One way to streamline cash management is to adopt solutions like smart safes and coin and bank note recyclers. These types of cash management technology are used to both store and manage cash more effectively in a business.
Not all cash storage devices are created equally, however. A smart safe is different from a cash recycler. Both of these devices are different from other cash storage devices.
If you’re wondering which one is right for your business, you might have some questions about how each operates. What exactly is inside something like a smart safe?
Most smart safes are powered by one of the following types of storage.
An Entry-Level Smart Safe Uses Loose Note Storage
Most smart safes make use of a storage method known as loose note storage. When bank notes are deposited into the machine, they’re collected into a plastic bag. The machine doesn’t necessarily sort or stack the notes.
This method is used because it’s the simplest. There’s not a lot that can go wrong with this type of storage, unlike other storage methods, which may need more parts. It can help keep machine costs low, which is another reason it’s used in many entry-level models.
It can run up your back-end costs, though, as your employees will need to sort out the notes later. Since they’re not neatly stacked, this can take extra time. The cost savings from the machine may disappear under additional labour costs.
Cassette Storage Is More High Tech
For an upgraded smart safe experience, you can look for a model that uses cassette storage. This type of storage will neatly stack deposited notes. This can save you time, since your employees won’t need to tidy up before sending your bank deposits or armoured vehicle pick-ups on their way.
Some machines may even sort notes into separate cassettes.
Unfortunately, cassettes are prone to damage, especially in machines that handle coins. Your cash-in-transit (CIT) team may not want to spend the time swapping out damaged cassettes. You’ll likely want to keep a few on hand, just in case the machine fails.
Needing to keep spare cassettes on hand and replacing damaged ones can add up. It’s a trade-off, since the cassettes help you save time and money in other aspects of your cash handling.
Stacked Bag Storage Is a Hybrid Solution
This hybrid form of storage combines the simplicity of loose note storage and the organization of cassette-based storage.
Notes are deposited into plastic bags. The difference is that the machine neatly stacks them as they’re placed into the bag. At the end of the day, you’ll have perfectly sorted and stacked cash, neatly collected and ready for deposit.
Your employees don’t need to spend time sorting and stacking the bank notes. You also don’t need to worry about damaged cassettes running up your costs.
Benefits of Smart Safes
All three storage methods offer advantages and disadvantages. Be sure to consider which storage type your machine will use before you buy.
The storage method in your smart safe can affect the cost savings and the efficiency of your cash handling. If you’re expecting to reduce labour hours by investing in a smart safe, then smart safes with loose note storage may not be the right choice.
Smart safes can also increase security. The less your employees have to handle the cash, the more secure your cash management will be.
If you’re not sure which type of smart safe is right for your business, get in touch with the experts. We can answer all of your questions.