Any major retailer can relate to the complexity involved in reconciling cash receipts from multiple shifts and tillpoints across several outlets. The operational challenge for most retailers until now has been that this process is slow, cumbersome and costly.

Seizing the opportunity, Nedbank Commercial Banking has introduced 2 market-differentiated solutions that automate your cash deposits and deposit information directly from your line-of-business (LOB) systems. This industry-first innovation significantly improves cash flow and liquidity for companies that have traditionally had to commit substantial resources to processing and reconciling cash deposits.

This routine is made redundant by Nedbank’s CashLink and Cash Maximiser services that simplify, optimise and reduce the cost of handling large volumes of cash.

Digital cash deposits

Both solutions integrate with your LOB software system, providing a seamless and secure cash-deposit transaction that includes the deposit amount, statement reference and date. The fact that these references are generated by your LOB system improves the accuracy and ease with which you can reconcile deposits, effectively enabling you to control the cash deposit information on your bank statement.

In addition to easier transacting, you will have real-time visibility of the cash transactions sent through your LOB system. This visibility has traditionally only been possible by taking on a physical Nedbank cash product – for example, CashVault, or a similar device that provides cash information data, but at an additional cost. Both CashLink and Cash Maximiser create better control over cash-depositing activities in your business.

You also free up resources if you use CashLink or Cash Maximiser. These solutions remove manual intervention to reconcile deposit and statement references if you use them together with integrated bank statement information. In fact, once they’ve been integrated with your LOB system, there is minimal disruption to your operations for training or change management when onboarding new employees or enabling existing staff to deposit cash. In fact, rolling out the system to multiple stores and sites is seamless and easy to execute.

Instant results with Cash Maximiser

Cash Maximiser is the flagship product that offers not only real-time cash deposits, but also a boost to your liquidity, as deposits are credited to your account immediately after a transaction has been finalised in your point-of-sale (till) system. This extra liquidity can have a positive impact on your working capital strategies if you use the available cash to lower your debt commitments, and thereby your financing costs. Or it can improve working capital for supplier payments or capital projects. This industry-first innovation is possible because of the integration between your LOB system and Cash Maximiser.

You submit your cash deposits digitally at the end of each shift, or whenever suits you. Your account is then credited immediately with the value of your cash deposits. We then do a count and do a reconciliation once the cash has been received at a cash centre for counting.

Your process for the physical handling of the cash through your cash-in-transit (CIT) provider remains unaffected. If the cash deposit amount differs from the digital deposit, the necessary adjustment will be made on your designated current account using your original deposit information as a reference back to you.

T+1 settlement with CashLink

CashLink differs from Cash Maximiser in that deposits reflect in your account only once the cash has been processed and reconciled against your digital deposit.

This verification-first approach is the only difference between CashLink and Cash Maximiser. Rather than being credited immediately on receipt of the digital deposit, Cash Link deposits typically reflect the day after the cash has been sent to a cash centre for processing. The 2 main benefits are lower cost in depositing your cash, and visibility and control over your cash deposits.

Special considerations

Your cash deposit process remains largely unchanged despite the digital integration, although CashLink and Cash Maximiser do require you to comply with some special conditions.

Obviously, the services require integration between your systems and ours. You will also need a 5-day collection arrangement with a Nedbank-approved CIT provider and your own on-site, cross-pavement and in-transit insurance for the cash. You will also need to ensure a dual count on cash before sending it for processing at the cash centre, and that every branch or outlet has a printer and computer linked to your LOB till system to print a deposit slip.

Lastly, be sure to make use of Nedbank Cash Online-branded stop-loss bags available through Nedbank’s approved CIT operators.

Speak to your business banker or ask for a call back from one of our consultants, who will be happy to answer your questions.