Cash recycling has revolutionized the way businesses can handle large amounts of currency. It’s a cash management solution primarily used by financial institutions and large retailers, but it can be beneficial to a wide variety of organizations that are looking for a way to streamline their cash handling processes, reduce operational expenses and labour costs, and increase accuracy and security.
In cash recycling, a currency recycler is used to accept and dispense cash effortlessly. This complex machine also stores cash securely, authenticates denominations, detects counterfeit, and accounts for all of the currency on hand while automating the cash cycle. It handles the cash going out and coming in for both vault transactions and teller transactions in an extremely efficient way. By storing the cash that comes in and then giving out that same money, it recycles your cash instead of forcing you to ship and order more money when needed, so you can increase your cash flow.
Cash Recycling Reduces Vault Transactions
In traditional environments where money is accepted and dispensed manually, tellers are required to have a minimum level of cash in their drawer while also making sure they don’t exceed the maximum level allowed in order to mitigate risk.
Thus, whenever the tellers have too much cash in their drawers or are running low, they need to make trips to the vault to make deposits or pick up more bills and coins. This typically requires two people—a teller and a supervisor—to authenticate the money coming in and going out of the vault. And while a vault transaction is occurring, your customers are waiting in line. With cash recycling, your tellers always have the right amount of cash on hand, which increases customer service and efficiency while reducing trips to the vault.
Cash Recycling Saves Time per Transaction
It might not seem like much, but for every transaction taking place, your tellers spend 30 to 45 seconds to open the cash drawer, accept money, count and sort, and return change. With a cash recycler, this time is shortened to an average of eight seconds. Because the machine is doing the counting, sorting, and validating of money, the speed per transaction can increase significantly. The machine can handle mixed cash, in any order, quicker than a teller possibly could. Plus, start-of-day and end-of-day drops are faster than ever.
Cash Recycling Allows for a Greater Focus on the Customer
When your tellers don’t need to focus their mental energy on ensuring money is counted, sorted, and balanced properly, they can talk to your customers instead. They can discuss the customers’ needs or even try to cross-sell if that’s a part of your revenue strategy. They can focus their efforts on more productive tasks.
Cash Recyclers Increase Accuracy
When you take human beings out of the equation, the accuracy of your cash handling procedures will increase significantly. The machine automatically counts and sorts the cash coming in and going out and balances the money that’s left. There’s no chance of errors occurring when you leave the work up to the machine.
Cash Recyclers Increase Security
When you deal with large volumes of cash, security should be a top priority. When your cash goes missing due to internal theft or you are robbed of your hard-earned money, you lose out. With a cash recycler, you can increase security because the machine doubles as a secure vault. You can store your money in the machine and restrict access to only authorized users. And if needed, you can press a silent alarm that locks down the unit in cases of emergency.