Effective cash management is critical to your business—for your employee satisfaction and retention, for efficiency, for security, and for cost savings. If you believe that your cash management isn’t all that it could be, then investing in cash management solutions is an ideal route to take. These solutions, like cash recyclers, currency counters and sorters, cheque scanners, and counterfeit detectors, can have a positive impact on your bottom line as well as other aspects of your business.
But before you rush out to buy every solution on the market, beware that not all solutions are created equal and they will not all work for your type of company, industry, budget, or unique circumstances.
Here are some of the variations you’ll need to consider before making your investment.
Every solution on the market has different models that can handle a wide variety of volumes. You’ll have to carefully consider your current and future needs to ensure that you are investing in products that can handle your volume needs without being unnecessarily expensive. For example, if you manage money for a casino, arcade, or car wash, you’re going to need a coin counter or sorter that can handle large volumes efficiently and effortlessly. A low-volume product just wouldn’t match your high-volume needs. And if your company only accepts a few dozen cheques per week, you’re really not going to need to buy a top-of-the-line cheque scanner—a smaller desktop version would be sufficient without breaking the bank.
Though many cash management solutions will look pretty similar, they’ll often have differences in terms of features. For example, you could purchase a currency counter that totals up loose bills or you could purchase a vacuum bank note sorter that counts bills that are already tied up in batches. Different counterfeit detectors may use different types of detection technology as well. Though not always critical to your purchase, you should still compare and contrast the different features offered by different brands and on different models to ensure you’re investing in the best product for your company.
Older or Newer Models
If you purchase an older model of cash management solution you might be able to save a few bucks, but generally, this wouldn’t be a great option, particularly when it comes to security. You see, counterfeiters are always trying to figure out ways to beat the machines. The moment a new model or new technology hits the market, you can guarantee that there will be criminals trying to figure out how to defraud it. Newer models give you a higher level of protection.
Of course, it would be great to be able to buy the most expensive, best-in-class products to ensure that every single one of your cash management needs is met. But of course, with business being so competitive and your profits being of utmost importance, you can’t throw away money frivolously on top-of-the-line products you don’t really require. In every category of solutions, you’ll see different price points. If your needs are complex and you have high volumes of bank notes, coins, and cheques, then perhaps the higher-end products are best for you. But for most small and mid-sized businesses, this isn’t necessary. A less expensive product might do just fine. Price is often based on brand, volume, and features, so you’ll need to consider what you really need before making a decision.
Partner Up with a Cash Management Solutions Provider
There are many factors that you’ll need to consider when making an investment for new solutions. After all, you want to ensure that the products you buy match your needs so you can gain the most value and benefits. The best way to guarantee satisfaction is to partner up with a cash management solutions provider that offers consultation services and custom solutions as well as ongoing support.