The cost of doing business keeps going up. Whether it’s increased labour costs or the costs of handling cash, your business is losing profits to overhead.
The costs of handling cash and labour are entwined for many industries, including retail stores, casinos, and restaurants. The more time your team spends handling cash, the higher the labour costs and the higher the costs of cash.
A case in point is the preparation of floats for your tills. Some businesses spend hours every day preparing floats. They then spend hours counting the tills at the end of each cashier’s shift or the end of the day.
What if there was a way you could reduce the costs of both cash handling and labour? A cash recycler could be the answer you’re looking for.
The Cost of Preparing Floats without a Cash Recycler
In a casino, a retail store, or a restaurant, preparing floats is considered an essential task. After all, you need to have some change in the drawer when a cashier starts their shift. All tills should have the right proportion of change in them, and each till should have only a certain amount of cash.
You might also vary the amount and construction of the float depending on where the till is headed. If the express lane at the grocery store handles the most cash transactions, the float might look different than that of the other tills. You may even change floats depending on the day of the week, since that can predict how busy the store is likely to be.
Casino staff often report spending multiple hours per day preparing floats, making change, and counting tills at the end of a shift. This time costs you twofold.
First, it could mean extra time on a cashier’s shift. If it takes a cashier 15 minutes at the start of their shift to prepare their float, you’ll need to create overlapping shifts or ask employees to come in 15 minutes early. That’s nearly two extra hours per cashier every week.
Next, it’s 15 minutes less of customer service or active selling. If your cashiers could prepare floats faster, they’d be able to get to the floor sooner as well.
Modernizing Float Preparation
The cash recycler could make it easier and faster to prepare floats for your tills. This cash management solution is designed to accept cash, count it, store it, and then dispense it again as needed. The coin and bank note recycler can dispense what your cashiers need in their float.
It also keeps track of what goes in and what comes out, which streamlines the end-of-day tally. If cashiers need to make change during their shifts, the cash recycler can assist with that task.
Improving Productivity and Customer Service
The major advantage of the coin and bank note recycler is automation. Your cashiers and cash attendants no longer need to manually count the funds that are going into their floats. They also don’t have to spend time manually counting the till.
Instead, you let the machine take care of these tasks. It can dispense change and tally tills faster and more accurately than your employees.
This helps them move through these essential daily tasks more efficiently. With faster float preparation, they can be on the floor sooner. They can also stay longer, since it takes them less time to count, sort, and reconcile cash at the end of the day.
When you multiply this effect across all your tills and cashiers throughout the course of a week, the time and cost savings become apparent.
Your team also becomes more productive and they can deliver better customer service than ever before.
If you’re wondering how to make cash management more efficient in your business, a cash recycler could be what you’re looking for.