What are Smart Safes and How to Use Them at Cannabis Dispensaries

The cannabis industry presents a very unique and challenging field to conduct business in. Not only must cannabis businesses navigate the waters of a semi-legal industry, but they must also deal almost exclusively in cash. Handling and managing cash can pose real financial risks for cannabis dispensaries. For starters, having large sums of cash present at your business invites criminal activity from both outside and within. Beyond that, keeping track of cash on a daily basis is a laborious and time-consuming task. Smart safes are a practical way to eliminate much of the risk involved with cash at cannabis dispensaries. With this new technology, cannabis business owners can increase efficiency at their dispensaries, while also keeping better tabs on cash totals.

What are Smart Safes?

Smart safes can combine traditional locking safes and modern cash management software in a single unit. With smart safes, cannabis business owners can track cash flow at their dispensaries at all times, while also having better control over who has access to the cash. Cannabis business owners can also keep tabs on cash activity at their stores from afar simply by logging into their cash management account.

Smart safe technology keeps track of cash deposits directly at the point of sale (POS). As such, these safes can give a real-time update on exactly how much cash is on hand at the store at all times. When it comes time for employees to balance their registers at the end of a shift, much of the hard work is already complete.

What are the Main Features of Smart Safes?

Smart safes are designed specifically to streamline the daily cash flow activities at retail businesses like cannabis dispensaries and can help cannabis business owners and management count money, balance registers, secure cash, and get deposits to the bank.

Cash Management Software

The most defining characteristic of smart safes is the integration of traditional safes with cash management software. Using platforms such as CashTechIQ, cannabis business owners can keep tabs on cash activity at their store from anywhere in the world with internet access.

Beyond obvious conveniences with tracking cash data metrics, platforms like CashTechIQ also provide “real-time fraud alerts on discrepancies and cash deposits, which can help reduce liability, shrinkage, and employee risks.”

Counterfeit Detection

Many companies also equip smart safes with counterfeit detection technology. With “bill validators,” cannabis business owners take the pressure off employees to detect counterfeit money. This added technological perk not only protects a retailer’s bottom line, but also helps relieve work-related stress for key team members at the dispensary.

How can Smart Safes Help Cannabis Dispensaries?

Having to handle large sums of cash on a daily basis is a real risk for cannabis dispensaries. Not only does this present increased risk for the business, but dispensary employees spend a good deal of time each day managing cash.

With cash management software, smart safes give cannabis businesses real-time access to cash totals in store. Using this technology, cannabis business owners can monitor activity from afar and make sure their team remains compliant. Even more, with increased access control measures, smart safes will greatly reduce the risks of internal theft at the dispensary.

Finally, as the cannabis industry grows increasingly competitive, lean operating is as important to success as good sales numbers. By using smart safes, cannabis businesses can slim down on labor expenses with simple jobs like balancing registers.

How Can Sapphire Risk Help?

Tony Gallo and the team of experts and consultants at Sapphire Risk Advisory Group are familiar with utilizing smart safes as part of cannabis dispensary security programs. Follow us on social media to stay up to date with more security best practices and cannabis industry updates!