Meridian Debuts the Automated Cash Solution and Provides Accountability to the Title Pawn Industry
Aberdeen, NC (PRWEB) July 18, 2013 -- It has often been said that cash is king. Ironically, that couldn’t be more of a truism for an industry with the same name as another chess piece – the pawn market. And for Complete Cash, a title pawn company established in 1998 that services residents in Georgia and Alabama, finding a better way to manage cash flow has helped them maintain their value proposition while improving profitability.
“Our customers choose Complete Cash because they receive cash for their title pawns,” said Derrick Sartin, Complete Cash controller. “Cash is much more convenient than receiving a check, and that service makes us different from most title pawn companies.
“Our heavy reliance on cash required a solution that not only protects our assets but helps our cash flow processes – meeting the challenge to account for every dollar that comes in and out of day-to-day operations.”
Complete Cash, which has over 84 stores, turned to the ACM (Automated Currency Manager) developed by Meridian. It is an automated cash recycling system combining the functions of an accept/dispense unit into a single closed-loop device that manages cash in one centralized location. The ACM relies on Meridian’s proprietary Mzero Software Suite and the MEI BNR (Bank Note Recycler) to streamline the cash management process by: lowering cash handling costs, reducing cash float, optimizing cash-in-transit costs, increasing security with real time cash validation and lockable cash modules and providing the industry best valid street-grade note acceptance.
“Operators that have a lot of cash coming in and out of the store need a system that offers accountability for their cash,” said Jeremy Spratt, Meridian vice president - global business development. “The ACM creates an electronic trail that allows operators like Complete Cash to implement more secure and efficient processes.”
Prior to implementing the ACM, Complete Cash would employ up to three associates to handle cash throughout a day – cash was constantly changing hands at the service desk, the back office and to the bank. The movement and management of that cash were costly because it involved store employee labor, multiple trips to and from the bank and processing fees. Now, these costly cash activities have been expedited and/or eliminated. District managers go to the bank once a month and daily cash handling functions significantly decreased.
Since September 2012, Complete Cash has launched the ACM in twelve stores and plans are in place to transition all 84 plus locations by the end of 2013.
“The ACM offered exactly the accountability we desired,” stated Jason Walters, Complete Cash director - information technology. “The unit manages the cash we deposit and dispense, while cutting down on cash exposure and eliminating theft - it’s like having an extremely productive employee.”
Complete Cash stores can now focus on spending more time with the customer and less time on cash handling. Improving customer satisfaction leads to repeat business and, ultimately, increased profitability.
“We are committed to be an innovator in the title pawn industry,” said Mr. Walters. “Our drive to continually look for ways to minimize costs is core to providing the best customer experience possible.
“The benefits of the transition to the ACM have been obvious. Much of that credit goes to Meridan and MEI for offering great support to make everyone’s jobs a little easier – from the store to corporate employee.”
Complete Cash continues to look for ways to continue to innovate. The next step is to transition the ACM into a fully automated cash till. This would ultimately eliminate the exposure of all cash throughout their stores.
“The partnership between Meridian and MEI has reinforced our commitment to provide more than just products,” said Eric Fisher, senior vice president – MEI. “Offering a true cash management solution accomplishes the most important thing to MEI … it makes our customers more profitable.”
It is fair to say that the interworking of the cash management process is like a chess match. Complete Cash is now confident they have all of the pieces to win well into the future.
Dan Ring, meridian, http://www.mzero.com, 910-944-1751, [email protected]
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