If you’re in a position where you get to make decisions for an outfit like a bank or a small business, then you really need to look into cash recycling. Cash counters and coin sorters are a mainstay in every financial manager’s arsenal, and if you’re really serious about your business, you’ll want to give cash recycling a try.
Wait, what exactly is a cash recycler?
Basically, a cash recycler (also known as a currency sorting machine), is an automated vault that handles the cash-in and cash-out needs during high-volume transactions. Examples of these transactions include anything a bank teller might do or the daily cash inventory characteristic of most business operating procedures.
Why do I need a robot to count my money? Isn’t that what I pay people for?
This is a fair question, but we’re here to tell you that even if your employees are honest, hard working people 100% of the time, a business that employs a cash recycling method will almost always win out in the following areas:
Accuracy– Plainly stated, the phrase “human error” does not apply to machines. The machine will count your money accurately 100% of the time, which will free up the teller to stay totally focused on the customer, their needs, and a potential up-sell.
Speed– On average, a teller will count money two to three times to ensure accuracy. On average, it takes about 45 seconds for a teller to open the drawer, count out the money like this, and hand it to the customer. With a cash counting machine, this time drops to eight seconds, and there is no risk of error!
Risk Mitigation– The key benefit of a cash counting system connected to a money vault is that a teller or proprietor no longer has to confront the trade-off between low cash levels in a drawer or ignoring their post for 10 minutes while they go off to get a cash refill from the vault. A well-placed cash machine will put the vault at your teller’s fingertips (but not at a thief’s).
Weighing the cost of a cash recycler with these benefits
This all being said, cash counting machines are no flippant investment. The prices range from about 22 to $36,000. When deciding whether or not to invest in this considerable capital gain, we recommend you consider the popular wisdom. The general consensus is that, with the aid of a cash machine, two tellers/high volume clerks can do the work of three. So if you feel you have a clerk or teller capable of filling a higher-level, more profitable job, or if you feel the year’s salary you’ll spend on the machine is worth its perfect accuracy, then a cash recycling machine just might be the appropriate choice for your business, even if you don’t see the gains right away.
