Are you shopping for cash recycler machines or high speed scanners to improve efficiency at the checkout line of your business? High speed scanners are becoming common place in the business world, and for good reason. The cost of high speed scanners quickly makes up for itself in the savings of efficiency, eliminating cash processing errors, and loss prevention.
In fact, the retail cash management market is so different than it was just a decade ago; now, very few retailers rely on their employees to count their drawer at the end of the shift and reconcile the difference. As everything trends towards becoming automated, the need for good high speed scanners is more important than ever.
If you haven’t gotten on the high speed scanners for cash management wagon yet, consider the following benefits that go hand in hand with them:
Five Benefits to Automating Your Cash Processing System
- A good cash recycler reduces your operational costs.
Through manual processes, considerable amounts of time is dedicated to preparing the register for the business transactions, balancing the drawer, and preparing the deposits at the end of the shift. The time spent on tasks like this cost your business money every single shift. That is money that is basically flushed down the drain, as it doesn’t add any value to your company.
On the other hand, using an automated cash system adds value in several ways: unlike the labor costs of manual managing cash, the money spent on your cash recycler stays in your business valuation, as an asset. Secondly, it frees your employees to work on more strategic-oriented tasks, that help your business grow and succeed.
- Your automated cash system improves efficiency.
When cash is managed manually, each transaction takes several steps to be completed. Each step takes time; as we mentioned, time is money in the business world. When you use a cash processing system, the accurate cash is dispensed with the click of a button. This makes each transaction much faster, and it frees your employees to do the one thing that cannot be completed by an automated system: be humans to your human customers.
- An automated cash system gives you the cash you need, when you need it.
This is particularly true if the nature of your business involves a large amount of cash coming in and going out of your business (such as a bank). When you manage your cash manually, it can be a labor intensive process to run back and forth to the vault to manage an appropriate amount of cash in the drawer. When you use a cash recycler, none of that is needed. The automated system keeps an accurate amount of cash in the drawer. The time that was spent managing the cash manually can now be directed to business-growing tasks, such as up-selling to the customers.
- A cash recycler improves security within your business.
There are a lot of risks associated with managing cash by hand. Every person involved in the counting and transfer of the money heightens the risk. Even if you only have the utmost level of trust in your employees, the risk of a robbery puts not only your assets, but your employees in danger.
When you use a cash recycler, the money is immediately put in a secured machine that accurately calculates the balance, so that nothing could go missing without being noticed (and having a person accountable for it). Furthermore, the more difficult it is for cash to be accessed, the greater deterrent for break-ins. This improves safety and security for your staff and the patrons in your business.
- Your cash recycler takes back-end work off your plate.
A good cash recycler can talk to the systems that you use for accounting record keeping, which streamlines the entire process. Not only does this offer you yet another way to save on labor and operational costs, it reduces the risk of human error. Anything that is done manually runs the risk of error, which is a considerable issue when it’s cash that is at risk. Additionally, an automated cash recycler is able to offer you reporting tools, in real time.
Do you know of other benefits of using a cash recycler? Please share them in the comment section below!