Cash Management Goes Home
Bank of America is piloting an in-store cash management hardware device for retailers that counts and secures bank notes and communicates the information directly to the bank, allowing funds to be credited in accounts. Just like with credit cards, where all transactions get credited almost instantaneously to the merchant’s account, this is a patent-pending in-store system which consists of a cash-handling device located in the client’s back office that accepts, counts and secures cash. The device communicates directly with Bank of America, so funds can be credited to the retailer’s deposit accounts, even while the currency is still in store locations. The system also provides CFOs and treasurers with a comprehensive, real-time view of receipts across all payment types – including cash, cheque and card transactions – in multiple physical locations and geographies. The device is currently being trialled by US based restaurant chain Chick-fil-A, which is using the hardware in select store locations. Chick-fil-A says the system will improve employee safety and reduces the amount of time staff spend handling cash. More from Finextra.