How Casinos Can Remove Costs of Cash Management through Automation

    Jul 29 2016

    Topics: cash management

    The cash management process at a casino is undoubtedly complex. With multiple shifts throughout the day, dozens of employees and floats, and myriad points of sale, casinos can see significant costs of cash management if this process isn’t effective or efficient.

    These costs of cash management can run in the hundreds of thousands, hurting the casino’s bottom line. But these expenses of handling cash can be effectively reduced through automation. By using the appropriate cash management solutions and automating the cash room, casinos can realize significant savings and elevate their businesses.

    Automatic Floats

    Counting, recounting, and reconciling dozens of floats on a daily basis can result in high labour costs. It takes several hours every day for managers and employees to perform this task over and over again. By implementing cash recyclers, however, casinos can eliminate these costs of cash management.

    The floats will be automatically prepared, dispensed, and then accepted and reconciled at the end of the night. No manager is needed. No employee has to count or double check the amount. Staff members will get their pre-determined, pre-authorized floats at the start of the day simply by entering their unique personal identification number and password into the machine. Using the same authorization, they can then insert their bills and coins in the machine, where they will be automated counted, sorted, and balanced.

    Reduce the Time Required for Vault Transactions

    During the day, employees often have to skim their registers or request more change for customer transactions. This begins the tedious process of the vault transaction. The manager must get involved. Time is wasted. And manpower is wasted.

    With cash recyclers, casino employees no longer need to involve a manager for vault transactions. They once again punch in their ID and PIN and either drop off their extra cash or request change, which is then processed automatically.

    By improving the skim and change request processes, casinos can improve productivity and efficiency, which will reduce costs.

    Increase Accountability

    Because employees must sign in to perform any cash management activity through the cash recycler, there will be an accurate audit trail to follow if things are amiss. Accountability will increase. This will virtually eliminate the issue of internal theft by casino employees, which is one of the biggest costs of cash management at the casino, and unfortunately quite common in the industry. When every cash handling activity is tracked, recorded, and can be connected to an employee’s name, you’ll see your shrink rate reduce considerably, boosting your bottom line.

    Reporting Made Easy

    Because all activities are tracked and recorded, managers can now depend on more informed decision making. They can see how much money has gone through the machine at any given time frame, and more. This can reduce costs, for example, by allowing managers to schedule the most appropriate number of employees based on average sales made at those times.

    Guaranteed Accuracy

    Manual cash management is prone to human error. Try as they might, your managers and other employees will no doubt make some mistakes while counting, sorting, reporting, or even storing and depositing your cash. And even though these errors might be completely innocent in nature, you still lose out.

    These losses due to human error are totally preventable. By using automation, casinos can gain guaranteed accuracy by taking humans out of the cash management process as much as possible. The cash recyclers will do all of the work, leading to fewer losses and lowered costs of cash management.

    Casinos that integrate cash management solutions, like cash recyclers, benefit in several ways. Automation can improve efficiency and effectiveness, improve productivity, and improve accuracy, all of which will reduce the costs of cash management. What are you waiting for? Automate your cash room today.

     

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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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