Casinos are in perpetual motion! With many of them operating 24 hours a day, cash management presents a unique challenge. They have a continuous flow of cash in and out of them, which makes running an organized and efficient business difficult. They can have up to 100 cash registers operating at any given moment; as a result, cash can easily go missing with cash located throughout the building and many different staff members handling cash.
Automating cash management allows casinos to avoid the heavy losses that result due to poor cash handling procedures. Technology boosts the efficiency, security, and accuracy of the cash handling process, allowing casinos to make the most out of their cash. When handling large volumes of cash, it’s crucial to protect it from being stolen or misplaced. Here are five reasons why casinos need to implement full cash room automation.
1. Lower the Costs of Handling Cash
With many open floats operating at any given moment, the costs of handling cash can quickly add up. Reducing costs wherever possible is in the best interests of casino management. Consider this: You never know how long it will take to manually count, sort, and balance one cash register. Multiply that by 100 and you will get a sense of just how long it will take to manually process all of the cash accepted each day.
Automation introduces efficiency into the cash management process, reducing labour costs and saving valuable time for businesses. Automation also ensures that you never have “extra” floats prepared just in case.Security is increased and cash flow maximized.
2. Boost Security
Within a casino, staff members may have to transport cash floats across a long distance to where cash is processed. During the transporting process, employees are vulnerable to theft and cash can easily be misplaced.
Introducing full automation into your cash room gives your business a solution for protecting your assets. Automation means that you can place currency recycling machines throughout the building so your staff can easily dispense and deposit their floats for processing. This boosts not only the security of your cash management but also the efficiency.
3. Increase Efficiency
Efficiency is crucial for any retail environment but particularly for casinos where cash is the lifeblood of the organization. Manual cash handling requires a lot of time and attention from management staff as well as employees.
While employees are required to count, sort, and balance tills, management must also supervise the process, costing your business more money. Automation takes on the tasks that would normally be completed by your employees with precision and speed, which boosts the efficiency of your cash management process.
4. Optimize Cash Flow
Maintaining proper cash flow is hugely important for casinos where large volumes of cash are continually moving throughout the building. One of the best ways to optimize your cash flow is to invest in a currency recycler.
Currency recyclers process transactions, count, sort, balance, and dispense new floats far more efficiently than manual cash handling. They provide detailed cash flow reports, allowing your cash management process to happen without interrupting your staff from focusing on maintaining your daily operating procedures.
5. Simplify Management and Reporting
Casinos require maintaining a large roster of staff to properly operate and keep things running smoothly. Training each staff member effectively presents a unique challenge for management, particularly if there is frequent staff turnover.
Automating your cash room protects your cash from being mishandled by inexperienced or busy staff members. Additionally, automated cash management technology requires the use of a personalized username and password to complete any transactions, which has a positive impact on employee accountability.
These security safeguards protect your cash and also allow management to consult reports on each transaction while keeping accurate cash management records. Automation prevents your business from making costly cash management mistakes.