If you run a business in which you handle a lot of cash — whether that’s a retail business or a credit union — then it’s important that you have the cash management solutions to handle such transactions safely, accurately and efficiently. There are quite a few machines that might be of help, but one of the major options you should consider is a cash recycler. Here’s what you’re probably wondering about these machines:
- What Is a Cash Recycler?
The quick and dirty explanation is that a cash recycler is something like a cross between an ATM and a cash register. The exact features vary, but a cash recycler is essentially a machine that accepts, counts and dispenses cash. It also stores money securely while it’s in the machine. Some machines have regular cash drawers like a cash register, while others automate the process so that your employees never even touch the cash.
- What Does a Cash Recycler Cost?
Cash recyclers vary in terms of the features they offer, so cash recycler costs range anywhere between $15,000 and $50,000. But if you’re deciding what you’re willing to invest in your business, you also need to take into account the savings you can reap from having cash recycling machines as part of your business model. You can save on labor costs because cash recyclers can rapidly count money that would take your employees much longer to account for. In this same process, cash recyclers avoid the human error that’s often involved in cash counting. And because they’re completely secured, you won’t have any trouble with small sums going missing.
- Where Can I Buy One?
You can find quite a few sellers just by searching online. But as you look at companies, there are a few things you should consider. First of all, you should make sure that a company offers a range of physical machines and software solutions that fit your business model (so that you don’t end up either overpaying or underserved). Second, you should make sure the company has a good reputation in the industry. And third, you should check that any company you work with has an excellent customer service model should you require support after purchasing your cash recycler.
What else would you like to ask about cash and cheque management? Join the discussion in the comments.