Pressure to control operating costs and enhance teller functionality has led many financial institutions across the country to consider implementing teller cash recyclers (TCR) in their branches. Unfortunately, determining a fair price or calculating return on investment isn't always straightforward. In as much as no two branches are alike, there isn't a one-size-fits-all method for evaluating solution configuration and therefore price. Below is an outline of the pricing elements worth considering when examining your teller cash recycler investment.
Configuring teller cash recyclers to meet the unique needs of individual branches requires analysis of transaction, cash volume, staffing and security data. It’s crucial that an in-depth branch analysis is completed in order to make sure that the correct recycler configuration is chosen. Depending upon the recycler’s features (and quality), you’ll find quite a large price spectrum between brands. Five years ago prices for a recycler would cost in the neighborhood of $45k to $55k. Today, teller cash recyclers range from $15k to $40k depending upon the machine and how it’s configured.
Integration is the "secret sauce" of teller cash recycler adoption. At the end of the day, the method leveraged to integrate hardware with your teller application will have a significant impact on productivity gains, teller adoption and overall return on investment. There are three basic approaches - standalone, soft interface or middleware and direct integration. Each boast pros and cons worthy of further consideration.
Installation and Training
Ensuring effective adoption of teller cash recyclers is largely dependent on robust user training. Cutting corners to save on training undercuts the inherent value found in the hardware and integration elements of the overall solution. Be certain your selected vendor is a teller cash recycler expert, capable of not only teaching staff how to use their recycler ideal conditions but also preparing them to recover from exception conditions. The importance of proper training cannot be stressed enough.
Onsite Service and Preventative Maintenance
Realizing maximum return from investment in cash recyclers requires partnership with capable service providers. Cash can be dirty and difficult to manage. To protect and optimize your investment, it’s a good idea to work with an organization that has significant tech coverage and a plan for proactive preventative maintenance based on device throughput. Cutting back on service investment is yet another way many organizations fail to attain expected results from TCR adoption. It’s important to research response time, preventative maintenance procedures, and remote monitoring capabilities thoroughly.
When all is said and done, calculating the total cost of teller cash recycler implementation is a key component of the decision making process. Taking the time to understand your branch requirements as well as the various options available in the market will lead to an informed decision. Many providers will provide an in-branch ROI analysis to help see if a cash recycler is the right solution for your unique situation. I would encourage you to take this step and have a cash automation expert provide an in-depth analysis of your needs.
When purchasing a cash recycler, much like anything in life, you tend to get what you pay for.