• Homepage
  • >
  • VersaSafe
  • >
  • How Smart Safes Helped Ace Hardware Efficiently Manage their Cash Flow
This article was published on: 07/27/21

How Smart Safes Helped Ace Hardware Efficiently Manage their Cash Flow

A Cash-Flow Problem

Ace Hardware franchise co-owner Stuart Compton had a problem. His Portland area Ace Hardware locations were accepting large quantities of cash but could only make bank deposits once a week.

The process created cash flow issues while the money was sitting in safes rather than in the bank and it was a safety concern. They needed a solution that would increase cash flow while improving security.

Enter Peregrin Financial Technologies’ Smart Safe Solution

Peregrin Financial Technologies offered Ace Hardware the opportunity to try out a unique cash safe system. The new state-of-the-art safe, the Triton VersaSafe®, would provide the bill storage they were used to with a host of additional features including tracking, counting and bill verification.

But the real benefit was the VersaLink® software coupled with Peregrin’s provisional credit and armored services. This unique service went above and beyond what any local bank could offer.

“We saw a need for provisional credit,” said Kathryn Friend, Chief Operating Officer with Peregrin. “Because banks were not offering it, we stepped in to provide daily deposits for merchants with our Smart Safe program. The business gets daily credit for the money in the safe.”

With cash deposits to the Smart Safe tabulated as they are entered, Ace Hardware is now able to easily balance the day’s receipts without having to count cash. Then, with provisional credit deposited the next day, they can rely on the income being in their bank account to pay vendors and for other expenses.

A Beneficial Relationship

Peregrin’s Smart Safe program has improved cash flow and improved security. Compton no longer finds himself spending hours counting cash, moving money, or worrying about when the funds will be in the bank.

“With Peregrin’s Smart Safe program, we’ve solved our cash flow problem and it has provided us with a safer, more efficient way to handle cash.”

– Stuart Compton, Ace Hardware

“Cash handling doesn’t make us any money,” said Compton. “The Smart Safe program offered by Peregrin frees up my time to run the business and attending to our customers.”

“It has been a great relationship,” said Compton. “One we plan to continue as we grow our business.”

Benefits of Peregrin’s Smart Safe Program

Security

  • Cash is securely stored in the safe.
  • Counterfeit bill verification.
  • Cash is picked up by armored carrier.
  • Automated cash trail at the clerk/cashier level.

Efficiency

  • Automated deposits, tracking, counting and bill verification.
  • Real-time reports making balancing and reconciling easy.
  • Remote real-time visibility via computer, tablet and mobile phone. 

Cash Flow

  • Provisional credit for cash deposited in the safe

Business owners can download reports and see activity in real-time on their phone, tablet or laptop with Peregrin’s robust smart safe solution – making balancing and reconciling easier and more efficient.

  • facebook
  • googleplus
  • twitter
  • linkedin

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.