You’ve probably seen bank tellers taking money out of cool machines the last several times you went to your bank. You’ve probably heard the word “cash recycling” being thrown around in your industry lately. So you’re wondering what it really is. What it does. And why you should be interested. Here’s what you need to know about cash recycling.
Cash recycling is revolutionizing the way retail stores, financial institutions, and other establishments handle cash. In essence, it’s a way to recycle your cash—the same cash that comes in, goes out—so that you can avoid shipping and ordering more cash. This alone is pretty great, but the machine actually does so much more, too.
A cash recycler is a complex machine that handles the cash coming in and going out for both teller or cashier transactions as well as vault transactions. It is used to store money in a safe vault, sort cash by denomination, authenticate bills for counterfeit, and take in and dispense money when needed—all in one place. All with guaranteed accuracy. And all at lightning speed. Pretty impressive, right?
Here are some of the advantages of cash recycling.
If your establishment currently handles its cash manually, you know how much of a time waster it is, and how inaccurate and unproductive it can be. Counting and sorting money by hand is a tedious, dirty process. It’s prone to human error. Even just the several trips to the vault that your employees must make to replenish or drop cash can be time consuming, and it also removes them from the customer service lines.
Cash recycling drives efficiencies in many ways. It reduces the amount of vault transactions that must be made to maintain minimum and maximum cash levels because, as the machine recycles cash, there’s always the right amount of money on hand. Plus, as the cash is stored in a secure vault, there’s no need to have minimum and maximum thresholds because it’s no longer a security risk.
Furthermore, because cash recyclers are super-fast and always accurate, they significantly reduce the amount of time needed for cash transactions. With a typical register and manual cash handling, it takes a cashier about 45 seconds to process transactions. But with a cash recycler, that time drops down to only 8 seconds. The transactions are processed more quickly and more accurately because there’s no need for manually authenticating, sorting, or double counting. While the machine does the work, the teller or cashier can stay focused on the customer.
Reduce Labour Costs
Cash recycling allows you to reduce your labour costs. Because the recycler does so much of the work that your employees used to have to do, you can reduce the amount of employees on every shift. Generally, you can have two people doing the work that previously had to be done by three.
Additionally, your start-of-day and end-of-day time requirements will drop because the floats will not have to be counted manually—it’s all done automatically. You can schedule your workers to come in later and leave earlier. Just a few minutes saved for each employee on each shift can save you considerable money.
When you handle a lot of money, security should be high on your priority list. As we’ve already mentioned, your cash recycler can double as a vault. The money stored in the recycler is completely safe from robbery and theft. You can restrict use to authorized personnel only. Plus, it can be hooked up to your alarm system.
Hot New Trend
The efficiencies you’ll gain with a cash recycler will allow you to save time, save money, increase accuracy, and increase productivity. Investing in a recycler will also help you reduce labour costs and also increase the security of your cash. It’s no wonder cash recycling is the hottest new trend in cash management.