If you’re concerned about cash management in your business, you may be looking at upgrading your equipment to improve your processes. You’ve heard about the costs of handling cash in a business, and you know technology offers a solution.
One cash management solution to consider is the currency discriminator. If you’ve done much research, you’ve likely come across the term before. What does this piece of equipment do, and how do you know if it’s the right solution for your business?
What Is a Currency Discriminator?
A currency discriminator is a piece of cash management equipment designed to help businesses improve how they handle cash. It’s more advanced than a currency counter, but it’s not as complex as a coin and bank note recycler.
This piece of machinery has a few basic functions. Like the currency counter, it can count bank notes quickly and accurately. It also prepares bank deposits.
This cash management technology goes one step further. It can tell the difference between different denominations. If you insert a mixed pile of bills, it can discriminate between them.
The machine will then total the amount and give you a breakdown of the total by denomination. You can also pair the discriminator with a printer to help keep records and establish an audit trail.
Counters vs. Discriminators
Both currency counters and discriminators are excellent cash management solutions. For businesses looking to upgrade from manual processing, they’re two of the most commonly considered pieces of equipment.
Like other business owners, you may be asking which one is right for your business. There are a few pros to a currency counter. They’re relatively small, which means they’re very portable. They also come with a lower price tag.
A currency counter has fewer capabilities than a cash discriminator, however. The discriminator costs more, but that has to do with its increased functionality. The machine is also bigger, which reduces portability.
Many people who opt for currency counters do so because of the attractive price point. They may, however, find they outgrow these simple machines. The counter is limited to counting cash. It can’t tell the difference between bill denominations.
The price point of the discriminator is higher, but it’s the more robust solution. While both currency counters and discriminators have their place, business owners that opt for a currency discriminator usually get more out of their purchase.
What Are the Cons?
As mentioned, the currency discriminator usually has a higher price tag than a currency counter. It’s often more affordable than other cash management technologies, such as a coin and bank note recycler.
The machine is also somewhat more complex, so it may take more time and training for your operators to use it effectively. Due to its increased functionality and complexity, it’s also a good idea to have a more robust service plan for the machine. This may look like an upfront cost, but it can extend the machine’s life and increase its value to your business.
What It Can Do for Your Business
Adopting any piece of cash management technology has benefits for your business. What exactly can a currency discriminator do for you?
First and foremost, it can reduce the amount of time your employees need to spend manually handling cash. Your cash supervisors no longer need to sort and hand-count cash. The machine can take mixed batches of bank notes and tally them correctly.
Some models even allow for sorting different denominations into separate pockets. Depending on the model, you may even be able to sort notes so the bills are face-up with the faces pointed in the same direction.
All of this produces more accurate results while reducing the time and effort your employees spend on cash management. If you want better cash management for your business, a currency discriminator might be the solution.