Many business owners today are aware of the wide variety of choices they have when it comes to improving their cash management. They’re also aware of the reasons they need to improve how they handle and manage cash in the first place.
As you consider which solution is right for your business, you’ll probably think about a cash recycling system. This cash automation solution is one of the more comprehensive solutions.
Before you commit to investing in one for your company, you’ll want to ask about the benefits of a recycling system for your store, department, or restaurant.
Coin and bank note recyclers have many advantages, including several financial benefits. These are the top three financial benefits you’ll realize with a cash recycling system.
1. A Cash Recycling System Can Reduce Third-Party Fees
The way a cash recycling system functions can help you reduce the third-party fees you pay for services.
The machine collects cash throughout the day. It counts these funds and stores them securely. It can also dispense them for reuse in the store.
This recycling function allows you to put the cash you collect back into circulation. This means less cash accumulates, leading to fewer cash-in-transit (CIT) pick-ups. You may also be able to reduce the charges for the delivery of change as well.
Banking fees could also be reduced through the use of a coin and bank note recycler. Since less cash accumulates, you don’t need to make as many trips to the bank. You might be able to cut down on the number of deposits you make, which can also lower fees.
Finally, your change orders and the additional fees that go with them may also decrease. Recycling the cash that comes into your business means you don’t need change as frequently.
2. The System Frees Up Working Capital
Another financial benefit of a cash recycling system is its ability to free up your working capital. Remember that the machine can also store cash securely until a CIT pick-up or bank run occurs.
In traditional set-ups, money sitting in secure storage isn’t of much use to you. That’s one reason to make frequent bank deposits, which could run up your fees.
Investing in a coin and bank note recycler means you have access to your funds sooner. This improves working capital, which may help you manage your business with greater ease and efficiency.
3. Reduce Your Store Float
A third major financial benefit of a cash recycler is the ability to reduce your store float.
As already noted, this device recycles the cash that comes into your business, making it ready to use again. This means you have a ready supply of change at your fingertips.
As a result, you may not need to order change from the bank as often. You might also find you can reduce the amount of change you need to keep on hand in the store. Since you’re drawing change from the cash transactions you previously managed in the day, you don’t need to have as much cash in reserve as you start the day or the next shift.
If you’re considering a cash recycler, you’re likely handling a high volume of cash transactions. The more cash transactions you handle, the higher your float needs to be. A high float can lead to errors, lost cash, and other issues, so reducing your float is a great step forward.
If you think a cash recycling system could be right for your business, make sure you’re familiar with all the benefits.
