5 Reasons to Consider a New Cash Automation Solution

    Sep 18 2019

    Topics: Cash Automation Solution

    As fall rolls around, many business owners start contemplating the year ahead. What goals will they set? What will the budget look like?

    One of the tasks on your to-do list could be investing in a new cash automation solution. Whether you have one already or you’re considering your first device, you’re probably wondering if the benefits outweigh the costs.

    If you’re not convinced just yet, here are five reasons you might want to put a new solution for cash automation on your wishlist.

    1. It Tames Labour Costs

    A cash recycler is a complex machine designed to handle a few common cash-handling tasks. It counts and sorts cash, then makes it available again to be dispensed. It also stores the cash securely.

    Like any machine, cash recyclers are often superior at their core functions than their human counterparts. Counting cash is repetitive and time-consuming, and a human teller is more likely to make mistakes. Instead, turn routine cash-counting and -dispensing tasks over to a machine.

    2. Tellers Can Focus on Customer Service

    Cash handling isn’t going anywhere in the foreseeable future, which means the labour costs associated with it are here to stay. With inflation and higher wages pushing labour costs up, most business owners are concerned about the future.

    A cash automation solution changes the story. Even as wages rise and inflation continues its upward trend, automating cash handling could tame the labour costs associated with this task.

    How? Your employees can spend less time counting, sorting, and otherwise handling cash. When these time-intensive tasks are streamlined and automated, your employees can turn their attention to other responsibilities.

    You may even be able to schedule fewer employees in the cash office, which further reduces the costs of labour associated with cash in your business.

    2. It Enhances Productivity

    Since your employees don’t need to spend as much time handling cash, they can devote that time to other tasks in the business. They can focus on cleaning or facing shelves, or, better yet, assisting your customers.

    With fewer hours tied up in cash handling, your employees could be both more productive and more efficient. On top of that, they can also deliver a better customer experience.

    When productivity rises, revenue usually follows.

    3. It Reduces Mistakes

    Another advantage of investing in a new cash automation solution is the improved accuracy it provides for your team. Instead of relying on manual processes that are prone to human error, you can rely on the accuracy of the machine.

    If you already have cash automation devices, you might wonder what the advantage of a newer system is. The answer is improved accuracy. Older machines contain older technology. While they’re still better than manual processes, they can’t compare to the technology in the most modern of machines.

    4. It Streamlines Banking

    More up-to-date cash management devices often have new capabilities as well. Upgrading from a cash counter to a smart safe or cash recycler could also let you take advantage of more robust solutions.

    An example would be a machine that monitors how much cash you have on hand and communicates with your bank. Some models will schedule deposits and pick-ups as well, which helps you streamline your banking activities. Instead of preparing multiple CIT pick-ups per day, you can now schedule just one. Your employees won’t need to run back and forth to the bank, making deposits and withdrawals.

    This could also help you streamline the associated fees. You might notice a drop in your banking or CIT fees when you adopt smarter technology.

    5. It Improves the Bottom Line

    With lower labour costs, lower cash-handling costs, and streamlined banking fees, you may notice your business’s bottom line looks healthier than ever. That’s all thanks to a better cash automation solution.

    You might also observe your heightened employee productivity and better customer service improving the bottom line as well.

    No matter what you’re using now, it’s time to consider a new cash automation solution for your business.

    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