To combat forged banknotes and loss of internal stock while prioritising customer service, Heart of England Co-op sought to invest in technology that would ensure their processes were as efficient and cost-effective as possible.
As a result, the group partnered with Volumatic for a solution to increase their cash handling efficiency and reduce the number of forged notes coming through the business, and a system that would support both their colleagues and customers.
Volumatic recommended their all-in-one CounterCache intelligent (CCi) solution which validates, counts and securely stores banknotes. The group also invested in Volumatic’s steel floor mounts to house their CCi devices at POS, adding an additional level of security.
Realising this solution could do everything they wanted, they rolled out the CCi, plus its powerful CashView Enterprise reporting software to all of their 38 stores across the Midlands, and it has made a significant impact on the business.
Combating forged notes
Like all retailers, Heart of England Co-op was concerned about forged notes entering the business and with the CCi’s capabilities as a banknote checker, it is now possible for them to accurately check every note and eliminate forgeries.
The CCi has passed the Bank of England’s Framework Test for banknote machines, which means it will reject all known forgeries in current circulation. Consequently, with the Volumatic CCi solution in place, Heart of England Co-op has seen the benefit of fully validated notes and a dramatic reduction in forgeries since the rollout.
No more manual till counts
The CCi significantly reduces manual counting and allows for cash to be counted, bundled and banked with minimum fuss and less errors, saving Heart of England Co-op store managers on average 3.2 hours per store per week.
Till shortages have been minimised thanks to thorough validation and full audit trails, and real-time reporting provided by its CashView Enterprise software. This allows stores to set up quickly every morning and also supports a faster close-down, helping ensure colleagues can leave on time.
Reduction in shrinkage
A huge reduction in shrinkage has also been detected as the CCi is essentially a one-touch solution. This means employees only touch the cash once at POS, meaning temptation is minimised and till snatches are also a thing of the past. Colleagues can focus on providing dedicated customer service, confident that banknotes are in safe hands with the CCi.
“The CCi is now embedded into all our Heart of England stores. It looks neat, works effectively, cuts down our cash handling times and allows us to put that time to better use,” said Beverley Cartwright, Head of Internal Audit at Heart of England Co-op.
“We no longer suffer from criminals trying to pass forged notes to our cashiers. It also gives us greater control over our cash holding without the need to visit stores or disrupt store colleagues away from their day job.
“I would recommend Volumatic to other businesses looking to make this important investment.”
Mike Severs, Sales & Marketing Director at Volumatic, added: “We are delighted to work with Heart of England Co-op to offer them a reliable cash handling solution with our CCi solution. They have seen fantastic results since rolling it out to their stores. In today’s difficult retail climate, the CCi really makes Heart of England Co-op more efficient, more secure and saves them money.”