More business leaders are contemplating how they can streamline cash management for their operations. After all, cash doesn’t seem to be going anywhere, and the costs of handling it are only increasing. In this environment, automation is a smart move.
You might be wondering which type of cash management device would be the right fit for your business. A cash recycler has plenty to recommend it, but do you need this type of solution?
Some environments tend to benefit from a coin and banknote recycler more than others. If you operate one of these five environments, a recycler could be the right move for you.
1. Convenience Stores and Gas Stations Find Security with a Cash Recycler
Convenience stores, gas stations, and similar businesses that focus on small transactions and quick service, benefit from a cash recycler and its added security features.
These types of businesses handle plenty of cash, but they also face plenty of risk. The recycler stores cash safely, which is especially useful during the overnight shift.
2. The Gaming Industry Can Streamline Operations
A cash recycler’s security features are most welcome in the gaming industry, but it brings more benefits than that.
Casinos and other operations handle large volumes of cash, but cash attendants and cashiers also have to make change and prepare floats. By adding cash recyclers, the amount of time your employees are devoting to each of these tasks can be reduced. In turn, the costs of handling cash will come down too.
3. The Retail Industry Can Lower Labor Costs
Retailers and restaurateurs alike have been squeezed by rising wages across North America. Both industries traditionally have slim profit margins, so a rise in operating costs isn’t ideal. How can you offset that rise?
Enter cash recyclers. These machines streamline operations and free up your employees to focus on other tasks. Cash-handling costs will be reduced. You may also notice that you can change the way you schedule team members, eliminating overlapping shifts or reducing the number of cash managers and supervisors.
4. Banks Can Put Customers First
The banking industry is another major cash-handling hub. Like a casino, plenty of cash makes its way through a bank branch on any given day.
The role of the branch has been changing, though, and that’s presented new challenges for bank managers. In addition to streamlining CIT pick-ups and ensuring there’s enough cash on hand, managers are turning their attention to customer service.
Cash recyclers help your team put the customer first every time. The machine handles tasks like counting and sorting. While it’s handling the routine jobs, your team members can spend more time talking to the customer and delivering better service.
5. Attractions Can Keep Tabs on Cash
Zoos, theme parks, and other attractions often handle lots of cash on any given day. Tourists tend to carry cash, and the technological challenges of accepting debit and credit in remote locations or when you’re on the move makes cash more attractive.
Given the volume of cash coming through, it’s imperative to keep tabs on it, which can be challenging. Consider a gift shop where employees share a till or a pop-up shop that may be manned by several different employees throughout the day.
Much like the casino’s cashiers can make change from a central recycler, cash recyclers in an amusement park or other attraction can assist employees in streamlining their activities. The device also helps keep better track of cash, improving accountability.
If you operate in an industry involving high volumes of cash, a high store float, or dedicated labor for handling cash, a cash recycler might just be the right choice for you.