Running a gas station and c-store is not as straightforward as it seems. Fuel retailers deal with several challenges in their day-to-day operations as they try to fulfill the needs of modern consumers who fill gas and buy products at their stores.
Extreme lockdown measures and voluntary social distancing has made it more difficult for them to sustain daily operations. Here are some useful cash management tips to manage a gas station and c-store effectively:
Cash Management Tips to Manage Your Gas Station and C-store Effectively
Improve security
When making purchases of only a few dollars, most people prefer paying via cash. If your gas station and c-store is located in a busy area, you’ll likely have to handle a lot of cash transactions. So, you must ensure that your facility is safe and secure, especially at night.
There are many ways to improve the security of your premises, including CCTV cameras, physical security, and more. You can upgrade the lighting system to keep your gas station and c-store well-lit, which will discourage thieves from targeting your business.
Learn to identify counterfeits bills
Your staff can’t possibly inspect every bill, especially during rush hours. Consider purchasing a counterfeit bill detector that can identify phony bills quickly, to protect your business from fraud. Most machines are accurate and efficient, and only validate legitimate bills, saving valuable time and resources of your business.
Upgrade POS system
An updated point-of-sale system can play a valuable role in improving the cash management of your gas station and c-store. The latest POS system will reduce human errors, save time, and facilitate the safe handling of cash.
If you plan to upgrade your POS system, consider buying an EMV-enabled POS terminal to save money in the long-run. EMV is a new technology used for credit card transaction authentication that facilitates quick and safer online payments.
After April 17, 2021, the payment fraud liability will shift to merchants, which will make your gas station liable to pay for fraudulent transactions. Nowadays, more people prefer paying for fuel via credit cards, so you must take action before it’s too late.
READ: EMV DEADLINE DELAYED Until April 2021! But Retailers Advised To Stay On Schedule
Do you want to upgrade your gas station and c-store, we can help! John W. Kennedy Company is a leading service station equipment provider that offers a selection of top-quality gas station equipment and supplies, including EMV-enabled POS terminals, lighting equipment, and more. Visit our online store to browse through our products.