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Ireland: Retail cash payments credited in real-time

Categories : Cash enables an immediate transfer of value, Cash generates security
April 29, 2019
Published in : Cash, Innovation, Retailers, Technology
Cash remains a popular form of payment option in Ireland that FinTech company PCS is piloting a processing technology that will improve liquidity, increase efficiency and reduce risk to strengthen in-store cash flows
Communication Team

Cash automation FinTech company Premium Cash Solutions (PCS) is piloting an in-store processing technology – known as provisional or same-day credit –  that enables cash earned in-stores to be credited immediately to retailers’ accounts on the same day – improving liquidity and reducing risk.

Ireland’s payments landscape experienced a gradual shift in finding solutions for a safer workplace when it was first introduced to cash automation machines. Gone were the days of till drawers behind store counters as cash recycling systems secured its spot, first in line. With staff no longer having access to handling cash, security was provided by eliminating theft while efficiency was guaranteed by bringing real time to the point of sale. But just like other innovations, the system carried a few loopholes including the inability for retailers to immediately receive their takings in their bank account.

Founders Aidan Comerford and Alan Condron noticed the gap in the system and acted to bridge together a simplified and effective process of ‘bringing the bank’ right at the retailers’ doorstep. During their interview with The Irish Times, they mention how their system runs simple – “a retailer deposits cash into a smart safe device located on their premises which validates the cash, counts it and stores it securely. At closing hours, PCS will then transfer the value of the day’s deposit to the retailer’s bank account. The cash, which is indemnified by PCS, is then securely held in the smart safe until collected by the cash-in-transit van.”

“In a fast-moving world, businesses need access to their money quickly and cash on site is of little operational value to a retailer until it is banked… Our aim was to integrate finance and technology to create early value for the retailer regardless of size.”, Condron says.

 

Read more about their exchange during their interview with The Irish Times.

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