Cash Transparency Delivers 30% Increase in Earnings

“There is now greater trust in both management and employees – and we can make better business decisions”

Background

Gentofte Stars is an ice hockey club in northern suburbs of the Danish capital, Copenhagen.  The club was founded in 1965 and has several teams from under sevens to the first division.

At its home ice rink, the club runs a kiosk where it sells refreshments and rents out skating equipment.
When the hall is not being used for ice hockey and ice skating, it holds concerts and events are held, for which the club manages ticket sales.

Challenge

Gentofte Stars handles a lot of cash on a daily basis, whether it be via the kiosk, for skate rental or when organising an event. However, they did not really have an overview of these different revenue streams nor did they know how much money was being lost due to shrinkage.

Solution

After meeting with a cash management expert from Gunnebo, Club Chairman and Kiosk Manager, Jan Barsballe, chose to install SafePay at the point of sale to give him a better overview of sales and cash handling at the club.

Benefits

Jan says that he realised how much of an improvement SafePay made. He now has complete control over what they sell, so he can quickly get an overview of shrinkage and can make better purchasing decisions. He can clearly see where he is making money and where best to spend his resources.

Before SafePay gave him a clear overview of takings, Jan did not know how much revenue should go straight to the club – from the sale of refreshments and skate rental – and how much should go to event organisers as a percentage of ticket sales.

“I now know where we are making our money,” he says. “After we got SafePay, our earnings increased by 30% in just 6 months.”

“It started with a desire to solve our cash handling problem, but ended up being a management tool," he continues.  "Confidence among management, members and employees has increased since we installed SafePay.”

As Chairman of the club, he can see that members feel the finances are under control and that the money they are putting into the club is being spent wisely. 
Before SafePay was installed, money was not kept securely so those in charge of taking payments were uncomfortable with having responsibility for large amounts of cash. It was also easy for someone to simply pocket cash. Now all payments are registered and stored safely away so there is a greater sense of trust and security.