Cash Up were awarded first prize in the Web Summit and PCH International Hardware Hackathon in Dublin yesterday, for their innovative prototype of a cash register which counts the money inside itself in real time and uploads that data to the cloud.
“The overall concept and the business application of it was really good. It can be a viable product with a market that needs innovation and connectivity.”
– Rishabh Bhandari, Product Development Engineer at PCH Lime Lab (650 704 9544)
“From our market research, one popular nightclub on Harcourt St, Dublin found that they spend a total of 8 HOURS a day counting cash from tills. This adds up to a staggering €30,275 spent on wages annually for manual cash counting (presuming they pay just minimum wage). This figure does not include the substantial losses incurred from employee theft and human error.”
– Jonny Cosgrove, digital marketing consultant and team member of Cash Up (0857694020)
Anyone who's ever worked with a till knows how time consuming manually counting cash can be. The fact is that that every single retailer has to do this every day. Why? Because otherwise there is no way of knowing if the print out from the till matches the cash actually inside the till.
CashUp has developed a solution – a web connected till drawer with the ability to count the cash it contains in real time. Their prototype, which took first prize at yesterday's Web Summit Hardware Hackathon, uses optical technology and force-sensitive resistors to keep track of the cash as it comes in and out of the till. This information is then relayed to the cloud and integrates seamlessly with existing tablet point of sale systems. This clever software solution was developed by Jason Ruane of cirkit.io and Alex Beregszaszi of signatur.co. Aoife Crowley of Wishbone Studios managed the product design and user experience.
Once Cashup is installed, any discrepancy which may arise between the till read and cash present will trigger both a visual alert to the cashier and a wireless alert to the business owner. Not only will this enable business owners to assess real-time cash flow analytics remotely, it will also empower them to reduce employee theft and minimize human error.
The concept of a self-counting till was first pitched by Pauline O'Callaghan, an electronic engineer working at UCD, who assembled a team of 11 strangers on Saturday afternoon. The interdisciplinary team worked solidly through the weekend to develop a working prototype to showcase to the judges on Monday night. Pauline now hopes to move forward with developing CashUp as a product.
James Foody, Head of Business Development and Product Architect at Smudge Hardware, wowed the room of 150 Hardware Hackathon participants at DCU's Innovation Academy with his product pitch. He explained that the idea to use near infra-red spectroscopy to count notes in real-time was adapted from a venture that his company is currently pursuing with the Tyndall National Institute in Cork.