Cash is a physical item. The way you handle it has implications for labour costs and your overall operational efficiency. While cash acceptance solutions have been deployed for many years, more recently retailers are seeing the additional benefits delivered by cash recyclers and the ‘re-use it’ logic remains compelling.
Cash recyclers enable banks and retailers to re-use notes deposited or offered in payment. The case for automating teller transactions and the resulting improved security, accuracy, speed and enhanced customer interaction has been well documented. Recycling offers something more but also demands the automation of different skills. A recycling unit not only counts and authenticates notes presented, it also ensures they are securely stored in the correct denominations ready for re-use and that only notes that are fit for purpose are made available for re-use. Notes deemed no longer of a satisfactory quality will be returned to the cash centre and taken out of circulation.
Deploying recycling, rather than deposit only solutions in the front and back office will have an even greater positive impact improving cash holding, handling and transportation costs. Recycling cash reduces the need to move cash in-store and between locations. Re-using authenticated notes means you can operate with a reduced cash inventory. There will be a reduction in cash lying idle in the branch or store, which costs your business money. From a cash handling perspective as well as removing the need for staff to count and authenticate notes in front of customers, there will be reduced vault transactions (where two people are needed to authenticate money in and out) and accelerated start and end of day processes whereby less time is spent on float preparation and cash reconciliation.
More effective cash management within a branch or store lessens the need for replenishment and associated cash in transit trips. To take the bank example, back office automation solutions means cash deposited at the teller counter to can be reused to refill the branch ATM cassettes.
Source: Paul Race, Glory