There are several ways to optimise the cost of cash in transit services.
Choose the right provider
It is important to choose a reputable and reliable cash in transit provider that offers competitive rates. Look for a provider that has a proven track record and is insured against losses. Additionally, consider the level of security they provide, as this can help reduce the risk of theft and loss.
Don’t be afraid to negotiate rates with your cash in transit provider. You may be able to secure a better rate by agreeing to a longer-term contract or by increasing the frequency of your cash pickups. It is also worth asking about any discounts or promotions that may be available.
Many cash in transit providers collaborate with Fintech cash management solutions that allow for safe storage of cash collections on-site via smart deposit machines. Implementing these solutions can help increase the security and accuracy and reduce the frequency and cost of cash pickups.
Review your cash handling processes
Take a closer look at your current cash handling processes and see if there are any areas where you can reduce the amount of cash you need to transport. For example, you should consider implementing internal controls to ensure that cash is handled and accounted for properly.
Implement security measures
Proper security measures can help prevent cash losses and reduce the risk of theft. Consider implementing measures such as alarms, surveillance cameras, and secure transportation vehicles to reduce the need for additional security personnel. You should also ensure that your cash handling employees are properly trained and follow proper procedures to reduce the risk of errors or losses.