In banking, gaming and retail, smart cash management is one way businesses can increase efficiency and reduce loss. Currency recyclers are a powerful tool that businesses have been using to help manage cash more efficiently throughout the organization.
What Is a Currency Recycler?
You can think of a currency recycler like an all-in-one super-machine for helping your business handle cash more efficiently. This machine has a number of functions. It acts as a vault, money counter and sorter, and a counterfeit detector, all at once.
If that doesn’t convince you it’s useful for your business, just take a look at the ways a recycler can improve business efficiency.
1. Theft Reduction
Currency recyclers act as vaults, so robbers can’t get your cash. This is one step to reducing theft in your business.
These machines also reduce internal theft by eliminating the need for manual handling of cash. Unscrupulous employees don’t need to handle the cash, so they have fewer opportunities to steal.
2. Automatic Counting
Currency recyclers are cash-counting machines. They automatically count the cash. This means you get correct counts quickly, for each and every transaction. It also means you can pick up on errors sooner, rather than later. If there’s a problem, the machine is going to let you know.
This reduces human error. Since the machine is counting, you don’t need to worry about whether or not you already counted that five-dollar bill or if you lost count in the middle. It also won’t ever transpose your numbers, so recording errors are reduced as well.
3. Automatic Sorting
The machine also automatically sorts your cash, so there’s no need to spend time picking toonies out of the loonies. You don’t even need to sort the big wad of cash your customer handed you, with bills facing every which way and all the fives mixed in between the twenties and tens.
This saves time. It also reduces the potential for error and theft as well.
4. Counterfeit Detection
Are you still checking for counterfeits by hand? Currency recyclers could save you this time-consuming step.
The machines use automatic counterfeit detection, which is more sophisticated than some of the manual technologies available. Since counterfeits are becoming more sophisticated, so too should your method of detecting them.
Since detection is automatic, currency recyclers also give you the opportunity to detect counterfeit cash as soon as it’s in your hands. You might be able to identify the customer who gave the counterfeits or even pause the transaction and avoid accepting fraudulent currency.
These machines act as vaults, anti-theft measures, automatic sorters, currency counters, and counterfeit detection machines. They sure do a lot!
Why are they called “recyclers”? It’s because of their main function, which is “recycling” the cash you input. The same money that goes in is dispensed again for transactions and till floats.
Since it’s automatically counted, sorted, and recorded, the machine creates something of a ledger or running tally of what’s coming in and out. At the end of the day, everything is already counted up for you. It also reduces the need for you to get money from the bank to fill floats. You can use what you have on hand instead.
Of course, this function can speed up transactions!
Do You Have a Currency Recycler?
If you haven’t already invested in currency recyclers, you may want to consider it. They’re especially useful for those in the banking industry, although many retail operations have at least one in the back room cash office.
Depending on your business, currency recyclers might be a smart investment. They’re most certainly a great way to improve your business efficiency.
Source: Andrea Lombardi, CASHTECH