Whether you have to process small volumes or large volumes of cash at your business on a daily basis, the use of automated cash management solutions can do wonders for your productivity, efficiency, and bottom line.
Automated cash management is the process of using technologies to dispense, count, sort, and track cash in the business environment through specially designed hardware and software.
Types of Automated Cash Management Solutions
Fully automated cash management can be created through the adoption of many different types of solutions.
Cash recyclers are complex all-in-one machines that accept, dispense, count, sort, authenticate, and balance cash all at once. They can dispense and accept cashier floats, recycle money from previous customer transactions for future transactions, act as cash counters and sorters as well as counterfeit detectors, and act as vaults to keep your money safe and eliminate the need for a cash room.
Currency counters and sorters are ultra-fast, completely accurate machines used to count and sort your money at the end of the night. They speed up the process and offer a hands-off approach to cash management.
Counterfeit detectors do just what their name entails, detect counterfeit bank notes. They use different types of technology, such as UV technology and magnetic, infrared, watermark, and size detection to verify authentic bills and reject suspicious bank notes.
Cheque scanners are used to process and store cheques. Here’s how they work: they use digital scanning technology, handwriting recognition, and MICR conversion to turn paper cheques into legal digital images, which can then be safely deposited remotely to the bank and digitally stored for future use.
The Benefits of Automated Cash Management
Technology is renowned for making our lives easier and more efficient, and automated cash management is no exception. Using cash management solutions in your business can offer myriad benefits, including these.
Loss prevention: When handling cash manually, you risk losing out due to human error. Your employees can misplace money, count or sort incorrectly, or report your totals wrong. This can increase the time commitment required to fix the errors and result in losses. By automating the process, you virtually eliminate human error from the equation.
Labour reduction: Manually processing cash, counting it, sorting it, and reconciling it is a time-consuming process. It can drive up your labour costs, especially considering that you need management oversight for cash drawer and vault operations. Automated cash management can significantly reduce your labour expense, resulting in a great ROI.
Higher productivity: When your employees don’t have to spend time counting their floats and reconciling the day’s profits, they can be doing more important things, like focusing on customer service.
Increased customer service: When machines are processing transactions, customers will benefit from shorter lines, quicker service, and increased accuracy, as well as employees who are focused on them and their needs rather than on money counting. This is particularly true with the use of currency recyclers.
Optimized cash flow: Currency recyclers in particular can optimize your cash flow by reducing your vault holdings—because they recycle cash, you’ll always have enough money on hand for transactions. Cheque scanners are so convenient that they can also allow you to deposit your cheques faster, meaning you have access to your funds sooner, also improving cash flow.
More data: Automated cash management solutions all have reporting capabilities, both at the store level and online through customer portals. These reports can allow you to manage your business with better, real-time information.
