5 Ways a Currency Recycler Will Benefit Your Business

    Apr 22 2016

    Topics: Bank Note and Coin Recycler

    The currency recycler has revolutionized the cash management process. It’s a complex, all-in-one machine that can automatically simplify just about all cash-handling activities, including accepting and dispensing floats, processing transactions, authenticating bills and coins, counting and sorting, balancing, reporting, and storing.

    If you’re serious about improving your cash management process, then investing in a cash recycler is the best route to take. Here are the ways it will benefit your business.

    1. Increased Accuracy

    Your employees and managers are human, so there’s no doubt that they’re going to make innocent errors while handling your cash. They could give out the wrong change to customers, miscount your bills and coins, sort them in the wrong denominations, balance or report your totals incorrectly, or make other types of mistakes. Though inevitable with manual cash handling, these errors end up costing you money.

    A currency recycler will completely eradicate human error from the equation with close to 100% accuracy. It won’t make mistakes while handling cash so you’ll save more of your hard earned money.

    2. Counterfeit Detection

    No business owner wants to lose out due to counterfeit. Accepting counterfeit cash is a pain. Not only does it become your loss, but you also have to deal with the hassle of reporting it to the police. Having a cash recycling system at your front end will ensure that you never accept counterfeit bills again. It’ll automatically reject all suspicious bank notes.

    3. Improved Customer Service

    Without your customers, you wouldn’t have a business. That’s why it’s so important to ensure that your customer experience is as positive as possible. Investing in a currency recycler can help improve your customer service in a few ways. First, the machine will do all of the cash handling work, so your cashiers can spend more time on your customers. Because the machine is faster than an employee, it can reduce transaction times from 45 seconds to a mere 8 seconds, so your customers will be happier with speedier service and your lines will move faster. Finally, your customers will be able to count on the incredible accuracy rate of the machine, too, leading to increased trust.

    4. Reduced Labour Costs

    Labour is your biggest expense and any reduction can have a positive effect on your bottom line. With a cash recycler system, you’ll need fewer employees on staff, you’ll be able to redeploy cash room employees, and you’ll be able to shorten shifts, since your employees will no longer have to come in early or stay late to count floats or balance tills.

    5. Increased Security

    When you handle cash at your business, you increase your risks, not only of counterfeit but also of robbery and internal theft. Many companies that handle cash manually do not have accountability, do not have a great paper trail, and haven’t implemented cash handling policies and procedures. This makes it easy for employees to steal your cash, from the register or back room, without getting caught. It can also be tempting for thieves to steal right from your register, steal from your employees while they’re in transit with your cash, or steal from you cash room if your money is stored improperly.

    A currency recycler can significantly reduce these serious risks. It will track and report all of your cash—down to the last nickel—so your employees won’t have any opportunity to steal without getting caught. The currency recycler can also act like a vault, hooked up to your security system in case of robbery, keeping your money safer than ever. Your money can stay exactly where it is until the cash is picked up for deposit.

    How to Improve Your Business With An Automated Cash

    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