While electronic transactions are taking over the retail sector, there is no denying the fact that the exchange of physical currency still accounts for a big chunk of settlements at retail stores. Cash transactions don’t get affected by poor network connections, malfunctioning devices, worn-down cards, and so on.
If you are a retail store owner, then ensuring smooth cash transactions is surely on your priority list. Organized cash storage and management help keep the queue moving at a steady pace and cash registers tallied up.
And one of the biggest facilitators of cash management is the cash drawer. They might seem like a simple enough product at the beginning but choosing the right cash drawer requires the consideration of some critical factors.
The drawer should be compatible with your current retail infrastructure and serve your specific needs. In this article, we’ll walk you through some such parameters that help you get the perfect cash drawer. So let’s get started.
Parameters to consider before buying cash drawers
1. Dimensions and space: Physical objects in a retail store can’t sit just anywhere, especially something as crucial as a cash drawer. Inspect where you want the cash drawer to go and what are the dimensions of that area.
You should try to get a cash drawer that doesn’t need to sit on top of the counter. See if you can get one under the counter while it is still easily accessible. Another thing to keep in mind is that you don’t go for an unnecessarily huge drawer. Not only will it occupy more real estate in your store, it will be equally difficult to keep it organized.
2. Security: Obviously, you are not going to let your hard-earned cash sit unguarded in the store. Even if there’s a person looking after the counter at all times, additional security features in the cash drawer make their job that much easier.
You need to ensure that the drawer is made up of strong-enough material, preferably cold-rolled coil steel. It also helps prevent dents and scratches in the long run. Next important security feature to have is a sensor to detect open drawers. It will ensure your cash is not left unchecked even by mistake. Finally, a good quality lock is non-negotiable for the drawer. Keep note of all these three factors and you’ll have a safe-enough cash drawer.
3. Customizability: Let’s now get inside the cash drawer. It’s going to house all your currency including the coins. Additionally, different currency denominations sometimes vary in size, depending on the country.
So it helps if your cash drawer is customizable and can accommodate differently sized notes. So make sure you are able to adjust compartment sizes when going for a cash drawer.
4. Compatibility: It’s not just hard cash that makes it to the cash drawer. Based on your nature of operations, you might also be accepting cheques, cards, coupons, and more. If you want your cash drawer to be fully compatible with the business, then make sure it also has room for other transactional material.
Good quality cash drawers come with dedicated space for cheques and even slits made specifically for cards and coupons. This allows the cash manager to simply slide in the card without having to open the drawer.
5. Durability: Have you ever faced a cash drawer that has inconsistent movement going in and out or gets stuck every time it’s going in or coming out? If not, then let us assure you that it’s definitely not very pleasant to work with.
Attending customers in itself is a demanding task and you don’t want the cash manager to be dealing with another issue of a faulty drawer. Most satisfactory cash drawers come with some sort of warranty. It’s either for the number of cycles or for a time period.
We guarantee 1 million cycles on our CD-58140 cash drawer. So even if you have a store that stays busy throughout the day, our cash drawer will easily keep up with all your operations.
6. Connectivity: We are living in the age of the internet of things. When every device is connected to each other, it’s natural for you to expect the cash drawer to be connected with your POS as well.
Better cash drawers come with connectivity options. Our CD-58140 cash drawer comes integrated with the RJ12 connector to facilitate smoother operations. If the drawer is connected to the cash register, you can make sure it opens only when someone is billed. Such features add additional security to entire operations and you have one less thing to worry about when managing the store.
7. Cost: Finally, you don’t want the cash drawer to be too heavy on your pocket. While you can find a good enough drawer at optimum budget, there’s no limit on how expensive they can get. And yes, oftentimes the price complements the features, you might not need all of them.
Start by identifying all the features you’d want in your cash drawer and then pick the one that fits in your budget.
Speaking of budget-friendly and reliable cash drawers, our CD-58140 cash drawer is something you might want to look at. It is made with thick gauge cold rolled steel, has wear-resistant plastic rollers, and offers smooth wobble-free motion.
Apart from guaranteeing 1 million cycles, it comes with a three-position lock, open drawer sensor, 5 note trays, and 8 coin trays. Moreover, it perfectly satisfies all the criteria we just discussed. So, if you are looking to get cash drawers for your retail business, feel free to contact us for a great deal on some great products.