You’re aware of the costs of cash handling, and you’ve been considering new ways of managing cash in your business. You’re hoping to free up your employees’ time and improve productivity. You’re also hoping technology can help you drive down some of the costs associated with cash management.
To that end, you’re wondering if a cash recycler could be the right solution. This robust cash automation solution is a great option for many businesses. If you notice any of these five signs in your daily operations, it could be time to invest in a coin and bank note recycler.
1. A Cash Recycler Makes Sense in a High Cash Volume Environment
Businesses that handle a large volume of cash on a daily basis are the most likely to benefit from a coin and bank note recycler. The question, of course, is how much cash do you have to handle to be considered a high-volume environment?
Some businesses will obviously qualify. Large box stores or supermarkets often deal with a large volume of cash. Casinos are another obvious candidate.
Generally speaking, however, if your business has more than one register or conducts cash transactions in more than one area, you’re dealing with a high-volume situation.
Essentially, if you handle enough cash that it makes an impact on the business, it could be time to invest in a cash recycler.
2. You Need a Lot of Cash Available to Keep Operations Running Smoothly
Another sign you may need a recycler is how much cash you need to be easily accessible. This tends to go hand-in-hand with a large volume of transactions. If most of your customers are paying cash, you’ll need enough available to continually make change.
This high float requirement has some disadvantages for your business. The money you have in the register could be put to better use in your bank account.
A cash recycler could provide additional security, as well as reduce the amount of cash you need to have on hand. This technology “recycles” the cash that comes into your business throughout the day, making it readily available for reuse. Given that, you won’t need to have as much on hand to make change.
3. You Have Employees Dedicated to Handling Cash
Do you find it necessary to hire someone specifically to handle cash? This is a sign you could use a cash recycler. These dedicated workers usually work in a separate room, such as a cash room or office.
They might be known as cash managers or cash attendants, or they may have another title. Their primary purpose, however, is looking after the coins and bills. This means preparing floats, counting tills, storing cash, and preparing deposits and reports.
A cash recycler can help these workers finish their tasks sooner. You may need fewer people in the cash office, or those employees may be able to take on additional responsibilities.
4. There Are Often Accounting Issues
A cash recycler can also help if you have issues reconciling the tills with your books on a regular basis. Accounting errors are more common when cash is counted manually.
Leave this task up to automation, and you’ll have fewer errors to contend with.
5. Third-Party Fees Are Making Cash More Expensive
Labour often accounts for a good part of the cost of cash in a business. Third-party fees are also a consideration.
If you have to schedule more than one pick-up in a week or find yourself running to the bank constantly, you could benefit from a coin and bank note recycler. The device can drive down these extra fees by streamlining how you handle cash.
Every company is unique, so be sure to consider a customized cash recycling solution for your business.