Businesses spend more on cash handling than they might realize. One example is the labour costs associated with the hours that go into cash counting every day. One of the best steps you can take to control those costs is to adopt cash management technology.
The question is, which solution is right for your business?
Many business owners debate between smart safes and currency recyclers. It’s often a tough choice, but the right decision comes down to what your business needs. This guide should help you find an answer.
A Smart Safe and a Currency Recycler Address the Same Issues
Most business owners debate between smart safes and currency recyclers because the two devices address many of the same concerns. They do it in slightly different ways, but both aim to streamline your cash management and keep your cash safe.
The primary difference is that smart safes focus on preparing deposits. It's used in the cash room. Currency recyclers can store cash, but they also dispense the coins and bank notes to be used again for floats and change. They're often used on the floor by cashiers.
Which Makes Sense?
Whether you need a smart safe or a currency recycler will depend on what services you need most.
Either option could help you reduce the time you spend on cash management. Both improve security as well, since they reduce cash handling.
Smart safes make the most sense if you handle a relatively small amount of cash on a regular basis. You probably don’t need a very high float for the business. The low volume of cash also means you may not be making deposits as regularly as a high-volume business.
The smart safe solution allows you to store cash more securely. You can increase safety while reducing the number of deposits you need to make. While it’s still a good idea to keep minimal cash on hand, smart safes can streamline deposits.
By contrast, high-volume cash environments benefit most from a currency recycler. If you need a high float for the store, the recycling feature makes perfect sense. It allows you to reuse some of the cash coming into the business. In turn, you won’t require as much cash on hand for floats.
Since you have a higher volume of cash coming through, you probably need to make deposits more frequently as well. While the currency recycler can help you streamline deposits, it makes more sense than the smart safe because it can keep the money flowing.
Why Not Both?
In some environments, such as at a casino or a busy retail store, having both a smart safe and a currency recycler could make perfect sense.
For your floor operations, your cashiers may find the currency recycler helps them with transactions. It may streamline the process of preparing floats for your tills or reduce the number of times the cashiers require change for their transactions.
For count room or cash office operations, though, a smart safe may make more sense. This may be especially true for higher denomination bank notes. The currency recycler can recycle common denominations, such as $10s and $20s. Higher value bills can be sorted from the recycler and stored in the smart safe.
Since it takes longer for the higher denomination bills to accumulate, smart safes can improve security as you prepare a deposit.
Find the Solution for Your Business
If you’re still not sure which option best meets your business’s needs, it’s time to get in touch with the experts.
We’ll help you assess how much cash you’re handling, what it’s costing you, and what each solution could save you.
With the right solution, you’ll improve both your cash handling and your bottom line.