How Do Teller Currency Recyclers Work?

    Oct 19 2016

    Topics: Bank Note and Coin Recycler

    Bank tellers handle many transactions involving large amounts of cash on a daily basis. Each teller is responsible for ensuring the accuracy of each transaction while also providing excellent customer service. At each station, tellers have their own cash drawer to keep track of and reconcile at the end of each day. Handling the needs of each customer can be a time-consuming process that has a lot of potential for error, particularly when cash is involved. Maintaining complete cash handling accuracy corresponds with a slower rate of service for each customer and will reduce the efficiency of transactions.

    Investing in teller currency recyclers boosts the security and efficiency of in-person banking, benefitting customers, staff, and the daily operations of bank branches. Read on to learn more about how teller currency recyclers work and the benefits they provide.

    How Do They Work?

    Teller currency recyclers work by taking on all of the cash-related tasks associated with banking transactions. They accept cash deposits, dispense cash withdrawals, sort cash, and securely store cash. They also check for counterfeit currency and count cash to reconcile the transactions that have been made. Using a software system, teller currency recyclers intelligently respond to requests made by tellers and recycle cash so that it is available for immediate use; this cuts down on the amount of cash that is needed to be stored at each teller and at the bank. Teller currency recyclers are intuitive to use and protect the security of customers, staff, and banks as a whole. There is no longer any need to manually process any cash transactions as the currency recycler completes all of those tasks.

    What Are the Benefits?

    Increased Security:Once teller currency recyclers have been adopted into the bank, there is no longer any need to have cash drawers at each teller station. Instead, cash can be stored in the cash recyclers, which provide a secure vault. Additionally, with built-in counterfeit detection, currency recyclers protect banks from inadvertently accepting counterfeit cash.

    Efficiency: With counting and sorting technology included, cash recyclers improve the efficiency of each transaction and remove some of the burden of responsibility from tellers when it comes to accepting and dispensing cash.

    Improved Customer Service:Once the efficiency of each transaction is improved, customer service representatives/tellers will have more time to devote to responding to each need of the customer. Increased efficiency also allows for tellers to share information with their customers about other products and services that the bank offers. Customers will receive a more comprehensive experience when staff are not distracted by completing manual cash handling tasks and are devoting all of their attention to customer service.

    Simplified Cash Flow:As the name implies, currency recyclers allow cash to cycle back through the bank without having to be manually counted, sorted, and processed. Cash is processed automatically and sorted into the appropriate storage cassette according to denomination. The cash is then ready to go for when withdrawals are processed. Cash recyclers drastically reduce the amount of time taken by cash flow throughout a bank.

    Ease-of-Use:Currency recyclers are designed to be intuitive for staff to operate and provide access to many crucial teller functions in an efficient way. They are designed to require minimal training and be comfortable to use on a daily basis, as they are built ergonomically for maximum comfort.

    Adopting cash automation technology into the bank branch provides a streamlined experience from the perspective of customers, staff, and bank security and productivity. Currency recyclers are key to maintaining established relationships with customers and providing a secure, efficient, and helpful service.

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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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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3