As you look at all the different technology available for cash management, you may feel overwhelmed. Technology has improved significantly over a short period of time, and it can be difficult for business owners like you to keep up with all the changes.
There are also many different types of cash management technology available, and you need to be able to choose the most appropriate solution for your business. Should you go with a currency counter or do you need a more advanced solution?
One question that often comes up for business owners is, “what’s the difference between a smart safe and a cash recycler?” At first glance, these two cash management devices may seem similar. A closer look reveals a world of difference between them.
Defining Cash Recycler and Smart Safe
The term smart safe is usually somewhat self-explanatory. Much like a smartphone or a smart thermostat, it’s a safe with various computer technologies incorporated into it.
It’s less obvious what the term cash recycler refers to. This device is an all-in-one solution for managing cash. It allows tellers or cashiers to insert bank notes and coins, which it then counts, sorts, verifies for authenticity, and tallies. These funds are made available for immediate redistribution, as the recycler continues to track the debits and credits of cash to the machine. The recycler also stores cash safely.
Similarities between Cash Recyclers and Smart Safes
Both cash recyclers and smart safes can store cash. Both of them are also “smart” devices in the sense that they can keep track of how much cash is inserted and removed, and they provide a tally of their current cash holdings.
Both of these devices also provide a paper trail, which can be used to track transactions and cash.
That’s about where the similarities end, however, as smart safes and cash recyclers have very different functions in a business.
The Purpose of a Cash Management Device
Although a smart safe and a cash recycler both offer safe storage of cash, they have very different functions within a business.
A smart safe is a device meant for your back room cash management activities. This is somewhere to put cash while waiting for pickups or bank deposits. The safe monitors when it is accessed, who accesses it, and what they do. The amount of cash placed in or removed from the safe is also tracked.
A cash recycler, on the other hand, is meant for your floor operations. It can be used by cashiers and tellers. The cash is tallied and sorted, but it’s not set aside for a bank deposit.
Rather, the cash recycler is meant to keep your cash free and ready to be reused as floats and payouts versus bundled up and ready for depositing at a financial institution.
You wouldn’t use a cash recycler in your back room, and you wouldn’t use a smart safe to help your cashiers process customer transactions.
Which Do You Need?
If you’re trying to decide between cash recyclers and smart safes, the question is pertinent because they have such different functions.
If your primary concern is the safe holding of cash prepared for deposits at your bank, a smart safe is likely the solution you want. If you’re looking to make cash handling on the floor of your restaurant, casino, or retail business more effective, then a cash recycling solution might be the right choice.
If you’re still not sure what best suits your needs, get in touch with a provider. A cash management solutions provider can help you assess your business needs and make the right choice.