3 Industries That Can Benefit From Using a Currency Recycler

    Sep 16 2016

    Topics: Cash Management

    Currency recyclers are highly efficient and cost-effective tools that can be of great benefit to a diverse range of industries. You can situate them at you point-of-purchase (POP) or in your cash room, and they accept, dispense, sort, and authenticate cash instantly and accurately, helping you streamline the cash management process. Because currency recyclers have so many different functions, they can be the solution to a wide variety of problems. If you’re worried about counterfeit currency, these tools have imbedded counterfeit detection technology that can ascertain immediately if the bill you’ve been handed is a fake. If you’re worried about security, many businesses choose to use them instead of the traditional safe, as they can securely store your money. Being multifunctional, they are well suited to a number of different business environments. Here are three industries that we could think could seriously benefit from a currency recycler.

    1. The Retail Industry

    Dealing with cash management takes up a huge amount of time in the retail industry; upwards of 15 hours a day are spent handling cash in some form or other. While most retail locations offer a variety of options for how you can pay for your purchases, cash remains the predominant form of payment, and that means that in the retail industry, the cash management system needs to be a priority.

    The cash management needs of the retail industry are also highly diverse. You have cashiers taking cash from customers, managers who need to deposit and withdraw cash from the safe throughout the day, and representatives who have to count that money at the end of the day. Currency recyclers are uniquely suited to retail because of their diverse functionality. Unlike some industries, where cash management needs are more straightforward, the retail industry needs tools that can take on several different tasks. Currency recyclers can provide the solution to numerous possible problems, from counterfeit currency to storing money to the quick dispensation of change.

    2. The Banking Industry

    Since cash tellers handle high volumes of cash all day, they need technology that is both well suited to dealing with large quantities of cash, and guarantees accuracy. In the banking industry, precision is of the utmost importance, as clients trust their banks with everything from day-to-day banking to their retirement savings and investments. Simple human errors can wreak havoc on a business, resulting in productivity loss, not to mention financial losses that could drive clients to other banking institutions. Relying on manual cash management in the banking industry is high-risk, and just plainly does not make sense for the business needs of a bank. Cash recyclers are 100% reliable; they will sort and count bills and coins for you, dispense cash as needed, all with complete accuracy, while storing the data for future revision. 

    3. The Food Service Industry

    Speed is integral to the food service industry, whether it is how quickly food is served, or how long customers have to wait to pay. Even in restaurants that aren’t quick serve, customers still expect prompt service, and cash management processes that slow that service down are a big problem. Leaving the register to retrieve bills or deposit overflow, or manually checking bills for signs of counterfeit, can seriously prolong the period of time customers have to wait for service. Cash recyclers are optimal for the food service industry because they prioritize speed and efficiency, and can be conveniently situated at the POP, providing easy access. If the cashier runs out of money with which to make change, or needs to quickly ascertain whether or not they’ve been handed a fake bill, the currency recycler will complete any task instantaneously, speeding up service and making customers happy. A CFO's Guide: How Cash Handling Is Affecting Your Bottom Line

    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3