Small businesses that don’t handle much cash on a daily basis could potentially get away with manual cash management, but high-transaction businesses need to invest in commercial currency machines. Manual cash handling will just end up holding your business back. Cash management solutions like currency recyclers, cash counters and sorters, counterfeit detectors, and cheque scanners can offer myriad advantages, which will reverberate throughout your entire company.
When you’re processing a lot of cash transactions, which is usually the case for restaurants, retail stores, movie theatres, casinos and other large corporations, the time spent on cash handling activities is astronomical. Even a small company will spend an average of 15 to 16 hours per week on these tasks, while large, high-transaction national businesses will spend two to three times as many hours.
When you take into account all of the activities, including transaction processing, float preparation, deposits, counting, sorting, reconciling, and reporting, as well as the fact that most often two employees are needed to count all money exchanges and that bank notes are touched a minimum of five times before being deposited, it shouldn’t come as a surprise that cash handling is a time-consuming process.
But when you invest in commercial currency machines, you can cut down on the amount of time you spend on these tedious non-customer facing administrative activities. The machines can process currency—count, sort, dispense, verify, reconcile, and report it—at lightning speed. When you can process hundreds of bills and coins per minute, cash management won’t be so time consuming anymore.
Commercial currency machines can deliver an incredible ROI due to the reduction in labour. When you run a large operation and process a high level of transactions, you need a lot of hands on deck. You need enough employees on the floor and in the cash room to handle all of that money. But that increases your labour costs.
Commercial currency machines can do the work instead. For example, when you invest in a cash recycler for transactions, you can typically have two cashiers on the floor instead of three. And with cash counters and sorters doing the work in the back room, you can redeploy or eliminate the need for cash room attendants, while also cutting shifts across the board. Your bottom line will benefit from your investment in commercial currency machines.
The more transactions you process and the more money you handle, the higher your risks—of accepting counterfeit notes, employee theft, and robbery. With so many employees handling your cash, it’s easy for cash to go missing. When transactions are being processed quickly to get the lines moving, counterfeit bank notes can slip in undetected. And when you have so much money sitting around your establishment, thieves could get tempted to steal from you.
Commercial currency machines can remove the risk of handling cash and keep your money, your employees, and your business safe. They all have built-in counterfeit detection. They all increase accountability as a result of their automation, which means less internal theft. Plus, some cash management solutions, like cash recyclers, can act as vaults that can be hooked up to your security system, reducing your risk of robbery.
Unfortunately, handling a lot of cash manually means that you’re going to see a lot more administrative mistakes caused by human error. It’s inevitable. Your employees, no matter how diligent, will count or sort incorrectly, give out the wrong change to customers, drop money on the ground, or misplace coins or bills at some point or another.
You can improve accuracy and reduce the amount of administrative errors that increase your shrink rate through the use of commercial currency machines. Don’t rely on humans to handle your cash when you can count on high-tech ultra-accurate machines instead.