As a professional in the finance field, you’ve likely heard the words “cash recycling” mentioned at some point in your career. But if you’re not very technologically literate, you might not know what people are talking about. You might think that it’s just some new fancy technology on the market that you don’t really want or need for your business. But the truth is cash recycling has revolutionized cash management. And it can provide significant benefits to your company, whether you’re in retail, the restaurant business, or other type of industry that handles a lot of cash.
In a Nutshell
Cash recycling is aptly named because it’s a way to recycle your cash. Of course, we’re not talking about recycling paper bills and turning them into sheets of paper or anything like that. What we mean is that the same cash that you accept for transactions is then used again later on in the day for future transactions or floats. What comes in, goes out. This feature alone is quite beneficial for optimizing cash flow and reducing vault holdings, but a cash recycler actually does so much more than just that. It’s a complex all-in-one machine that handles cash effortlessly and automatically. It will dispense floats, count the money your cashiers accept, sort it, authenticate it, store it, and reconcile your total before dispensing it for future transactions. Cash recycling is actually really impressive.
Here are some of the ways it can help your business.
Total Cash Handling Efficiency
Handling cash manually is unproductive and inefficient. There’s a lot of tedious and time-consuming work involved. Counting and sorting cash takes time. Preparing floats takes time. Reconciling cash takes time. Going to and from the vault to pick up more cash or drop off excess money from the till takes time.
Inefficient cash management processes will lead to a lot of wasted time. But with cash recycling, everything is handled automatically so you can cut down on time spent on manual cash handling activities. You can increase efficiency at the beginning of teller shifts, during transactions, and at the end of the day. Your managers won’t need to deal with several vault transactions throughout the day because your cash is being recycled. Your transaction time will speed up—from 45 seconds to a mere 8 seconds per customer. If you want your cash management processes to get lean and mean, then cash recycling is the answer. It’ll give you total efficiency.
Cut Your Labour Costs
Your labour costs can really add up, which can hurt your bottom line. But when you drive efficiencies and reduce wasted time spent on cash handling activities, like counting and sorting, you can save on your labour costs. In addition, for every three employees you used to have, you can cut that down to two because of the increased productivity you’ll receive.
More Secure Cash Management
Cash handling is full of risks, but cash recycling can reduce some of these risks. The machine will automatically authenticate incoming bills for counterfeit fraud. The machine will perform the cash handling work and track and record every dollar so your employees will have fewer opportunities to steal from you. And your cash recycler can act like a vault as well, so you can reduce your risk of robbery. You can even hook it up to your alarm system for added security.
Better Customer Service
When your cashiers are processing transactions, they’re looking down at the money to count it, sort it, and put it away. And they’re doing so at a slow pace. But with cash recycling, transaction times are sped up, so your lines will move faster than ever before. And because the cash recycler will take care of handling the cash coming in and being dispensed for change, your cashiers can interact more with your customers. This will naturally lead to better customer service, and in turn, higher customer satisfaction.