Cash management and security are two of the biggest challenges cannabis dispensaries face daily. A traditional safe offers very little in the way of automated cash management and accountability other than being a repository where the money is stored.
This is why many cannabis dispensaries across the country are turning to smart safes to help improve security, save time, and add several layers of accountability.
While the laws (and credit card companies) are loosening up a bit, many cannabis businesses are still running a “cash only” system—which leaves them exposed to risk and looking for a better solution.
The Value of a Smart Safe
Smart safes, such as the CashWizard from AMSEC, help improve overall security as well as saving both time and money. In addition to counting and securely storing money, they can also perform instant counterfeit checks at the register—which have a much more accurate detection rate than the traditional counterfeit pen. Here are a few other ways a smart safe can add value to your cannabis dispensary business:
Tracking and Accountability
No matter how good your current cash management plan is—it has one huge fatal flaw. It relies on human beings to accept, count, and accurately report the daily totals. Human error and internal theft are common in businesses that deal heavily in cash.
A smart safe will immediately add several layers of accountability from the second the cashier accepts that $10 bill to the minute it is safely deposited into your bank. Your employees and store managers will be given a unique ID that allows them to interact with the safe using customer permission levels that you can set remotely.
Whenever money is fed into the smart safe or the door is opened, an audit trail is created that provides you with a reviewable record of every single transaction and interaction that authorized users have with the safe. You’ll be able to quickly backtrack and see who did what in the event of a discrepancy.
A smart safe will also reduce the time needed for cash counts. This means fewer hands are touching cash and fewer chances for human error or internal theft.
This also helps eliminate the awkward conversations that often occur when a cashier’s drawer comes up short at the end of their shift. Employee morale is also increased as that burden is taken off their shoulders and frees them up to focus on providing excellent customer service.
The cashier can also immediately deposit the cash into the smart safe at the point of sale. This helps prevent money from piling up in the till and acts as a deterrent to internal theft as each employee knows that every single transaction can be directly traced back to them.
Remote Access & Reporting
The AMSEC CashWizard smart safe connects to the internet and provides cannabis dispensary owners with remote online access to critical analytics, data, and reporting through a highly secure cloud portal. You can view this information from the AMSEC Cloud portal via your desktop, mobile phone or tablet.
You’ll get complete control and visibility over all critical business information such as daily cash volumes, deposit tracking, user permissions, and daily deposits. This will allow you to establish better cash management procedures and processes which will help eliminate human error and increase overall cash security.
The average business counts and recounts a single dollar anywhere from four to six times before it’s deposited into their bank account. A smart safe will automatically count the cash and dramatically reduce the number of hands that touch your money—this helps eliminate human error and internal theft.
If you own several cannabis dispensaries, you can save time by remotely logging into the secure cloud portal to view important business information in real-time from your fleet of smart safes. No matter where you are, or the time of day, you’ll gain peace of mind knowing you can instantly log into the portal to run reports and view critical business data.
Smart Safe for Your Dispensary
A smart safe provides a wealth of benefits over a traditional safe. In addition to the strong physical security features such as a dead-latch locking mechanism backed up by strong anti-pry doors, the CashWizard Smart Safe by AMSEC can streamline your cash management practices, increase efficiencies, and ultimately save your business money. Contact us today to schedule a demo.