Cash recycling is a great piece of technology that has really improved the efficiency of the banking system. Cash recycler machines can count the money notes far better than a human can. There is only a need to run the cash through the recycler one time for an accurate count. A teller is required to count three times in order to make sure they have counted correctly. This saves an incredible amount of time in the process. This makes for a great advance in the cash management system software. There really is not a downside to use a device like this in your bank. The only possible negative factor is the initial investment that will be made to purchase the cash recyclers. However, as you will see later, they will pay for themselves over their life time by increasing efficiency and effectiveness and reducing mistakes that happen on a day to day basis.
How do cash recyclers store the money?
A recycler can store the cash in two different ways. Roll Storage Module or RSM or cassettes Which is much like an ATM. While there are pros and cons to both methods these seem to be the most efficient ways for the cash management system software to keep track of the cash that is inside the recycler.
What are all the functions of a cash recycler?
Besides actually counting the money and taking in cash, recyclers use cash management system software to authenticate denomincations and check for suspicious bills. They can then store the cash for a later transaction if necessary. A recycler can also dispense cash from cashing checks or account withdrawls. This is the idea behind ‘recycling.’ The money that comes in from one transaction can be stored and later used to dipense money for another unrelated transaction.
How efficient is the process?
Very efficient. By using a cash recycler and the cash management system software, vault transactions can be cut down on. Generally, tellers are only allowed to keep a certain amount of cash on hand to lower risk of theft. So, when the teller runs out or exceeds that limit, they have to take from or give to the vault. This process usually involves the teller and a supervisor being removed from serving customers for five to 10 minutes at least. If there is a cash recycler, this eliminates the need for the vault during the day. This is approximately a 90% efficiency gain from the vault method.
The average time that is saved by using a cash recycler on each transaction is between 30 and 45 seconds. While this may not seem like a lot for the single transaction, it adds up over the day. Not having to focus on counting and ensuring accuracy frees the teller to be able to be more customer service focused and pay attention to the needs of the customer rather than the logistics of the transaction.
What is the typical return on investment?
In order to justify investing in cash management system software and cash recyclers that go with it, there is a need to know how to drive a competitive ROI.
Typically, two people working from the same cash recycler can complete the work of three people in the same amount of time. If your establishment is usually a busy one, you will not need as many tellers and can shuffle staff to more beneficial positions. Seven or eight tellers could become four or five universal bankers.
The device will be useful for about 10 years and will work everyday without putting in for paid time off or sick leave.
Taking advantage of the cash management system software and devices will change the way your facility functions. You are not the only one who will benefit. Staff will be happy not have to go back and forth to the vault or be responsible for the cash and counting and customers will enjoy the faster service and more efficient way of doing business. Everyone can go home happy and satisfied. The more your establishment receives higher and better rankings, the more people will begin to filter through your bank, which is always a good thing for a business.