We recently surveyed a small representative sample of our customer base, across multiple sectors including retail, grocery, food & hospitality, leisure and finance.
Our objective was to gain some insights into current Irish attitudes towards cash and how businesses are actually handling their cash. Read on for an overview of our key findings...
78% of the customers we surveyed said 50% or more of their weekly inbound payments are currently made in cash. This means that there is still a very high proportion of cash being used for payments across all sectors in Ireland.
Businesses in the areas of Leisure, Gaming and Grocery Retail were the most significant with an average of more than two thirds of all payments still made in cash.
44% of the customers we surveyed have on site ATMs which require ECB approved fitness and verification equipment in order to recycle their banknotes.
Two thirds of the customers we surveyed do not use CIT companies to help them manage their cash. This means that there are often unnecessary, risky and time consuming trips to the bank which could potentially be eliminated through the use of on-site cash recycling equipment.
56% of respondents have never analysed their cash handling processes which means that they don't know if there are improvements that can be made, unnecessary risks that can be eliminated or time and money savings to be had.
59% of respondents believe that there would be a benefit in reviewing their cash handling processes.
Money Point are uniquely placed to help businesses across all sectors to conduct either a top level or a more detailed review of their cash handling processes with a view to improving security, reducing risk and saving time and money.
We also asked our respondents to select the equipment types they currently use in their cash handling process. The top items selected were safes, counterfeit pens, desktop note counters and UV lights.
A whopping 75% of respondents use safes to protect their cash.
Did you know that we have smart safes that can validate, count AND store your cash?
We also recommend that counterfeit pens and UV lights are never used alone to protect your business as certain counterfeiting techniques can fool either or both of these devices.
Read more about this by clicking the links below.
And finally, only 13% of our respondents consider themselves high risk in relation to cash in their business.
Unfortunately, what we usually find is that there are often risks within a business’s cash handling process that have not been identified or addressed because the end to end process has not been examined by someone qualified to do so. A full review of your cash handling processes will tell you exactly how high the risk is in your particular business.
If you would like to book a free consultation, simply click the button below.
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