Cash usage in South Africa as a percent of its gross domestic product (GDP) is over 58 percent and the retail sector contributes an estimated R707 Billion to GDP. The majority of transactions continue to be made with cash with over R136billion in circulation in South Africa alone. The value of ATM withdrawals in South Africa has grown year on year by 8%.
Cash demand is increasing at more than three times faster than economic growth rates, according to a global cash demand study published by the ATM Industry Association last year. Whilst the old adage of ‘cash is king’ might still be doing the rounds, moving to an automated cash management and payment solution is the way to go for every business owner.
According to Richard Phillips of Blue Quanta, an automated cash management and payment solution is up to 4 times faster than manual cash handling. Business owners can save up to 50% of their business day, as they no longer have to count the cash, prepare bank deposits and spend hours on reconciliations.
“It saves money and time, enhances efficiency, greatly improves the store’s risk profile and allows one to focus on core aspects of running the business.”
Established in 2007, Blue Quanta Risk Management is an authorised financial services provider (FSP No 35344) and enjoys a reputation for service excellence, professionalism and integrity.
Apart from tailor-made commercial and personal short-term insurance, Blue Quanta provides highly specialised specie cover for the transit and storage of cash and valuables for retailers. As leading specie insurance specialists we provide our customers with risk management advice enhanced by the best value offering in this market. We have developed strong relationships with insurers and underwriting managers both locally and abroad. We are approved Open Market Correspondents for Lloyds of London and are able to access those markets through our partnerships with leading underwriting syndicates.
For more information email firstname.lastname@example.org or visit www.bluequanta.co.za