How Amusement Parks Lose Money with Every Cash Transaction

    Jan 30 2019

    Topics: Tourist Attractions

    Amusement parks are capital-intensive businesses, as every park owner already knows. They’re also cash-intensive businesses. Many people still pay cash at the gate for their tickets. Tourists are more likely to use cash, especially if they’re visiting from other countries.

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    You’re probably aware of some of the ways you’re losing money on these cash transactions.

    The Usual Suspects

    Cash losses are often caused by human error:Your employees count incorrectly and give back incorrect change.

    Cash management technology can help you eliminate these sorts of mistakes. Coin and bank note recyclers at the point of payment make it easier for your employees to keep track of what’s coming in and going out.

    There are, of course, other ways you’re losing money on cash transactions.

    Inefficiencies Lead to Lost Time

    Time is perhaps the biggest way you lose money on your cash transactions. As the old saying goes, time is money. The longer your employees spend handling cash, the more money you’re losing.

    This means every time your cashiers stop to count cash or dispense change, you’re losing money. Instead, the right technologies could reduce the time your employees spend handling cash in your amusement park.

    By integrating technology, you can create more efficient processes. The more efficient your team is when handling cash, the less time they’ll spend on these associated tasks. This reduces the labour costs associated with cash transactions.

    Improving Productivity

    There’s another reason cash transactions cost amusement parks money. As established, every time your team handles cash, they’re putting time into cash management.

    Have you ever stopped to wonder what else they could be doing with their time? Adopting cash management technology can help your team be more productive not only when they’re handling cash, but also when it comes to other tasks.

    The equation is simple. The less time your team spends handling cash, the more time they’ll have for other tasks. Maybe they can spend more time answering visitor questions or informing them about a ticketed event at the park.

    What’s more, employees won’t need to spend time counting the till and float prior to their shift, and they won’t need to spend time at the end of the shift tallying up the total either. Instead, they can spend those extra minutes at the start and end of shifts serving your customers. Alternatively, you can shorten shifts to save on labour costs.

    Other tasks that may be neglected can also be put back on the to-do list as your employees have more time. This raises productivity, which contributes to higher revenue.

    Can Cash Management Technology Help?

    The costs of handling cash are often much higher than you suspect. When you add it all up, you may see that your cash transactions are costing you more than debit and credit card transactions.

    Cash management technology is designed to help business owners like you manage the costs of cash. By introducing the right machines, you can reduce the amount of time your employees spend handling cash. They can manage cash correctly, and then they can get back to the other jobs you expect them to take on.

    In a business like an amusement park, where margins can be thin, a little can go a long way. Talk to a cash management solutions provider and discover just how much cash management technology could save you.

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    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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