Why Casinos Need to Streamline Cash Management

    Oct 21 2016

    Topics: Cash Management

    Casinos handle large volumes of cash every single day and have many employees in charge of cash registers in different capacities throughout the casino. Managing such a large amount of cash that is located at varying points across a huge, busy building can be fraught with challenges. As a result, the cash management costs associated with a casino can be astronomical and involve headaches due to errors, inaccurate reporting, and security issues.

    Streamlining cash processes in a casino can be done by adopting automation. This technology can take over the process from beginning to end, creating a safe, efficient, and accurate method for handling and protecting cash in casinos. Casinos that still process all of their cash by hand should seriously consider updating and optimizing their process, and here’s why.

    Cut Cash Management Costs

    Every float that is found in a casino—which could total more than a hundred—frequently needs to be counted and balanced. Taking into consideration how much time it can take to balance a single float and multiplying that by how many floats are counted within a single day, leaves you with a staggering total. This cost can be reduced by implementing technology that can accurately and efficiently take over the cash management process.

    Increase Security

    The security of employees and of cash can be an issue in casinos. Employees may have to carry full floats all the way across the casino, leaving them vulnerable to theft. Additionally, the large amounts of cash that are held on-site at a casino can be a temptation for theft, particularly if security measures are not up to par.

    Save Time and Increase Efficiency

    Depending on the cash management procedures that are in place, it can be a lengthy process that can take up the time of casino management staff, particularly if they constantly have to check-in on staff or authorize transactions and oversee float balancing. Automation can streamline and ensure the accuracy of all cash management processes, allowing management staff more time to focus on other tasks.

    Reduce Losses

    It can be easy for cash to be miscalculated at any point in the cash handling process, particularly in a busy setting. Cash automation provides complete accuracy that can reduce any losses that are associated with cash handling. Any internal theft issues will also be reduced as each transaction must be processed using the cash automation system. You can stop your cash from shrinking by implementing automation.

    Uninterrupted Cash Flow

    Typically, casinos have had to keep huge amounts of cash on-site and continually move cash around throughout the building to keep floats stocked at the correct level. Adopting cash automation can optimize the cash flow throughout the casino. Cash recyclers automatically process cash transactions and provide you with an uninterrupted cash flow. Using a cash recycler also protect casinos from theft, as they act as a safe for cash and reduce the amount of additional cash that needs to be kept on-site.

    Simplified Reporting and Management

    In a large casino with many staff members, proper cash handling procedures can be difficult to maintain. Cash automation technology requires all staff members to have a unique personal identification number that they must enter in order to complete any transaction. This increases the security of cash processing, as it requires each employee to be held accountable for every transaction that is processed during their shift.

    Additionally, management can track each transaction and view sales reports per employee and keep track of cash amounts with easy access to deposit and withdrawal information. Automating the cash management process in casinos has many benefits and optimizes the methods that casinos use to process cash during daily operations.

    How to Improve Your Business With An Automated Cash

    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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