Advertorial • 26.11.2018

Cash as a driver of innovation

Interview with Frédéric Beuve, Director of Global SMARTtill Technology at APG Cash Drawer

During the Equipmag show in Paris in September, iXtenso had the opportunity to speak with Frédéric Beuve, Director of Global SMARTtill Technology at APG Cash Drawer, about his ongoing projects within Europe and his view into the future of payment solutions. As a born Frenchman with both technical and professional degrees. Mr Beuve has resided in the UK for the past 25 years, and as such, offers a deep pan-European background and understanding of payment systems and cash management.

The retailing media likes to look over the horizon and can lose sight of the fundamentals. Is cash payment one of these?

Don’t take it personally, but ‘yes’! Cash is still the dominant payment method and the use of cash is still widespread in most of the euro zone countries. According to the European Central Bank, in 2016, 79 percent of all transactions were carried out using cash with 80 percent in Germany, 68 percent in France and 87 percent in Spain.The most recent global study from the trade group ‘Currency Research’ indicated that cash in circulation continues to grow by 5 percent annually. The acceleration of growth in cash volume might be declining in some countries, but nonetheless it continues to grow globally. This is where we do sometimes get ahead of ourselves in search of the next trend. Online transactions and contactless payments might be on the rise but cash is not disappearing anytime soon.

Supplier
Logo: APG Cash Drawer

APG Cash Drawer

4 The Drove
BN9 0LA Newhaven
UK
Frédéric Beuve, Director of Global SMARTtill Technology at APG Cash Drawer;...
Frédéric Beuve, Director of Global SMARTtill Technology at APG Cash Drawer
Source: iXtenso/Giese

Cash payments do, however, present specific challenges for both consumers and retailers. What do you offer to mitigate these?

We offer solutions such as the SMARTtill Cash Management Solution, an intelligent cash drawer which counts coins and notes at the time of transaction offering cash visibility at the POS. It enables cashiers to start serving their customers without the need to count their float; reducing the time consumers must wait at the till. Cash is managed more efficiently, ensuring that there is always enough cash and the right denominations in the float to give customers their change.

Intelligent cash handling solutions increases a retailer’s productivity and provides employees confidence that each cash exchange was accurate and therefore to end on a positive note every shift.  They deliver well wishes to colleagues instead of explaining discrepancies in their cash count to managers. The positive experience of each individual shopper is the outcome.  

Customers can also make mistakes as any cashier knows. When a customer challenges a cash exchange, store colleagues can now investigate without the need to count the cash and stop trading at the POS. The cash movement for each transaction can be viewed instantly, transparently and remotely, enabling fast reconciliation and speedy customer service.  This builds trust and loyalty. 

APG also partners with back office and analytic software solution providers who are experts in data reporting, data alerting, cash banking, securing and providing provisional credit - enabling retailers to have instant access to their money and data reconciliation. The SMARTtill Solution does indeed provide most of the benefits of closed cash handling systems without the burden of the checkout modifications, upfront and service costs.

How big of a problem is cash loss?

Retailers are uneasy to report their real cash losses, which is understandable. It is always a bigger figure than what is set in the KPI of a trial, without a doubt. It depends on the size of the business and the percentage of cash transactions.According to the Association of Convenience Stores (ACS), which carried out a survey in the UK in 2017, the total cost of loss in this sector, alone, is £23 million, and £1214 is the cost per staff theft incident. That’s why you can see the spark in our customers’ eyes when you mention that the SMARTtill Solution can reduce up to 90 percent of their cash losses. We’re talking about real money and real pain here for most stores.

Ben Giese from the iXtenso team; copyright: iXtenso/Giese...
Ben Giese from the iXtenso team
Source: iXtenso/Giese

The benefits go beyond cash loss and can also include significant operational savings as well.Intelligent cash handling solutions enable retailers to streamline their cash handling processes, reducing the cost of counting cash by being more proficient and, as a consequence, enables retailers to identify and manage cash losses instantly. What we have found is that our intelligent cash drawer solution combined with “small” intelligent safes at the point of sale do provide further cash loss savings at a fraction of the required investment for “bigger” automated closed loop systems.

The SMARTtill Solution acts as a deterrent factor. It creates a better trusted working environment for users, enables a gain in confidence in handling cash transactions but also provides reassurances to consumers that their cash is handled correctly at the POS. 

Back to that ‘horizon’...  as an industry expert, where do you see payment solutions within the retail sector over the next decade?

In our industry, I suspect that mobility will be disruptive and mobile payment terminals will grow. Which is why we launched our IP SMARTtill Solution at NRF this year. It enables multiple mobile POS and therefore cashiers to accept cash payments at one single payment point while benefiting from the productivity savings associated with not having to count the cash float. Especially in fashion, the division between sales-floor associate and cashier are disappearing, this system allows an associate who actively engages the customer to continue right through to payment by not being tethered to a single, stationary POS somewhere else in the store. 

I expect cash to remain a strong global method of payment; a method that consumers continue to trust and will continue to use. In most cases, I would rather have cash in my pocket than a credit card. Electronic payments are subject to fraud which is a concern whereas cash is real – you can touch and feel the value of money, the best material to make you understand the value of it.

Author: Ben Giese, iXtenso - Magazine for Retailers

related articles:

popular articles:

Thumbnail-Photo: Allgeier’s Retail Solution of the Future
03.01.2019   #video cameras #self-checkout systems

Allgeier’s Retail Solution of the Future

The IoT BoxX - a pop-up store fully integrated into SAP

Like hardly any other industry, the retail sector is being exposed to the challenges of technological change. On the one hand, important market shares were lost to online trading, and on the other hand, the online stores are now blazing their trail ...

Thumbnail-Photo: Social commerce 2.0: artificial intelligence detects purchase intention...
18.04.2019   #e-commerce #sustainability

Social commerce 2.0: artificial intelligence detects purchase intention

Choosy analyzes fashion trends on Instagram – and redesigns them

The fashion world moves at lightning speed – and more than ever thanks to the rise of social media. In the past, key trends emerged off the runways twice a year during fashion weeks. Now Instagram et al. set the tone daily thanks to feeds of ...

Thumbnail-Photo: 3D shop and customer analysis with artificial intelligence...
04.02.2019   #customer analysis #Trade fair special EuroCIS 2019

3D shop and customer analysis with artificial intelligence

Product innovation at EuroCIS: Intenta S1000 people counter

Intenta presents the new Intenta S1000 people counter at this year’s EuroCIS – a new 3D vision sensor for fully automatic intelligent scene interpretations. This retail specialist tracks precise data for customer statistics thus giving ...

Thumbnail-Photo: Toshiba: artificial intelligence for frictionless shopping...
21.02.2019   #self-checkout systems #Trade fair special EuroCIS 2019

Toshiba: artificial intelligence for frictionless shopping

AI, edge computing and smart shelf technology at the EuroCIS 2019

Thumbnail-Photo: Plantorama grows
04.04.2019   #brick and mortar retail #electronic shelf labels (ESL)

Plantorama grows

And so does the customer experience

The largest garden and animal center chain in Denmark invests in a new and large inspiring garden center in the city Egå near Aarhus.  An extra effort is made for the customer experience with initiatives such as a coffee shop, a ...

Thumbnail-Photo: Integration to provide more options
04.04.2019   #online trading #e-commerce

Integration to provide more options

real.de and ROQQIO

The real online marketplace is now also open to retailers working with the ROQQIO Commerce Solutions cloud solution. Thanks to the integration of the ROQQIO Commerce Cloud (previously known as eFulfilment), real is offering retailers two new ways of ...

Thumbnail-Photo: Store Transformation drives Self-Service Technology...
08.01.2019   #Trade fair special EuroCIS 2019

Store Transformation drives Self-Service Technology

Self-Checkout Solutions at EuroCIS 2019

The annual “Global EPOS and Self-Checkout” report care of London-based market research and consulting firm RBR shows what is happening around the globe at self-service checkouts. According to the report, retailers worldwide ...

Thumbnail-Photo: Secure networking for 8,800 locations
09.04.2019   #security #software developement

Secure networking for 8,800 locations

LANCOM and ecotel to build one of the largest SD-WANs in Europe

The German network infrastructure supplier LANCOM Systems and the Düsseldorf-based ICT company ecotel have concluded a far-reaching cooperation agreement to build one of the largest WAN projects featuring software-defined networking (SDN) in ...

Thumbnail-Photo: Worry-free legal compliance: tips for newcomers to online retail...
18.02.2019   #online trading #e-commerce

Worry-free legal compliance: tips for newcomers to online retail

Interview with Johannes Drijkoningen, Händlerbund e.V. (German online trade association)

It is imperative for all online retailers to be legally compliant. We talked to Johannes Drijkoningen, Association Advisor at the Händlerbund e.V. about support, relevant information and unfounded fear of digitization. ...

Thumbnail-Photo: Self-service sells
08.02.2019   #touch screens #kiosk terminals

Self-service sells

Kiosks represent an important part of retail’s future

Self-service is growing exponentially in all areas of retail, hotels, restaurants, healthcare and banking environments. Customers increasingly expect self-service technology options and traditional brick-and-mortar stores are no exception. Retailers ...

Supplier

MobiMedia AG
MobiMedia AG
Rottpark 24
84347 Pfarrkirchen
APG Cash Drawer
APG Cash Drawer
4 The Drove
BN9 0LA Newhaven
Intenta GmbH
Intenta GmbH
Ahornstraße 55
09112 Chemnitz
ROQQIO Commerce Solutions GmbH
ROQQIO Commerce Solutions GmbH
Harburger Schloßstraße 28
21079 Hamburg
AURES Technologies GmbH
AURES Technologies GmbH
Maisacherstr. 118
82256 Fürstenfeldbruck
Casio Europe GmbH
Casio Europe GmbH
CASIO-Platz 1
22848 Norderstedt
Axis Communications GmbH
Axis Communications GmbH
Adalperostraße 86
85737 Ismaning
EUROEXPO Messe- und Kongress-GmbH
EUROEXPO Messe- und Kongress-GmbH
Joseph-Dollinger-Bogen 9
80807 München
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen