Even with the increased use of plastic thanks to the explosion of iPad POS onto the retail scene, many people still like to use cash for smaller purchases. Cash means cash drawers; there is no getting away from them, but a cash drawer is just a cash drawer right? Wrong! Making sure that you choose the right one is vital to your business and here is why.
1. Cash drawers take up space, and we aren’t just talking about the physical placement of the drawer itself. Remember to factor in the distance of ejection or you may find yourself trapped between an open drawer and a wall! A key benefit of iPad Point of Sale is that instead of bulky cash registers you can undertake the transaction on the iPad, meaning cash drawers can be situated out of the way.
2. Consider how much use your cash drawer will get as this may indicate which variety is right for your business needs.
Expecting light to medium traffic? Then consider a standard-duty model. They normally come with a warranty of around two years, and use a reliable roller-wheel suspension mechanism. This is tested to approximately 1 million electronic transactions or 300’000 manual ones, meaning that it should be an economical investment for a small to medium business.
If you are hoping – and let’s face it who isn’t? – for your cash drawer to be in action for the best part of each working day, then you may want to invest in a heavy duty variety. With extended warranties and sturdy steel ball-bearing slide mechanism, they can tough out constant use. Plus they are designed to see out millions of transactions, so as long as the dollars are rolling in your cash drawer will keep rolling out.
3. How much drawer space do you need? Make sure that the variety that you choose has enough space for all the bills, receipts and coins that you expect to take – and then some! If your drawer is too small you will be forced to cash up more often, increasing the risk of errors and possibly security breaches. Some cash drawers come with adjustable compartments, removable coin trays and bill hold downs. Other basic versions may have these as optional add-ons.
4. Ensure your drawers are compatible with your POS system. Unfortunately, one size does not fit all and you may need to carefully research whether your Point of Sale system works with your preferred choice of cash drawer.
5. Consider how your POS system treats cashless transactions. Some will automatically open the drawer for any sale regardless of the payment method. Others keep the drawer closed, but have integrated media slots which allow you to insert credit card receipts, gift cards and checks. This type poses a much lower security risk and is a good choice if your POS lets you keep the drawer closed.
6. Drawer security will vary depending on variety, design and cost, and ranges from simple manual drawer locks to sophisticated hidden locking compartments. Security is paramount to any business, but it does come at a price and you can expect the cost to reflect the level of protection you want to achieve. The bulkier and heavier your cash drawer is the harder it will be to breach too!
7. You will have to part with your own hard earned money to make the purchase. With cash drawers starting at a financially friendly $100 and ranging upwards to nearer the $500 mark, you may have to consider your budget flexibility to make a selection that is right for your POS.
Whatever Point of Sale system you use there is a cash drawer out there for you. We hope that this article has been helpful in making the right decision for your business.