It’s just part of the business: your casino deals with a lot of cash. You’re probably handling millions of dollars every month, most of it in bills and coins. And with so much money on the line, it’s critical that you have sound cash management procedures in place. The way you accept, dispense, count, sort, and store your cash must be as efficient as possible or you risk wasting time and money.
Your cash management strategy is probably decent right now. After all, it’s gotten you this far. But are you really maximizing your efforts? Your money might not be as safe as it could be. Your casino might not be running at top efficiency. And it could all be because you’re making cash management mistakes that you’re not even aware of.
If you’re guilty of making any of these seven major cash management mistakes at your casino, it’s time to re-evaluate your cash management processes.
1. Double Counting
Though double counting all of your cash might seem like the best way to ensure accuracy, it’s actually a huge time waster. When you’re dealing with so much cash, you could be spending hundreds of hours a year double counting your money. Naturally, this time could be better spent elsewhere. Instead, invest in some error-free currency counters and sorters or recyclers that can do all the work with guaranteed accuracy, at lightning speed.
2. Too Much Cash on Hand
Big winners want to be paid right away, but that’s not necessarily a good business move on your end. Instead of keeping too much cash on hand just in case someone wins big, consider paying by cheque. This way, you won’t be so vulnerable to theft, shrinkage, or misplaced money.
3. Not Updating Your System
We know it’s a pain to learn a totally new automated cash management system when you’re so comfortable with the one you’ve been using for years, but upgrading is vital to your casino’s security. If your system is outdated, you can be sure that tech-savvy criminals have figured out a way to defraud you by now. Besides, new solutions can dispense floats, payouts and can count back the days says and provide reconciliation data. You always make sure your casino has the latest games so why not make sure they have the latest and most time saving cash management solution.
4. Till Minimums and Maximums
Setting minimums and maximums for your cash drawers seems to make good business sense, but it’s not the most efficient way to handle money. Sure, by setting minimums you ensure that your cashiers always have enough money on hand for transactions, and with maximums you mitigate risk, but instead of having to worry about that at all, you should consider cash recycling. With a cash recycler, you eliminate the necessary trips to the vault to deposit money or pick up more bills and coins. Your cashiers always have enough money because it’s recycled throughout the day.
5. Not Utilizing Counterfeit Detectors
Your casino is a prime spot for criminals. If you’re not authenticating every bill that comes in, you’re asking to be defrauded. Don’t wait until the money has exchanged hands to check bank notes. Make sure you have counterfeit detectors at every point of transaction, not just in the back room.
6. Not Tracking Cash in a Timely Manner
If you wait until the end of the night to balance all of the day’s cash, you won’t be able to keep track of who’s accountable when mistakes occur. Make sure your money is tracked and counted at every step of the way.
7. Being Short-Staffed
Having fewer staff members on the floor can save you in labour costs, but when your cashiers are too busy, they’ll start to multi-task transactions, lose count of money, and make more errors than if you were fully staffed. A cash management solution counts all money going both in and out reducing staffing needs and ensuring accuracy.