Regardless of the size or type of your business, cash management plays a part in how efficiently your operations run. From handling customer transactions, opening and closing registers, and maintaining appropriate cash levels to securing cash for safekeeping, your staff is constantly interacting with the money that flows through your business.
One of the most effective ways to streamline your business’s cash management processes and free up your staff’s time to focus on your customers is by utilizing a cash recycler. These complex devices use technology to handle several critical but simple parts of your cash handling processes right in your store.
A cash recycler is more than just a piece of hardware; it is a device that can encompass and empower your entire cash management process while also increasing staff productivity, cash safety, and operating efficiency.
Cash recyclers are devices that are able to handle cash deposits and validate, sort, and store them so they can later be used to cover transactions or deposited at a bank. Cash recyclers can also dispense cash to replenish a cashier’s drawer or process cash returns in any denomination requested. In other words, by storing the cash that comes in from your sales and preparing it for reuse, your business is able to securely and accurately recycle its own cash without a visit to the bank or involving multiple employees for accuracy checks.
During every shift, a cashier has to constantly monitor the level of cash that they have available—staying between the minimum and maximum cash levels needed to balance risk with customer needs. In a traditional retail setting, when balances fall outside of these bounds or a customer return requires a large cash refund, the cashier and a supervisor or second employee need to monitor any cash that is removed from a vault or safe to validate the transaction.
With a cash recycler, the device is able to log the transaction, authenticate the cashier, and dispense the appropriate amount of cash on its own. This, of course, eliminates the need to call over a second employee and allows the cashier to get back to serving customers faster.
A cash recycler can also assist with day-to-day cash management tasks, such as opening and closing registers, making change, and validating the authenticity of the bills received. Cash recyclers have built-in automated readers that not only count and sort bills for storage but also validate that they are not counterfeit, often processing 5-7 notes per second. If a cash recycler is placed near the cashiers, the device can check the accuracy of bills quickly or dispense cash to make precise change for a customer, all within seconds.
Cash recyclers can also count, validate, and log cash levels at the beginning and end of a cashier’s shift, reducing the number of employees involved in confirming accurate cash handling and automatically logging the transactions.
Finally. cash recyclers are a secure way to store money at your retail site to cover transactions, reducing unexpected trips to the bank or requests for armored car deliveries. Cash recyclers have internal cassettes that safely secure cash for future use or deposit, each with detailed logs tracking cash-flow activity.
When you add up all the time saved from accurately and quickly validating notes, dispensing cash for returns, and assisting cashiers with cash management, cash recyclers can quickly pay for themselves and more.
If you would like to learn more about the right kind of cash recycler solution to improve your business operations, you can reach out to the Burroughs team here.