What is a smart safe and why dispensary owners need one
Smart safes are the new bet in the cash management business. They are revolutionizing the industry by adding amazing new features that many dispensary owners will find useful.
In order to streamline the cash management process, smart safes were designed to ensure the creation of a secure environment for increased safety. They are programmed to automatically accept, validate, record and store notes behind the safe vault door.
What makes a smart safe so innovative is that it offers the ability to both monitor and control a cash management system with ease.
The components of a smart safe:
Since smart safes are meant to satisfy the need for increased security amidst the ever-modernizing digital era, there are a few key elements that it has which regular safes lack.
A smart safe comes with a user interface, which is particularly useful in order to handle general cash-related activities in a way that is both fast and efficient. Safe operations can be viewed at any time and at any place simply by networking the solution.
Additionally, smart safes have a bill validator, which can be considered the very engine of the safe. The bill validator comes with special performing features like accepting cash in a matter of seconds, validating the legitimacy of inserted bills and moving the bills to cassettes for storage purposes.
The controller in a smart safe fulfills the need of electronic responsibility for tying together the user interface, the validator, as well as every other electric peripherals. It is a vital component for data protection and integrity for all cash that can be processed by a safe, such as usernames and passwords.
Why dispensary owners could benefit from using a smart safe:
Since smart safes are the latest and most modern device in the safe market, people who own medical or recreational marijuana dispensaries would be the ideal candidate for putting the safe to good measure.
The structure and technological combinations that make a smart safe so appealing in terms of security could be used for a dispensary owner to process requests and purchases more quickly and at a more efficient rate.
Reports suggest that 40% of all medical and recreational marijuana dispensary initiatives are destined to fail. This is due partly to the fact that one of the recurrent factors behind common dispensary business failure is poor inventory trafficking. Similarly, poor cash reporting procedures can complicate things severely for dispensary owners.
A smart safe could be potentially helpful in solving those issues early on, therefore owning a smart safe, or even a number of smart safes, might give you the upper hand in the game and bring the technological advantage that most dispensary enterprises lack.
If you are the owner of a cannabis dispensary, then you should consider purchasing a smart safe. One of the most affordable and comfortable options in the smart safe market is Tidel. It offers modern technology to help increase your profits with every one of the factors we listed above.
The cash management system designed by the Tidel Series of smart safes is meant for organizations in need of a reliable, auditable and secure medium to deposit their cash.
Specifically, the Series 3 of Tidel smart safes are targeted towards low to moderate cash volume organizations requiring an automated system, which can help them reduce risk and improve operational efficiencies in areas that require it.
A cannabis dispensary owner will benefit from the features which are offered by a Tidel Series 3 Smart Safe:
- A 7-inch color screen, which provides superior usability in menu navigation as well as in system operations
- Support for one single or bulk note validator and one 1,200 note cassette
- Main CPU board and power supply located under the console, which enables enhanced serviceability
- Removable note validator head, which enables the clearing of note jams without the necessity for a service call
- Network connectivity, which enables remote access to advanced reporting functions
A dispensary owner, just like every businessperson who decides to implement a smart safe, could find several additional benefits in its use. Some of them can be categorized as follows:
Benefits by operations
Since the smart safe will be addressing many of the manual tasks previously appointed to the manager, they can now stay in the store and manage; non-productive manager time will end up being reduced. The manager can now focus on value added activities such as:
- The supervision and training of employees
- Customer service
- Inventory management
- Vendor management
- Merchandise shrinkage management
- Executing corporate level programs
- Reduction of internal cash losses –
- Reduction of manager and cashier time required for investigations, since discrepancies should be reduced
- Costs to replace and train cashiers and/or managers terminated strictly due to cash discrepancies should be significantly reduced
- Compensation for managers to drive to the bank is eliminated
- The cost of business insurance required if the manager drives his car to the bank is eliminated
- A reduction in pickup frequencies may be possible, resulting in reduced CIT costs
- Supply costs may be reduced for tamper evident bags and envelopes
- Safety for store employees and customers is improved by reducing exposure to robbery
Benefits associated with treasury
- Banking costs may end up being reduced due to less frequent deposits, lessening or eliminating sweep fees
- Store reconciliation costs should be significantly reduced. The reconciliation staff should see fewer discrepancies between the POS cash sales and the deposit amount.
- Since the deposit amount is typically guaranteed by the CIT company, discrepancies will be greatly reduced
- Potential reduction of cash exposed in tills, which will therefore reduce robbery losses at the till
- Cash losses will be reduced by improved accountability of every cashier on every shift. Internal and external theft will also be reduced
- The manager will no longer have access to the deposit except in dual custody with the CIT company. Also, the manager will not have to take the cash to the bank anymore. Thus, robbery and internal theft losses should be greatly reduced
- Loss Prevention travel expenses will be reduced along with the reduction in incidents requiring investigation
- With the increased availability of the manager to manage vendors and inventory, non-cash losses will also be potentially reduced
- Store personnel safety will be improved as noted above
If a dispensary owner makes the decision to deploy a smart safe, they will come to know several benefits from this choice:
Smart Safes are offered in various shapes and sizes and deliver a wide variety of features. Since cannabis dispensaries are a relatively new business in the market, it is only logical and desirable that it should be accompanied by the latest vending and safety technology there is.
Smart safes are a fantastic business investment as well as a possibility in making sure a cannabis dispensary improves safety and efficiency in its service.