only with integration into a POS software. With the POS Connector from ALVARA, retailers create this connection: The middleware for front office cash recycler management can be installed locally on the POS software. This ensures reliable communication between both applications. Multiple currencies or languages are also not a problem for the POS Connector.
You can find all solutions for digital cash management in retail at a glance.
Do you want to optimize your cash processes with ALVARA | Digital Solutions? We look forward to you contacting us!