For some people, the words “cash handling” mean long hours and plenty of math. If you’re still completing your cash management by hand, that’s no surprise! Manual cash handling is prone to errors, making it time-intensive and even frustrating as you double-check your math again and again.
While errors are to be expected, they’re also undesirable. They can put a dent in the profitability of your business in more ways than one, as they can give you inaccurate totals, increase labour costs, or even hide other issues. Making use of a banknote sorter may help alleviate some of these common cash management headaches, while freeing up time for you and your staff to look after other important tasks.
Curious about this cash management device and how it could help your business? Here’s what you need to know about cash sorters and the benefits they bring to the table.
What Is a Banknote Sorter?
Banknote sorters optimize your cash management process by efficiently sorting and bundling your cash according to denomination. Sorters work through a number of steps to process your cash. First, you place your mixed denominations of cash in the machine. From there, the bills are recognized, authenticated, and sorted according to your specifications.
Sorting machines have a number of benefits for businesses. The primary benefit is increased efficiency. In turn, increasing efficiency can help you keep labour costs in check. When your team can automate tasks like bill sorting, they can reduce the number of errors made and speed up the cash handling process. With this task checked off their list, they’ll be free to turn their attention to other jobs. If you create enough efficiency in the cash handling process, you may even be able to reduce hours and otherwise streamline labour costs associated with these tasks.
Sorting and Bundling Cash
So, what happens after cash is inputted into the sorter? It’s recognized and authenticated. Once these processes are complete, the machine will sort the bills.
Different models sort cash in various ways. Most models allow you to adjust the settings so cash is sorted according to your preferences. Here are some examples of how cash could be sorted:
- By denomination: cash is sorted and grouped according to its value
- By fitness: fitness sorting separates out damaged bills that may cause problems further down the line during the cash management process
- By orientation: bills that have already been sorted by denomination can be sorted to face the same way
The options provided by using a sorter can mean that your staff won’t be responsible for sorting bills according to denomination, fitness, and orientation by hand. This can save valuable time, freeing them up to look after other tasks in the business, including customer service and cleaning or sanitation efforts. It can also reduce labour costs, as your team is more productive and efficient.
Industries that Benefit from Banknote Sorters
Banknote sorters will come in handy for industries that handle large volumes of cash, such as casinos, banks, and cash-in-transit services. They allow you the flexibility of efficiently counting and processing cash with the added benefits of increased security and accuracy.
Of course, almost any business that handles cash can benefit from having a sorter on hand. Whether you’re operating a bank that handles large volumes of cash every day or a smaller retail store, a banknote sorter can offer plenty of benefits.
If you’re not sure what cash automation solution is right for you, get in touch with your provider. They can help you explore your options, including cash sorters, and discover the right fit for your business needs.