New Integration Helps North American Retailers Reduce the Cost of Processing Cash Payments
Atlanta, USA, – March 8, 2019 – Tellermate, a global cash management solutions provider, today announces its partnership with DTS Connex to create an end-to-end cash management solution to help North American retailers optimize its cash-to-bank process, increasing efficiency and eliminating unnecessary CIT costs and bank charges.
The joint solution integrates Tellermate’s intelligent cash counters with the DTS Connex cash management software, allowing retailers to streamline their cash handling processes and offers better visibility of the cash in their stores — from the point of sale, during transit, and all the way to the bank.
Cash accounts for more than 30% of payments across the US, so it’s clear that retailers continue to accept large amounts of cash at the point of sale – a costly and time consuming process. According to data captured by Tellermate from leading retailers across the UK and US, the typical retail location spends more than 2 labor hours per store, per day on simple cash management processes. And with deposit correction fees and unnecessary CIT charges a common occurrence for retailers, it’s easy to see how inefficient cash-to-bank processes are having a huge impact on profits.
The DTS Connex and Tellermate integration will enable retailers to reduce both the operational costs incurred, and the labor hours spent on cash management, by streamlining their entire process.
Starting with Tellermate’s intelligent cash counters, deposits, cash drawers, safe counts or even change order deliveries can be accurately counted in under 60 seconds. Count data is then transmitted directly from the Tellermate cash counter to the DTS Connex cash management software – eliminating manual input errors and saving valuable time. Users can easily create, view and track bank deposits from creation through to bank verification. Change orders can be quickly placed and paid for online, and deliveries can be scheduled and tracked.
For retailers, all this means better oversight and control of the cash in their stores, allowing them to avoid unnecessary bank or CIT charges. Plus, with accurate denominational breakdowns of the cash in cash registers and back office safes; change orders and CIT pickups can be more forecast with greater accuracy — eliminating those expensive emergency CIT pickups or change orders.
After implementing the solution, a leading wireless retailer experienced a 100% accuracy increase in both bank deposits and cash reconciliations, enabling it to save around $10,000 a month from a reduction in bank discrepancy fees.
More than helping to reduce the fees associated with ineffective cash management, this optimized solution is expected to generate significant operational time savings — equating to more than 30 minutes per store, per day. The result is a reduction in labor costs and, more importantly, an increase in the time that employees can spend enhancing the customer experience.
Tellermate’s Commercial Director, Dave Lunn commented:
“The partnership between Tellermate and DTS Connex leverages the knowledge and experience from two of the leading cash management solutions providers in the US to create an exceptionally helpful tool for retailers.”
“By connecting their Tellermate cash counters to DTS Connex, retailers in North America can now benefit from an end-to-end solution for a fraction of the price of more expensive and maintenance-intensive solutions such as recyclers or smart safes.”
Lou Salafia, President of DTS Connex, agrees. “We’re pleased to be working together to help retailers in their quest to drive efficiency and reduce operational costs across their stores. Tellermate’s DTS Connex integration will enable mutual customers to better optimize their cash handling, from the moment the cash enters the store at the point of sale, until it reaches the bank.”
Retailers interested in the Tellermate and DTS Connex solution are invited to contact Tellermate for a personalized demonstration and an overview of the benefits to their business.
For more information on The Tellermate and DTS Connex solution, please visit https://www.tellermate.com/us/dts-connex/
For all media enquiries, please contact:
+44 (0)1633 637 293
Tellermate is a provider of cash management solutions to the retail, grocery, food service and financial industries, deployed across numerous FTSE 350 and Fortune 500 companies. The company is the inventor of count-by-weight technology and the intelligent cash drawer. Its technology processes over $1 billion daily across the globe. UK headquarters are home to the engineering, research & development, product, and executive teams. National offices are located in Atlanta, Paris, Heidelberg, Madrid and Tokyo. Tellermate’s mission is to improve the profitability of our customers by providing next generation end-to-end cash-management solutions, from innovative software to connected cash-counting products.
About DTS Connex
DTS Connex, a registered trademark of International Financial Services, Inc, provides innovative cash management solutions to leading retailers, restaurants, and multi-location businesses in the US and Canada. The DTS Connex service links these businesses to their banks, couriers, and cash management devices to share real-time transaction information across operational platforms.
For more information, visit www.DTSConnex.com.