Thinking about how you could handle cash management more effectively in your company? If so, you’re probably thinking about getting a helping hand from technology. There are plenty of options for you to choose from.
There are several different solutions business owners like you usually opt to adopt. Since they all have their pros and cons, it can be difficult to decide what you really need. The task is compounded by the fact that many of the machines seem to perform the same or similar tasks.
This is the case with the currency counter and the currency recycler. You might be pondering models of both machines, wondering what the difference actually is!
The Currency Counter
As the name implies, a currency counter counts your cash. You feed the cash into the machine, which then tallies it up. Depending on the sophistication of the model, you may need to hand-sort different bill denominations. Speed and hopper size also vary.
Some currency counter models go above and beyond. They combine functions of other machines you could purchase. For example, some may double as currency sorters. With these models, you can put mixed bills into the machine. It’ll sort your fives from your tens, while also counting.
Other models might double as a secure vault for cash storage. Some of the most advanced models also have counterfeit detection.
The Currency Recycler
All right, now you know what a currency counter is. What’s a currency recycler? How is it different from a currency counter?
Currency recycling machines perform many of the same tasks currency counters do. In most cases, they combine the currency sorter and the currency counter into one machine. This machine both sorts and counts your cash for you.
Most recyclers also have counterfeit detection (although not all of them do). They also act as secure vaults for the storage of your cash.
Beyond this, a currency recycler also dispenses cash. If you need to top up a till’s float or get change, the machine will dispense it from its holdings.
The Difference between a Currency Counter and Recycler
The dispensing of cash is probably the biggest difference between the currency counter and the recycler. With the currency counter, cash is fed in only. It’s a one-way system. The money goes in but doesn’t come back out until it’s collected.
With a currency recycler, the cash can come back out. As a result, the recycler is a more useful machine. It reduces your need for trips to the vault. If you install one at each checkout, it effectively becomes the cashier’s total cash management solution. Employees no longer need to count the cash, attempt to detect counterfeits, or even dispense change.
The All-in-One Solution
You can think about currency recyclers as “all-in-one” solutions for cash handling. They’re effectively end-to-end management systems for your cash. Currency counters, on the other hand, only handle a portion of the cash management process, albeit an important one.
Both machines can help you improve efficiency in your cash handling. Both can help you count cash more effectively and accurately, reducing time spent on balancing the books. Both will also help you detect counterfeits more readily.
The currency recycler goes one step further. You’ll get more out of a recycling system than a currency counter.
Which Is Right?
As with any business purchase, you’ll want to carefully review your needs before you commit to purchasing either a currency counter or a recycler.
For most businesses, a currency recycler is more useful. They can also be more expensive, however, so a currency counter may be your preferred solution.
Assess what your business needs. Spending the extra money to get a recycler is worth the investment if it’s truly what you need to manage your cash in the most effective manner possible.