How to Choose the Right Cash Drawer for Your Business?
- May 15, 2023
Cash registers or cash drawers have been an integral part of most businesses. Performing a wide array of functions, cash registers keep track of all incoming and outgoing money whenever transactions happen and keep your cash balanced at the end of each day.
There’s a mistaken belief that cash drawers are only a secure means of storing currency, so any cash drawer would do the job for you. But many options are at your disposal here, from manual to automatic, and they perform a wide array of functions.
So how do you choose the best drawer that supports your business?
Each business is unique and has different requirements. So the type of cash drawer would depend on the number of transactions you make on average every day. Cash drawers come in many different types and even models.
In this blog, we’ll help you select the right one for your business.
What is a Cash Drawer?
A cash drawer is a device used by retail stores and other businesses to record transactions everyday. It displays the amount of money owed by customers against the purchase of goods or services. The drawer is connected to peripheral devices such as a scanner, printer, or a credit card reader. These devices help to record and export information.
As an entrepreneur, you must choose the right type of cash drawer for your business. Several factors are at play here, principally the size of your business. If you’re a small business, a basic cash drawer that’s manually operated can be the most suitable choice. Larger enterprises need more advanced functionalities to keep up with operations and handle day-to-day transactions.
Another important point of note is the type of payment that you accept. The hospitality industry, for example, needs to have a cash register that can process credit and debit card payments and not just physical currency.
When you know the functionalities you need, it’s time to focus on your budget and get the right cash register that fits in it.
But before we dive into these factors in detail, let’s take a look at the types of cash registers that are prevalent in the market today.
Types of Cash Registers
There are three main types of cash drawers- basic, mid-range, and computer-operated.
Basic Cash Drawers
Basic cash registers require manual action from the person in charge of sales. The simplest cash registers are manually operated with a simple lock and key. The cashier opens the cash drawer and keeps the currency inside when a transaction is completed.
Electronic Cash Drawers
Electronic cash drawers are suitable for businesses that generate large amounts of sales each day. Also known as mid-range cash registers, they enable receipt printing and have pre-programmed details regarding pricing, product information, etc. These cash drawers can be operated via a receipt printer.
Computerized Cash Drawers
Computerized cash drawers have advanced features that assist large businesses in performing huge transactions on a daily basis. Apart from storing and keeping track of currency, these registers can also track inventory, scan barcodes, and have a host of other tools as well.
Choosing the Right Cash Drawer for Your Business
Now that we have discussed the many types of cash registers, it’s essential that you choose wisely.
In a nutshell, the prime considerations are the type of business, the size of your business, the features you need, your budget, and the warranty offered. Let’s look at these factors in detail:
Type of Business
From grocery shops to hospitality ventures such as hotels and restaurants, cash registers are used in every business. Where things differ is in what they need from a cash drawer. A retail business would need a different type of cash register than a luxury hotel.
Size of Business
Evidently, small businesses can choose a basic cash register to perform their daily tasks. But a large corporation would need additional functionalities to fulfill its operations.
You should have all the features that your business needs in your cash drawer. From in-built scanners to inventory management, there are many tasks that cash drawers can fulfill.
Like procuring any asset for your business, budget plays an inherent part in your choice of a cash drawer. The price range of cash drawers varies between a few hundred dollars to thousands of dollars. With the right functionalities in mind, you should choose a cash drawer that fits your budget.
The leading brands offer different warranty periods on cash registers. To sustain your sales operations effectively for a longer period of time, it’s important to consider your warranty options with cash drawers.
You can find the perfect cash drawer for your business by considering the factors above.
Cash Drawers at Master Distributors
Master Distributors is a leading wholesaler and distributor in Canada of the latest POS solutions. We also have a range of cash drawers for you to secure your business transactions, keep up with the inventory, perform bookkeeping, and manage a host of other operational tasks.
We have cash drawers from leading brands such as APG, Star Micronics, Panasonic, and POS X. You can find manual cash drawers and standard-duty cash drawers on our website.
Manual Cash Drawers
Simple, convenient, and cost-affordable. These cash drawers are ideal for you if you’re running a grocery shop, kitchen, or any other small retail business. Operated by lock and key, you can find multiple compartments to store all forms of currencies. Keep change at hand anytime and manage sales more efficiently with our manual cash drawers.
Standard Duty Cash Drawers
Stay in charge of all sales and inventory with our range of standard-duty cash drawers. Sourced exclusively from trusted manufacturers, these cash drawers can be operated via a receipt printer and USB and have a plethora of features for handling high-volume transactions along with other services.
In the end, it all comes down to the functionalities you need to serve your customers more efficiently.
Master Distributors is a one-stop solution for all your POS needs. Get in touch with us to learn about our advanced cash drawers that can support your business and optimize your sales processing.