Many of us remember a fun coins counting machine from our childhood — we would slip our hard earned coins in the slot and you could watch the number of your savings tick up every time you put in a coin in. Those were so fun — AND you avoided having to count your money as well! Well, a coins counting machine exists for adults too, as part of a cash recycling system to improve efficiency, reduce human error, and detect counterfeit bills. Many banks and other businesses, like retail or restaurants, that deal with a high cash flow often use a cash recycler to help manage their money in the most efficient way possible.
What Is A Cash Recycler?
A cash recycler is used to help streamline how businesses handle their cash flow. The machine accepts cash and also gives it back and checks for authenticity, what kind of currency is being used, and records what’s currently being stored. It’s used for both vault transactions and teller transactions and helps you boost your cash flow instead of going through the hassle of requesting more money when you need it.
This is a bit different than a currency-counting machine, which only counts money. (Similar to the coins counting machine, but handling both banknotes and coins.) You can see these at the grocery stores a lot — they often turn loose change into banknotes. In fact, electronic counters like these that had the capability to count batches of coins or banknotes (instead of individually) were used by Great Britain as early as 1980.
What Are The Benefits of Using A Cash Recycler Or A Cash Counting Machine?
Accuracy
Both cash recyclers and cash counting machines let businesses have an 100% accuracy rate for their cash transactions. Although humans can double check their work and have multiple eyes look at the same transaction, the fact remains that we’re never going to have an 100% accuracy rate, unlike the machine, which will be right every time. They eliminate the margin of error.
Efficiency
Tying into the accuracy factor mentioned above, counting bills or coins by hand requires double checking and even triple checking, which can be very time consuming. Cash recyclers and cash counting machines do it once and it’s done. The amount of time saved by these machines is significant, which is why many businesses choose to invest in one.
With cash recyclers, it also prevents tellers and supervisors from having to carry out vault transactions to keep their drawers in order, increasing time with customers as well.
Security
Although pens that detect counterfeit notes are available, it’s hard to check every piece of currency that comes in by hand. A cash or coins counting machine or a cash recycler can detect the presence of counterfeit bills mechanically and alert a teller or employee. A cash recycler can also act as its own vault, protecting the funds that are inside of it.
If you’re a business that has high cash flow, consider investing in one of these machines. They can only make your process and work life a great deal simpler.
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