The recent wave of new payment technologies has modernized the way diners pay their tabs. The 3 Common Cash Management Headaches for Restaurants (and how to prevent them)
But one thing is for sure: The old-fashioned way of paying with cash is still going strong. Cash payments make up 35% of all in-person payments, according to Brink’s data. Despite the growing popularity of instant payments, cash won’t be going the way of the dodo anytime soon. An estimated 92% of consumers surveyed had no plans to stop using cash, according to a 2024 report by the Federal Reserve Financial Services’ FedCash® Services. Cash can also be the source of several security and bookkeeping headaches for restaurant owners. Here are the 3 common problems every Restaurant365 customer should know about cash -- and the convenient solution that could spare them from these headaches
1. Internal Theft and Shrinkage
• Whether it’s secured in a hiding spot or left out in the open, cash is vulnerable to crimes of opportunity. Shrinkage is the result of theft, in addition to mismanagement and poor accounting.
• Employees are responsible for upwards of 85% of all restaurant thefts -- equal to 4% of total restaurant sales, according to Brinks data.
• 80% of former restaurant employees admitted to stealing cash at some point during their tenure.
2. Time-consuming Trips to the Bank
• Sending a restaurant employee to the bank to deposit cash leaves them vulnerable to theft.
• Employees have to deposit money during “bankers hours” of 9 am to 5 pm -- the same window of time when the restaurants needs them most– ultimately impacting productivity.
3. Fees, delays, Inaccuracies
• Banks typically charge handling fees for cash deposits, which eat into profits.
• Lag times from when cash is deposited to when It’s available affect cash flow.
• Complicated reconciliation process – checking point-of-sale receipts against cash – can uncover inaccuracies and create delays.
These are all very common and avoidable problems. Which is why BLUBeem by Brink’s® has created a cutting-edge cash management solution for restaurants that conveniently integrates with Restaurant365.
Here’s how it works:
Enhanced Security and Shrinkage
• Employees safely deposit cash in a Brink’s smart safe that’s installed on-site, reducing theft and shrinkage.
• The amount deposited into the safe is paid out to the restaurant’s bank account the next business day -- even before Brink’s armored trucks retrieve the cash at a later date.
• Reduced liability in cash management.
Increased Efficiencies
• Streamlined reconciliation process simplifies a historically complicated process.
• No more double-data entry for restaurant managers. Cash data and deposits are entered into one system, giving restaurant managers the time they need to focus on other aspects of the restaurant.
• Automated cash handling processes offer improved visibility of cash management.
• The BLUbeem portal provides a single pane of glass, real-time cash management insight across all locations.
Next-day Settlements
• Deposits are registered in-store.
• Deposit data is sent directly to Restaurant365’s DSS (decision support system).
• No more trips to the bank mean no more costly bank fees.
• Cash can be used within one business day.
• Restaurant owners don’t have interest-based loans or lines of credit to manage cash flow. Contact us today to discover how your restaurant can simplify cash management and boost security with BLUbeem.
“The integration is ‘set and forget,’”
says Pinar Alptunaer, Partner Marketing Manager of Restaurant365. Thanks to BLUBeem, Restaurant365 users can spend less time worrying about cash more time attending to their business and their customers.
“BLUBeem gives restaurants security throughout the restaurant, from the front of house all the way to the back,” says Alptunaer
Contact us today to discover how your restaurant can simplify cash management and boost security with BLUbeem. Enhanced Security and Shrinkage Increased Efficiencies Next-day Settlements
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