5 Efficient Retail Currency Solutions

Jan 10 2018

Topics: cash management

Every business is looking to make improve its cash processes. There’s nothing worse than finishing up a long day and having to spend another 30-45 minutes counting cash, creating bank deposits, and then taking the deposit to the bank. 

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It’s a lot of time and effort, especially if you’re doing everything by hand. Luckily, there is a better way to do all of this. Here are five efficient retail currency solutions that you can get for your business.

1. Counterfeit Detectors

Over half of transactions in Canada made in 2015 were completed in cash. People prefer to use it for most of their transactions because it’s easy and reliable, and most retail establishment accepts it. One of the dangers of cash for businesses, however, is that every establishment runs the risk of accepting counterfeit money. 

When you accept fraudulent banknotes without realizing they’re fake, you take the loss. This isn’t something you want to have to deal with, which is why counterfeit detectors are great retail currency solutions. 

Counterfeit detectors scan the security features on banknotes to determine their authenticity. If the machine can’t find them, it alerts the cashier that the bill might be fraudulent. This allows you to keep counterfeit money out of your store, so you don’t lose money.

2. Cash Sorters

Counting cash manually at the end of the day is a long process. It’s also filled with human error. It’s a completely inefficient way of tallying the day’s take, and it also costs you money because you’re paying for staff to stay on shift to count. 

You can eliminate human error and reduce the time it takes to count cash by investing in a cash sorter. A cash sorter takes the money you’ve made for the day, organizes it (cash and coins), and then counts it. It’s one of the more efficient retail currency solutions you can invest in to count the day’s cash.

3. Cheque Scanners

Many retail businesses don’t accept cheques any longer because of the time it takes to process them. After accepting a cheque, a retailer then has to take a photocopy of the front and back of it in order to record the information. Once that’s done, they then have to physically take it to the bank to deposit it. It’s a waste of time, which is why few stores accept them anymore. However, a cheque scanner does all of that for you.

A cheque scanner takes a digital copy of the cheque and records the information for you. Then it deposits it automatically into your account. There’s no need to cut off this payment option when you have a cheque scanner in the back room.

4. Smart Safes

Efficient retail currency solutions also include smart safes. A smart safe is first and foremost a safe where you keep your cash, but it also has technology that makes it smart. You can give everyone who needs access to the safe their own login and password, ensuring complete accountability. It can also count all of the money in the safe, dispense floats, create reports and more. It makes your cash processes much easier and more efficient.

5. Currency Recyclers

Currency recyclers are used at the point of sale and allow for a more streamlined approach to checking out customers. Currency recyclers accept, dispense, and store cash. This means you don’t need to go get money from a safe or deposit money from a till there either; everything is managed by the recycler quickly and easily.

These five retail currency solutions exist to improve efficiency. Save time and money by using these solutions today.

How to Improve Your Business With An Automated Cash

Robin Steinberg

Robin Steinberg

Robin is a leading expert in the area of retail cash management having helped businesses across Canada plug leaks in their current cash management practices resulting in a significant return-on-investment. In her spare time Robin enjoys writing, reading, and continuing education.

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

905.696.0733