Although Crane Payment Innovations (CPI) is a relatively new name in the Retail sector, the use of its products – automated payment and cash management systems – has been part of our everyday lives for decades.
CPI was formed in December 2013 when Crane Co. acquired MEI and merged it with the Payment Solutions division of their Payment & Merchandising Technologies business segment. The resulting product portfolio spans hoppers, acceptors and recyclers from a number of widely recognized brands – CashCode, Conlux, MEI, Money Controls, NRI and Telequip – that collectively hold nearly 250 years of history and innovation.
Although CPI supports a variety of different industries, Retail continually proves to have one of the most dynamic business landscapes. It never stops evolving. And, because its health naturally fluctuates with economic conditions, an increasing number of retailers are making value-based decisions to maximize capital – with the focus being on profitability and customer satisfaction in an increasingly competitive business environment.
This is where CPI shines – its products are designed to handle money and make it work in the operator’s best interests, regardless of the application.
Cash Recycling in Self-Checkout
More retailers are now implementing self-checkout terminals that utilize closed-loop cash recycling systems to dramatically reduce the time and cost associated with cash management.
Cash recyclers provide all the cash handling capabilities of a human cashier by accepting, accounting for and storing cash from previous customers to be dispensed as change for future transactions. This makes a powerful impact on cash control. Touch points are minimized, eliminating human error, theft and other cash shrink losses at the lane. Start-up float is significantly reduced. Machines can run for longer periods of time between interventions and collection calls. And, managers can spend more time on the sales floor – and less time handling cash in the back room.
CPI offers several coin and note recycling devices. The MEI BNR (bank note recycler), for instance, has established the form factor for note recycling in SCO machines. It features four-denomination recycling, a secure cashbox to store notes for bank deposit and a loader to prime the machine for use at start-up and replenish heavily used notes. And, range of coin recyclers from the Money Controls brand – including the CR (coin recycler) and BCR (bulk coin recycler) – are equipped with 4 to 6 high-capacity coin hoppers and offer high-speed bulk coin input, a fast payout and auto-jam detection and clearance.
Accept/Dispense in Retail Safes
Electronic retail safes – also known as smart safes – are another popular payment solution in Retail and have proven time and again to lower the overall cost of operation while increasing profitability and business safety. In fact, most retailers see a return on investment in less than one year.
By replacing traditional cash-drop envelope systems, electronic retail safes eliminate the need to spend several hours each day counting money, verifying transactions and transporting cash to the bank. They also make accounting easier by maintaining running cash totals for each cashier, shift and business day. Accordingly, managers can spend much more time out on the sales floor, improving customer service and increasing up-sell. And, exposure to shrink and robbery is minimized because notes are immediately fed into the safe at the point of sale.
At the heart of an electronic retail safe is the note acceptor. Here, CPI note acceptors – including the MEI SC Advance – set the standard with the highest acceptance rates, unrivalled security, best jam performance and lowest cost of ownership in the industry. SC Advance, which has been installed in more than 1.5 million applications worldwide, can be customized with a portfolio of modular expansions – including bunch note feeding and multiple cashbox sizes – to ensure a best-fit solution.
CPI is focused on providing a full range of automated payment systems and cash management solutions to both OEMs and retailers around the world. Our goal is make the job of managing and handling cash easier for our customers – while also driving down their operating costs and maximizing their profitability.
To find out more about CPI, visit them at Retail World Asia 2015 where they will be exhibiting its best-in-class solutions on Stand C21. Attendees are invited to connect with their representatives, evaluate their products and learn how CPI can meet any unique self- cash management needs.
This is a guest post by CPI – Crane Payment Innovations