Cash flow in the cannabis industry is a constant and delicate process — from consumer to retailer, from retailer to processor, from processor to grower, etc. But for every successful transaction, a cautious entrepreneur is also aware of the risks, which can include theft (by customers or employees), the miscounting of cash, or even robbery. To combat these issues, Cannabis Cash Solutions offers improvements and augmentations for cash-handling practices in the cannabis space.
Cash handling goes arm-in-arm with security — so by utilizing the latest “smart vault” and automated cashier technology, Cannabis Cash Solutions helps provide entrepreneurs peace of mind with an honest and simple solution: consistency through automation. The company’s automated cashier service is a cash deposit system that transitions the responsibility of cash handling from budtenders (or other industry employees) to an automatic counting and change-dispensing system, similar to a modern supermarket’s self-checkout lane.
“With so many states becoming legal, there are tons of new consumers and, in many cases, they have a lot of questions. So rather than removing that and making it ‘self-service,’ we’re focusing on taking over just the cash-handling,” Andrew, company founder and CEO, said in a phone interview. “We wanted to offer something that preserves the one-on-one experience that you have with a budtender.”
The automatic cashier has three basic functions:
- Intake cash from customers into a secure deposit vault.
- Accurately calculate and dispense the customer’s required change.
- Provide real-time updates tracking the amount of cash inside the unit.
Each step of this process helps to streamline cash flow in a retail setting, remove employee temptation by automating their cash-handling responsibilities, and reduce the threat of robberies by keeping cash secure and largely inaccessible. The automated cashier also frees up valuable time that would have been spent counting cash and removes the chance of a costly, time-consuming miscount.
At the end of the day, or whenever the deposit vault needs to be emptied or cash needs to be transported, an individual with proper clearance — a store manager or security personnel, for example — can access and remove the deposits via specially designed cartridges.
“From the transport standpoint, they like the idea of just being able to look at a report, see how much money is at a location, go in there, pull some cartridges, know that the count is going to match, and then take it back to their counting room,” Andrew said. “That’s opposed to what they deal with today in pretty much every case, where it’s the store’s responsibility to count all the money, they have to bag all the money, they have to tag all the money, then the transport company picks up the money, takes it back to their counting room, has to recount it, and then — if there is any issue in the count — they have to go in and figure it out.”
Cannabis Cash Solutions also offers deposit-only vault services, which are helpful not only in retail locations but also provide peace-of-mind to growers, delivery drivers, or any other individual involved with the constant flow of cash in the cannabis industry.
All vaults are easily operable, Internet-connected and provide real-time reporting. An API is available so that the systems can be integrated with a dispensary’s point-of-sale software.
To learn more about purchasing or leasing a Cannabis Cash Solutions vault or automated cashier, visit CannabisCashSolutions.com or call (559) 761-0883. Help with installation is available by request.
For a demo of the automated cashier system, see the video below. Alternatively, if you are attending MJBizCon in Las Vegas this November 15-17, stop by for an in-person demo at Booth #3540!
Watch a video demonstration here.