Sponsor: Loomis
For fast food chains, where speed is of the essence, cash management can be tricky. Common issues faced by quick-service restaurants include human error, theft, break-ins, high labor costs, and more. But industry giants like Taco Bell, Papa John’s, and Whataburger have more than one trick up their sleeve.
Family Foods Inc., which operates 19 Taco Bell restaurants, had managers spending two and a half hours a day on cash-handling tasks. CFO Waylon Dallas looked for a solution and installed Loomis’ SafePoint smart safe solution at 10 locations early in the partnership, then expanded it to all 19 stores.
SafePoint is a treasury management solution offered by Loomis that simplifies the process for businesses. It typically includes secure smart safes, armoured cash collection and an online reporting system.
“Our on-site managers have significantly increased their productivity by eliminating the time they spend away from home to make bank deposits and the time they spend counting money,” says Dallas.
Cash handling responsibilities have been reduced to less than 30 minutes per day per store.
Papa John’s faced challenges managing more than 600 bank accounts, which posed security risks and administrative challenges.
“We kept hearing about Loomis,” said Amy Anne Turnage, senior director of treasury at Papa John’s.
SafePoint has saved Papa John’s more than three and a half hours per day by eliminating daily trips to the bank and bi-weekly cash withdrawals. Cash validation and deposit preparation times have also been significantly reduced.
“We feel we have largely achieved our goal of improving employee safety,” Turnage says.
Whataburger, which operates hundreds of restaurants, has also faced daily bank runs. Ruben Olivas, Whataburger’s director of asset protection, partnered with Loomis to introduce smart safes to the Texas burger franchise’s restaurants. He estimated that each restaurant saved 45 to 50 hours per week after implementation.
Olivas calls it “the organization’s fastest and most efficient project to date.” The franchise has benefited from time savings on banking and reduced theft.
McKay Barnes, executive vice president of business development at Loomis, has seen the benefits of SafePoint firsthand.
“SafePoint takes cash out of employees’ hands,” Barnes says. “It provides better visibility and, most importantly, it gets your money into the bank faster, giving you more liquidity and the ability to do more with your money and funds for your business.”
SafePoint has changed the game for quick service restaurants. By automating cash handling, these fast food giants have improved efficiency, increased security, and provided their employees with a safer, more productive work environment.
To learn more, visit loomis.us
