There’s always a lot going on in a casino! Staff members must stay on their toes to ensure that rules and regulations are being followed and that cash is properly processed. Casinos handle massive volumes of cash every day; as a result, maintaining a well-organized and efficient cash management process presents a challenge!
With cash registers located throughout the casino and many different staff members, cash management issues can easily turn into heavy losses.
Automating cash management is crucial for casinos to stay on top of money as it makes its way from customers to the cash room. Technology introduces increased efficiency, accuracy, and security to protect cash.
Here’s why casinos should automate their day-to-day cash management process.
Reducing Costs of Handling Cash
There might be up to 100 different active floats in a casino; with this amount of cash needing to be processed, the costs of handling cash can be astronomical. Cutting those costs is in the best interests of management.
When you consider how long it takes to count, sort, and balance one single till and multiply that by 100, you’re left with a large sum of labour hours that can easily be avoided by introducing automation into your business.
Cash counting and sorting technology saves valuable time and reduces labour costs, streamlining your business operations by increasing the profitability of handling cash.
Staff members may be required to carry cash floats a long distance through the casino to where cash is processed. This can leave employees vulnerable to theft and gives cash an opportunity to be misplaced or become disorganized. Automation allows cash to be processed by currency recycling machines that not only complete the cash management process but also keep your cash securely stored.
Manual cash handling is not only inaccurate, it takes up a big chunk of time. You will have to divert staff resources to complete the cash balancing process. Manual cash handling also requires a lot of management attention as supervisors may be needed for authorization or supervision of cash handling procedures.
Automation takes on the tasks associated with the cash procedures, giving staff and management the opportunity to devote more time to other tasks.
Losses do not have to be a factor in your cash management process. While manual cash handling typically involves mistakes or miscalculations that can lead to losses, automation provides complete accuracy. Internal theft will be avoided by requiring staff to use personal passwords to make any deposits or withdrawals. Adding automation prevents your cash assets from shrinking.
Maintain Cash Flow
Optimizing cash flow in a casino should be a priority. With large volumes of cash constantly on the move throughout the casino, it’s crucial to properly maintain your cash flow.
Making use of cash recyclers is one way to improve cash flow; cash recyclers automatically process transactions, count and balance floats, and dispense new floats. They allow your cash handling to continue uninterrupted while also protecting your business from theft by securely storing your cash.
Streamlined Management and Reporting
When you have a large number of employees, it can be difficult to properly train and supervise staff to ensure that they are effectively handling cash.
Automation acts as a method for ensuring that your cash handling goes off without any hiccups, regardless of the staff member responsible for the float. By requiring personal identification numbers to complete transactions and having automation complete the majority of the tasks, the efficiency and security of your cash handling will improve. Automation allows management to view reports on each transaction and track cash processing over time.