By Sam Pearl, Director, Marketing & Communications
Our SureTraxx DT program simplifies the cash handling process, saves considerable time, and unlocks a series of valuable reporting capabilities and cash flow tools that are unavailable using traditional paper-based deposit tickets. Regardless of these powerful program benefits, we know that companies will need to see tangible cost savings in order to justify switching from their existing deposit process. To make your decision that much easier, we’ve outlined some of the measurable savings that you can expect upon switching to SureTraxx DT:
Cost of Deposit Tickets
SureTraxx DT enables you to enter your deposit information directly into our web-based program, instead of filling out a paper ticket by hand. Our digital tickets are printed on regular 8.5” x 11” paper, which can save you up to 80% of the cost of traditional deposit tickets1. SureTraxx DT also integrates the deposit ticket with the associated deposit bag number via barcode technology. As more banks continue to utilize our program, our system will enable you to implement a paperless cash deposit system, thus eliminating the cost of paper altogether.
Bank Adjustment Fees
Deposit discrepancies are costly and are often unavoidable using traditional paper deposit tickets. SureTraxx DT automatically calculates your deposits by denomination and neatly displays the currency breakdown on the digital deposit ticket. This feature eliminates all bank adjustment fees associated with calculation error and illegible, hand-written deposit tickets. Bank adjustment fees (caused by calculation error) occur on roughly 2% of all incoming deposits and can cost around $8 per fee1. SureTraxx DT will remove these costs from your bottom line.
Bank Research Fees
If you need to dispute a transaction or conduct a search on historical cash handling information, banks can charge research fees of up to $25 per hour1. Traditional paper deposit tickets leave an inefficient paper trail, which often leads to a lengthy research process. With SureTraxx DT, the deposit data is captured and stored in real-time, creating a quick and effective audit trail. Your digital deposit history can be stored indefinitely and will eliminate many of the hours, and in turn, the bank fees associated with the deposit research process.
For large retail chains using traditional paper-based deposit tickets, SureTraxx DT has the potential to cut tens of thousands of dollars from the fees mentioned above. While the cost savings for each deposit may feel marginal, they can add up. Please contact our team of experts, if you would like to schedule a consultation to see how we can enhance your cash handling process.