Outsource Cash Management to a Reliable Vendor and Focus on Core Tasks

As the number of people shopping online continues to spike in the absence of a vaccine for coronavirus, the volume of online payments climbs too. A percentage of purchases are cash on delivery, but a credit card can pay even that. Keeping things like this in mind, banks hold a limited amount of banknotes in their branches’ vaults for account holders. It usually doesn’t go beyond $200,000 without a pick-up for the excess amount by an armored car crew. As the number of jobless people increases, criminal activities also grow, and banks are being cautious to avoid burglary.

Build the foundation for a strong business relationship

One of California’s most popular armored truck companies offers multiple cash management solutions for banks after building strong business relationships for over thirty-five years. With full trust in their services, many banks opt for several solutions from this vendor. It started with armored truck transportation of large quantities of banknotes, and then vault management was added. Following this, ATM management became necessary to ensure timely servicing and replenishment of cash across locations.

Many corporates noticed their expertise in cash management solutions for banks and opted for their services. One solution for tracking e-Deposits is popular among corporates transacting with some customers in large sums of cash. It facilitates real-time tracking of money deposited by employees from any location with internet coverage. The reports generated can help diagnose sales and performance by area or branch or salespersons. This service clubbed with armored car transportation, and vault management is a win-win solution for corporates.

Stay optimistic about 2021

As time marches on and the coronavirus continues to cause devastation, more and more people are turning to ATMs for their basic banking needs and shopping online for their daily needs too. With Christmas drawing closer, the demand for online shopping will grow further. Banks will find a lot of time to optimize their products and services compared to other years. Offering smart safes and vaults as corporate cash management services has increased the vendor’s customer base. Their fleet of armored trucks is utilized to the fullest with the transportation of smart safe cash and banknotes for safekeeping in their vaults. Avoiding a second vendor for any services ensures information on the transportation of cash.

These days banks’ vaults are used more for safe deposit boxes than the bank’s cash supply. It is a lucrative business for many banks and attracts a lot of new customers. As more corporates turn to armored car vendors for cash management services, their bandwidth for core tasks increases. Both banks and corporates are always looking at the return on investment from their vendors, and in this case, neither would like to invest in armored vehicles and guards.

As the year comes to an end, there are many unanswered questions, and as new trends surface, banks and corporates need to be prepared to provide customer-centric solutions. Handing non-core tasks to reliable vendors is the need of the hour, whether it’s solutions for banks or corporate services related to cash management.