From brick and mortar stores such as supermarkets, to institutions in healthcare, estate management and more, cash remains a prevalent payment method in Singapore today. As Transport Minister and Monetary Authority of Singapore board member Mr Ong Ye Kung pointed out in 20181, even while we continue to digitalise as a nation, some people will always find cash useful and prefer this payment mode.
For these businesses, the full cycle of cash processing is often manual and time-consuming. From counting the earnings, to queuing at banks to deposit the cash, the process involves several risks of mishandling and human errors. How can Certis help them optimise resources for other duties, such as stock management, merchandising, customer service and more?
For one of the largest food court chains in Singapore, their outlet managers handle more than 12 cashier till points and manage five-figure sums of cash daily. Outlet managers spend 75 hours a month just to collect money from each cashier, manually count the total amount and queue at banks to deposit the cash.
In 2016, Certis CASHPoint was introduced and has significantly reduced the total time taken by over 90%. Today, they only take five hours a month to manage cash, as cashiers can directly deposit their earnings into CASHPoint and CASHPoint will automatically count the takings and credit into their bank corporate accounts.
The automated system also reduces human errors and provides detailed transaction records for clear audit trails. Once deposited into CASHPoint, the liability is transferred to Certis, allowing outlet managers and cashiers to close their stalls with peace of mind.
With time and manpower resources optimised, productivity is maximised and cost-savings increased. Another delighted CASHPoint user says, “CASHPoint enabled us to become more accurate in our cash accounting, which is crucial as we are handling cash from members of the public. Now I can better focus on serving our customers.”
Other businesses also echoed the feedback that stress levels have reduced drastically since the solution has made handling bulks of cash less cumbersome which require timely deposit of their sale earnings.
Certis is a leader in cash management services who delivers end-to-end, bespoke solutions with speed, accuracy and reliability. To date, Certis has successfully deployed over 180 solutions island-wide, and has a wide variety of solutions that will fit each business need. This ranges from front-end solutions that facilitate payment transactions for customers, to backend machines that enable withdrawal of petty cash for operations.
With safety being a priority today, Certis can also implement self-sanitisation solutions that kill up to 99% of germs and viruses on banknotes, ATMs, cashier till points, counter tops and more. Businesses can thus enjoy peace of mind knowing that the end-to-end process of cash management is kept clean, safe and secure for their customers.
Read on to see our full range of cash management solutions here.
1 The Straits Times (21 June 2018) “Singapore to cut use of cash, hopes to go cheque-free by 2050” https://www.straitstimes.com/business/banking/singapore-to-cut-use-of-cash-and-go-cheque-free
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