Handling cash can be a tricky proposition for retailers and bankers alike. Issues surrounding proper controls, handling, processing and security all need to be addressed, requiring manager and staff time for process development, implementation and training.
A March 2014 article from Eric Cheng at the Federal Reserve Bank of San Francisco outlines several benefits to cash automation that apply to companies across industries. As automation increases and becomes more affordable, banks, credit unions and retailers alike can take advantage of the productivity gains generated from tools such as cash recyclers.
“Cash recyclers are an ideal solution for operations that have a large amount of cash receipts in addition to cash payouts,” Cheng wrote.
According to Cheng, benefits include:
Often a recycler is used to help with tasks such as till prepping, balancing and prepping bank deposits, resulting in significant time and labor savings. This allows banks and stores to move employees to other tasks, creating a more efficient workplace and saving money.
Increased Transaction Speed
Decreasing the time employees spend counting money, change or processing cash allows them to serve more customers. Cash recyclers also help make sure that transactions are accurate, even as they are processed faster.
Better Access to Cash
This is particularly true for banks as cash recyclers reduce the need for trips to the vault, freeing employees to work in other areas and focus on cross-selling products.
By replacing cash drawers and money that sits in the open, cash recyclers can improve security in bank branches. While many retailers use them in the back office for processing large amounts of cash at the end of the day, the ability to store cash in a secure machine improves on-site security.
Enhanced Control of Cash Balances
Having a machine process and reconcile cash drawers helps retailers manage cash on-hand. Recyclers can offer detailed reporting, making accounting easier, and it reduces staff time counting drawers.
Cash recyclers can help businesses of all types automate and solve problems related to handling large amounts of currency. Those who haven’t adopted them said the main reasons were return on investment, cost and effectiveness, Cheng wrote.
There have been several innovations in cash recyclers making them more cost effective and responsive to various needs. For example, there are on-system diagnostic displays that can help detect and solve problems, limiting machine downtime.
As the technology continues to evolve, the machines offer more options and controls, offering purchases bigger returns on investments. Automating the handling of cash provides banks and retailers with additional control and security as well as helping lower labor costs.
Learn more about how cash recyclers transform customer service and help increase profits.