Casino retail operations should consider provisional credit solutions
Cash has always been a primary payment instrument for retailers in the gaming industry, and it will continue to be for years to come.
Managing this cash is both costly to process and to secure. It can require expensive armored services to move it from point ‘A’ to point ‘B’, as well as significant staff resources. Indeed, staff can spend hours counting and balancing cash drawers throughout the day, or reconciling books at the end of a shift.
It is therefore no surprise that gaming enterprises are looking to automate these processes with cash handling solutions from companies like Glory Global Solutions. Automated cash handling can significantly reduce employee stress and improve accuracy, efficiency and security across the complex transaction landscapes of casinos and their retail operations.
In addition to these core benefits, the introduction of automated cash management can open the door to techniques that can generate further benefits.
One model that we’ve seen in the wider retail industry is for businesses to work closely with their banks to introduce technology solutions for remote cash capture. Under this concept, retailers deal with cash through the same automated handling processes, but they are able to receive provisional credit from their bank at the end of the day for cash that remains locked securely on site in their cash recycler.
By effectively eliminating idle cash that is trapped on site, provisional credit allows deposits to be credited to a business’s account sooner, which can provide increased visibility of its overall finances, faster access to funds, and will ultimately have an impact on its bottom line.
Also, as cash can be stored for longer in cash recyclers on site, fewer cash deliveries and pick-ups are needed, meaning that this concept can reduce the risk of theft and the cost of armored carrier service fees.
Given the additional benefits this offers, as more forward-thinking casinos and retailers in the gaming industry move towards automating their cash handling processes, you can bank on them taking advantage of this concept.