When you work in a high-transaction industry, like retail, gambling, or food services, you manage high volumes of cash and cheques on a daily basis. It’s a part of doing business. Though consumers often pay with debit or credit, cash and cheques are still popular forms of payment.
Unfortunately, you know how time consuming, error-prone, and risky it can be to process these payment types. But thanks to technology, you can now invest in cash management tools that can make the process easier, more efficient, safer, and faster than ever before. With the right cash management tools in place, accepting cash and cheques at your business won’t be such a hassle.
There are dozens of different types of cash management tools on the market for you to choose from, but here are the three that you just can’t live without.
1. Currency Sorter
Think back to the last time you had to sort all of your bills and coins by denomination and then count them, one by one, to get a total of your day’s profits. How much time did it take you? Were your fingers filthy from the dirty money by the end of the process? Did you find discrepancies and have to waste more time double counting to fix errors?
When your company invests in currency sorters, you won’t have to spend valuable time manually sorting and counting, you won’t have to deal with dirty hands, and you’ll never have to double count. Just place the mixed bills or coins in, and the sorters will automatically detect the different denominations, separate the currency, and count every bill and coin at record speed. Sorters boast a 99.9 percent accuracy rate, too, so your days of double counting will be in the past—you’ll get reliable totals every time.
Currency sorters can save you tons of time every day, so you can reduce your labour costs and increase productivity. They can significantly reduce the risk of human error. You can rest easy knowing that every dime is accounted for.
2. Currency Recycler
If you want to stay ahead of your competitors by having the latest cash management tool on the market, then you need a currency recycler. This machine will streamline the way you process transactions.
It accepts and dispenses cash, making the process more efficient than ever before. It also stores your cash securely, alerts you to counterfeit money, performs all of the necessary calculations, and balances your cash—all from one place. It’ll reduce your necessary vault holdings, eliminate trips back and forth to the vault to pick up or deposit more bills and coins when minimum and maximum thresholds are met. It’ll reduce the amount of times you’ll need to go to the bank. You’ll reduce the time needed to count floats and save time per transaction because everything is automatic. Your customers will spend approximately 8 seconds on their transactions at the register instead of the usual 30 to 45. This will make your lines move faster and increase customer satisfaction.
3. Cheque Scanner
For those business owners who handle a lot of cheque payments, a cheque scanner is an absolute necessity. The days of paper cheques are numbered. In the future, everything will be digitized. So you might as well jump on this trend now so you don’t fall behind. A cheque scanner uses cheque imaging technology to transform paper cheques into electronic form. Once it’s digital, you can access all of your cheque data online without having to go through endless filing cabinets. A cheque scanner also allows you to deposit your funds virtually, from the comfort of your office so you can eliminate trips to the bank and have access to your money sooner, which will optimize your cash flow.