5 Features to Look For When Implementing New Cash Automation Technology

    Nov 06 2019

    Topics: cash automation technology

    Cash automation technology has come a long way in just a few short years, and improvements are constantly being made. Whether you’re searching for your first system or looking to upgrade, you have more choices than ever.

    Of course, that means you also need to do research to discover exactly which cash automation solution you require for your business. Which features are absolutely essential for today’s competitive businesses? Keep an eye on these five features, and you’ll have an easier time finding a great solution.

    1. Cash Automation Technology Should Be Flexible

    The first thing you need to consider is how flexible the cash automation solution you’re looking at is. Can you install it at point-of-sale, self-checkout stations, or the back office?

    A machine that’s meant for just one location may be the right choice in some situations, but technology that can be integrated seamlessly across your business is usually a better choice. Look for flexibility to improve integration among your departments and increased scalability, so your technology will keep growing with you.

    2. Think about Capacity and Speed

    You’ll also want to contemplate the capacity and speed of the technology you hope to install. Some businesses don’t handle much cash, while others deal with an incredible volume daily.

    A coin and banknote recycler that takes care of a few hundred notes might be a good choice if you don’t handle high cash volume. One that handles thousands is a far better investment for most businesses, especially since it gives them the option to expand.

    Speed is also a crucial consideration. You could pick a machine that has high capacity, but if the speed doesn’t match, you’ll constantly be waiting to finish up transactions and deposits.

    3. Connectivity Is Key

    Another key feature of today’s cash automation technology is its ability to connect to both the Internet and to other systems. This connectivity leads to greater integration, which can smooth your bookkeeping and accounting processes.

    Think about a machine that connects to your statement information and updates automatically. What about getting instant reports of what’s for deposit and what’s left in the store float and your tills? The right cash automation technology could even provide updates to your accounting team, so they’re always working with the latest information.

    4. It Needs to Integrate with Existing Technology

    If you’re already using certain systems, you’ll want to be sure the cash automation technology you choose supports those systems. Unless you’re planning to overhaul everything and build it from the ground up, selecting cash automation technology without considering how well it integrates with what you’re already using is a huge mistake.

    You’ll want to think about everything from your bookkeeping and accounting software to payment software and even your payroll and HR software. Greater integration provides smoother transitions and increased transparency.

    5. The Team Behind It

    Before you pick a cash automation solution, be sure to think about the people providing the technology. Are they experts at building integrative systems? What kind of maintenance plan do they provide for the technology you’re purchasing from them?

    Picking equipment backed by the right team is the key to success. They can guide you in building a system that integrates with your new and existing technology, as well as make recommendations for the solutions your business needs. They may even be able to help you design a system that can grow and scale as your business increases.

    They should also provide training for your team, and preventive maintenance to keep your new technology in great working order. While this isn’t strictly a feature of the technology itself, it is an important feature to consider whenever you decide to buy.

    Talk to the experts today and discover which cash automation technology will help your business achieve more.

    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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