Cash recycling is truly a wonder of technology. Even those in the cash management business continue to be impressed by its complexity. There’s a certain wow factor involved when you see the cash recycler in action.
Having just one of these machines at your company can drive incredible productivity and efficiency, reduce costs, and create more streamlined cash management processes that will leave you in awe. It seems almost impossible that just one device could provide so many advantages.
To allow you to share in our amazement, we’ve detailed exactly what a cash recycler is, how it works, and how it can benefit your business. Keep reading.
Put simply, a cash recycler is a secure vault that handles both cash coming in and cash going out. Front of store recyclers count the money coming in, sort it by denomination, check for suspicious bills, and then stores it securely for future transaction use, all while keeping a running total. This solution is integrated with your point-of-sale system making reconciliation simple.
A cash recycler improves your efficiency in myriad ways. For one, it only counts money once to get an accurate total—as opposed to three or more times by your cashiers. Because it keeps a running total, your cashiers do not need to count and reconcile your cash at the end of the shift, either.
In addition, cash recycling can dramatically reduce your vault holdings. You won’t have to worry about running out of money in your registers or having problematic overflowing cash drawers. Your employee can be focused on your customer instead of having their head buried in a cash drawer.
Better Customer Service
Moreover, one of the most advantageous parts of investing in cash recycling is the speed you’ll receive. Typical manual transactions take approximately 45 seconds to complete with a customer. During this time, you have other customers waiting in line, often impatiently.
These 45 seconds are used to open the register, count and sort incoming cash, and then count and sort change to return to the customer. With a cash recycler, you can cut this down to a mere 8 seconds because all of these tasks are done automatically. This will dramatically improve your customer service by keeping lines moving faster and giving your employees the opportunity to stay focused on the customer, and even cross-sell or upsell.
In an automated environment, you’ll see fewer mistakes and higher accuracy. Your employees will cost you money through human error—that’s a fact. They’ll sort denominations incorrectly, they’ll hand customers the wrong change, leading to overages and shortages, and they might even misplace some of your money. But using a cash recycler will allow you to cut down on your losses because you’ll be guaranteed total accuracy.
You can also reduce other losses besides human error through cash recycling. The machine tracks every nickel coming through, which increases accountability. Your employees will have fewer opportunities to steal from you. In addition, a cash recycler is a secure vault with a hot-key silent alarm and restricted access, which will reduce your risk of robbery. And lastly, because it verifies the money coming in, you can reduce your risk of taking on losses caused by counterfeit fraud.
If you want to improve efficiency and customer service, gain higher accuracy, and enhance security, investing in a cash recycler is a great option for your establishment. This technology will help you to streamline your cash handling processes so you can improve your bottom line.