You’ve likely heard plenty about various cash management technologies and how they can help you improve your business. One of the pieces of equipment you’re most intrigued by is probably the coin and bank note recycler.
If you run a retail operation, a casino, or a bar or restaurant, these machines are excellent investments. They can help simplify the management of floats and employee tips.
How do they accomplish it?
How Do Coin and Bank Note Recyclers Work?
To understand how a coin and bank note recycler can help you manage floats and employee tips, you need to first know how they function. So how do these machines work?
A coin and bank note recycler can take on many cash-related tasks in a business. At the
beginning or end of a shift, your cashiers will make deposits and request float withdrawals from
the machine. The machine will also sort and store your cash securely.
A recycler uses software to manage and respond to requests. When your cashier inputs cash, the machine will sort the notes and count them. If change needs to be made, the machine can tally it and output the correct amount.
This reduces the amount of cash you need to have on hand, because the machine is recycling the cash already coming into your business.
Simplifying Floats with a Coin and Bank Note Recycler
It should be clear how a coin and bank note recycler can assist with the management of your floats. There’s no need to count up the tills and top them up. The machine has already counted them, and top-up happens every time a cashier makes a deposit.
At the end of the shift, the machine has a tally of what’s in the drawer. It also has a record of what it started with. Since the machine also sorts currency, you can easily tell what is in the machine, as well as the current total.
You no longer need to have managers or cashiers count or sort floats. They also don’t need to dispense floats to cashiers just starting their shifts. Everything is streamlined as it passes through the machine.
Simplifying Employee Tip and "Due Back" Management
It may be a little less apparent how coin and bank note recyclers can help you with tip management for your employees. There are a few different ways.
Since the machine tallies what’s put into it, it’s easier to calculate differences between your sales receipts and what’s in the drawer. Subtracting the float is also easy, which then makes determining the right amount for employee tips simple.
It’s also then easier to dispense the funds to your employees. Divvying them up can be done according to your own policies. You can withdraw the cash from the machine at the end of the night and split it evenly between everyone. You might also have employees log their transactions, which can make it easier to track tips for individual employees.
Either way, it’s easier than ever to keep track of tips/due backs.
Do You Need a Coin and Bank Note Recycler for Your Business?
You might be asking whether or not you need coin and bank note recyclers for your business.
If you handle cash on a regular business, need to manage floats, or have tipped employees, then a coin and bank note recycler can be a great investment for you. It reduces the need for manual cash handling, and it streamlines floats, tips, and other cash management tasks.
If you haven’t already considered one, then think about a coin or bank note recycler as your next cash management technology investment.