“Eurocash1” was the first in Lithuania to start providing the service of smart safes | Business

Eurocash1 is the first in Lithuania to transfer funds stored in smart safes to bank accounts.

According to Justin Drėgva, director of Eurocash1, smart safes are a convenient alternative for cash collection for those companies where customers often pay with banknotes and coins, which are located in remote areas, as well as for large shopping centers with many stores and cashiers.

Company photo/Eurocash1

Although in Lithuania and throughout Europe, cash payments are decreasing every year, nevertheless, in certain places, e.g. in tourist facilities, market places, rural cafes, payment is often made in cash, which has to be collected periodically.

“Using a smart safe, every cashier or other authorized employee can conveniently deposit money into the company’s account whenever needed. An unlimited number of different and unrelated companies can use the smart safe.

They no longer need to accumulate large amounts of money and store them, cash is recalculated in the smart safe at the time of deposit and soon credited to each company’s account, and each employee of the company is issued an individual money deposit document, – says J.Drėgva. “Eurocash1 immediately assumes responsibility for the money deposited in the smart safe, the entire amount of funds is insured.”

According to the head of the security company, smart safes help customers save time at different stages of cash management. At least 5-10 minutes for each cashier shortens the process of preparing and adding money. Depending on the time of cash deposit, from 4 to 24 hours. the crediting of money to the account is accelerated.

Also, the traceability of the deposited money is accelerated – the accounting department no longer needs to keep track of bank records and manage documents related to daily collection. Business owners can remotely monitor their account top-up from the smart safe and use the company’s funds for further business development faster.

The first installed smart safes immediately reduced the number of trips for collection crews

In order to reduce the cost of collection, Eurocash1 installed the first smart safes in companies located in the Curonian Spit. According to the head of the company, using smart safes significantly shortens the time spent by both the customer and the collection company for cash collection – there is no longer a need to wait for the collection crew every day, and to spend time handling cash.

Customers can deposit money into the smart safe anytime they need it. According to Eurocash1, collecting cash from smart safes reduces the number of trips for collection crews, benefiting not only customers and the security company, but also the public.

The software of smart safes allows you to remotely monitor the filling of safes with banknotes or coins and more efficiently plan routes, where and when to take money. This allows not only to reduce the number of trips, but also to save fuel, reduce the participation of cars in traffic, and the loading of roads and ferries.

“Just the fact that you no longer have to get up to the Curonian Spit every day and travel 50 km back and forth by car not only shortens the collection time, but also contributes to the reduction of pollution and the preservation of the National Park,” observes J. Drėgva.

The manager of the security company points out that the use of smart safes increases the safety of customers and their funds, saves time: “Imagine how much inconvenience depositing cash causes for companies that are far from bank branches and ATMs.

Their employees had to either constantly call for a collection crew, wait for them, or, at the risk of their own safety, carry large sums of cash to larger district centers and wait in lines at ATMs. The solution of smart safes helps to match the company’s funds as well, because additional costs were incurred due to fuel costs when transporting cash to ATMs. With a smart safe, company employees can safely deposit banknotes or coins at their convenience and immediately return to their direct work.”

Visually and functionally, it is similar to an ATM

A smart safe is similar to an ATM both visually and in terms of operation. Each user of the smart safe has a personal identification code. The smart safe can be used by an unlimited number of different companies and their employees – following depositing money, everyone is given a document regarding the date, time and amount of cash deposit.

The manager of Eurocash1 says that the company cooperates with different manufacturers of smart safes in the European Union and, depending on the needs of customers, can install safes of different sizes. Safes can have different capacities and can be adapted to accept both banknotes and coins.

A smart safe is installed and connected to the Internet in the customer’s premises or in a separate place where it is convenient for representatives of different companies to deposit money. The internet-connected device is installed indoors so that the funds stored in it are safely waiting for the collection crew.

One of the first companies in Lithuania convinced of the benefits of smart safes is LTG Group’s passenger transportation company LTG Link. Some time ago, following the first smart safe was installed in Vilnius, such safes later appeared in Kaunas, Klaipėda and Radvilišky.

Smart safes service is provided by “Eurocash1” in Lithuania and Latvia.