If your business is receiving and handling large amounts of cash—or any amount, for that matter—you should consider using a cash recycler. The upfront cost and necessary training may seem like a heavy investment, but the overall return on investment you’ll receive from cash recycling will greatly outweigh the initial setup costs.
Cash recycling is a term that refers to cycling any cash you have on hand from a till to storage and back again without stockpiling unnecessary amounts of cash in your vault. A cash recycling machine makes making change, getting floats, reconciling tills, and even authenticating bills easier and faster—all while your business is open and running at peak efficiency.
It’s a small investment considering the benefits of cash recycling will be a huge boon to your business’ livelihood.
Minutes Equal Dollars
How much time do your employees spend reconciling their tills? Do they need a second employee to watch them while they do it? How long does monitoring every transaction in your store take? Every minute adds up and ultimately translates into money spent.
With a cash recycling machine, reconciliations are done immediately as money is taken in and dispensed. Efficiency goes through the roof the day you get set up, and your staff will be cheering because, at the end of their shifts, they’ll get to go home sooner without counting their tills.
Keep It Flowing
The benefit of a recycler is that it keeps the same cash flowing, rather than stockpiling it. As money comes into your store, it’s fed into the recycler, and smaller bills can be fed back out to other cashiers as they need to make change. Only the highest denominations are stored, which means you don’t need to call in armoured cars as often to transport a giant stack of cash to the bank. That saves your business money, which you can reinvest into further growth.
Accuracy in Seconds
As mentioned, the cash recycler will speed up every cash transaction, but as it does so, it will also keep perfect records. You’ll know what cash went in and when. The machine will also keep perfect count of this money. The days of double and triple checking cash are over.
You and your staff can get back to what’s important—providing great customer service—without sacrificing accuracy.
The Best in Customer Service
How do you get all this cash in the first place? By providing excellent service.
With recycling, your teams can spend more time on the floor, on the front lines, focusing their time and energy on customer service. It’s amazing how much time is lost by reconciling cash. When the recycler takes care of that, your people can be cross selling, sharing information, and providing the best experience, which customers will remember and tell their friends about.
Cash recycling also means you’re always on the lookout for fraudulent bills, which can be spotted and removed from circulation right away. As updates are made to bills, both domestically or internationally, your machines can be updated with a patch and continue to have a perfect record. When employees are verifying bills, mistakes will be made and bad cash will slip through.
By supporting fraud detection, you’re supporting your economy and the ongoing battle against counterfeiting.
Cash recycling is the best way you can invest in your business’ livelihood. With one simple machine, your business can gain time, save on costs, increase safety, and overall improve your business model. For such a small investment, there’s no better way to grow your business.
Source: Robin Steinberg