Top Factors Driving the Shift in Cash Drawer Selection for Retail Businesses

Point of sale (POS) systems have become an essential tool for retail Businesses to accept payments from their customers. Their many features and functionalities streamline transactions, track and manage inventory, and enhance overall retail efficiency.

However, a combination of software and hardware components are required for a POS system to function. Hardware includes a card scanner, a barcode scanner, a receipt printer and, importantly, a cash drawer.

This article will explain what a cash drawer is and explore five things you need to consider when choosing the perfect cash drawer for your retail business in 2024.

What Is A Cash Drawer?

A cash drawer is a manually operated, mechanical, or electronic container in which money is kept in a shop, cafe, restaurant, bank, or other Business dealing with cash.

In the 19th century, cash drawers were manually operated boxes with a lock and key or a combination code. By the early 20th century, cash drawers became mechanical, operated using a lever or a button, and had an alarm to signal when the drawer was opened.

The introduction of electronic cash drawers came alongside POS systems in the latter half of the 20th century. The electronic cash drawers we see more commonly today are connected to a POS system or receipt printer, enabling them to open and close automatically during customer transactions.

Any Business accepting hard currency needs a cash drawer, but choosing the best one requires some research because they are available in various sizes and types and have different connectivity, compatibility, and security options. Luckily, we’re here to help you with some of that research!

5 Considerations When Choosing A Cash Drawer For Your Retail Business

Size

Your cash drawer should not be placed anywhere in your retail store; ideally, it should be at your checkout counter, where customers come to pay for their products.

Therefore, the first thing you need to consider when choosing a suitable cash drawer is the dimensions of the area where you would be placing the device. Measure the space at your checkout counter and ensure you consider the cash drawer’s width, depth, and height, along with additional accessories like mounting brackets and wires.

In addition, make sure you do not purchase a huge cash drawer that will waste counter space and require more effort to keep organised.

Compatibility with money

Cash drawers store banknotes, coins, cheques, cards, coupons, and more. The drawer you choose must be compatible with the types of payments you accept.

Some cash drawers have designated space for cheques and slits for cards and coupons, allowing employees to slide them into the card compartment without having to open the drawer.

Remember that banknotes and coins in different countries are different shapes and sizes, so make sure that the cash drawer you purchase has adjustable compartments or is suitable for the currency you accept.

Type

Different types of cash drawers offer unique features and functionalities, each of which depends on your Business type and need. Here are some popular cash drawer examples:

• Manual cash drawer. These are manually operated and do not require any electrical components. They come with a lock and key or combination lock for security. Manual cash drawers are low-cost, making them perfect for small retail businesses with low cash volume.
• Printer-driven cash drawer. These are connected to the receipt printer, so it opens and closes automatically when a transaction is complete. These devices are compact in size and are popular in retail businesses.
• USB cash drawer. These are connected to a computer or POS system through a USB port that sends signals to open or close the device. USB cash drawers are perfect for retail businesses that require advanced features like real-time monitoring or remote control.
• Fliptop cash drawer. These open from the top, allowing easy access to coins and bills. These devices are space-saving and perfect for retail businesses with limited counter space.
• Wireless or bluetooth cash drawers. These are wirelessly connected to a POS system and can be placed anywhere within the range of the Bluetooth signal, eliminating the need for cables and making the device perfect for businesses that have limited counter space.

Connectivity

You need to ensure that the cash drawer you opt for can be integrated with the rest of your existing POS hardware and software setup to streamline cash handling and enhance overall Business efficiency.

Cash drawers are usually connected to the POS system or receipt printers through a USB, Ethernet cable, or wirelessly with Bluetooth.

Many POS system service providers offer a full kit that includes your POS system as well as hardware components such as a touchscreen display or computer, a receipt printer, a card scanner, a barcode scanner, and a cash drawer. Purchasing an all-in-one POS system ensures everything is integrated and can work efficiently together.

Security

Security is extremely important when it comes to cash handling. Despite having employees looking after the cash drawer and checkout counter, having built-in security features is an added advantage for protection against theft, unauthorised access, and tampering.

Firstly, depending on the type of cash drawer you choose, it may include an electronic lock, a lock and key, a combination lock, or biometric authentication.

There are then other security features such as time delay locks, dual custody access, alarm systems, and remote monitoring capabilities that help with cash handling. Another essential security feature is a sensor that detects when the cash drawer has been left open or unmonitored by mistake.

In addition, when choosing a cash drawer, ensure that the material is sturdy, such as steel, because this provides protection against scratches and dents.

Ready To Choose A Cash Drawer For Your Retail Business?

Cash drawers are essential tools for retail businesses to process their cash transactions, so it’s worth taking the time to explore the different options available to you so you can choose the best provider and cash drawer for your retail needs.