3 min read
Key takeaways
- Cash vault services are specialized banking solutions for the physical handling of currency and coins.
- Flexible ordering options and comprehensive reporting tools can enhance a business’s operational efficiency and control.
- Outsourcing cash handling can free up your team to focus on core business activities and strategic priorities. Cash vault services can provide your business with secure and efficient handling of large volumes of cash, reducing risks associated with cash transportation.
Managing large cash volumes creates risk and complexity for your business. Cash vault services offer a secure, efficient solution, allowing you to streamline your business’s cash-handling processes so you can focus on core operations. These services can enhance security, improve cash flow, increase working capital and reduce operational costs.
What are cash vault services?
Cash vault services are specialized banking solutions for the physical handling of currency and coins. These services manage the processing and storage of currency for businesses that handle large amounts of physical cash daily, such as retail stores and restaurants. Businesses use cash vaults to deposit their daily currency and receive deposit credit, while also ordering secure cash deliveries from an approved contracted secured carrier when needed.
Cash vault services offer these key benefits:
- Faster funds availability: Receive same-day provisional credit for deposits, improving your business’s working capital position.
- Flexible ordering options: Order cash online or by phone to meet your specific operational needs.
- Comprehensive reporting: Online tools show your deposit and order activity across all your locations, giving you greater visibility and control.
How do cash vault services work?
Cash vault services follow a systematic process:
- Collection: A third-party armored courier picks up your currency, coin and checks and transports them securely to the vault.
- Provisional credit: Your business receives provisional credit based on your declared deposit amount.
- Counting and verification: Vault professionals count your deposit and reconcile against your declared totals, adjusting credits if needed.
- Digital tracking: Track all transactions through a secure online portal.
For cash orders, you can request specific denominations and amounts online or by phone, and third-party armored couriers deliver currency according to your instructions.
Benefits of cash vault services for your business
Cash vault services create several strategic advantages for your business:
- Enhanced security: Cash vault services reduce employee exposure to theft risks and can reduce insurance liability.
- Improved efficiency: Your team doesn’t spend time making trips to the bank, focusing instead on serving customers and core business functions.
- Comprehensive reporting: Transaction monitoring can help your business forecast cash needs, spot trends faster and optimize “float”—particularly when cash vault services are spread across multiple locations.
Considerations for implementing cash vault services
When selecting a cash vault provider, evaluate these critical factors:
- Geographic coverage: Choose a provider with vault locations near your business sites to minimize transport time.
- Efficiency and speed: Assess the speed of deposit processing and availability of just-in-time ordering.
- Processing timeline: Confirm the provider’s cutoff times for same-day credit and deliveries.
- Reporting capabilities: Examine the provider’s dashboard and monitoring tools to assess ease of use and provision of specific metrics that are valuable to your business.
- Service customization: Determine the provider’s ability to tailor services to your business needs. Do they have a courier you can contract with in your area?
- Business resiliency: Evaluate the provider's financial stability, operational expertise and disaster recovery capabilities as well as its adherence to industry standards and regulations. Ask about backup systems, security protocols and contingency plans for unforeseen events.
- Customer support: Assess the service provider's communication effectiveness, response times and ability to resolve issues promptly. Determine whether they offer dedicated representatives rather than a general service line. Consider asking for examples of their communication practices, including how they report incidents or address customer concerns.
- Reputation and reliability: Seek an established company with a history of successful operation and positive client feedback.
- Regulatory compliance: Assess the provider’s internal controls, seek evidence of compliance programs and verify their compliance with Bank Secrecy Act and Anti-Money Laundering (BSA/AML) laws and regulations as well as mandatory Know Your Client (KYC) procedures.
We’re here to help
J.P. Morgan’s cash vaults serve businesses across 48 states. Our solutions offer comprehensive online reporting and flexible ordering options, allowing businesses to streamline operations, and can improve cash flow management.
JPMorgan Chase Bank, N.A. Member FDIC. Visit jpmorgan.com/commercial-banking/legal-disclaimer for disclosures and disclaimers related to this content.
