Are you considering automating the cash management of your business? Then you are probably confronting contradicting and confusing information about cash automation from various information sources. Here we debunk 4 myths that misinform businesses and discourage them from implementing the possibilities of Cash Automation.
1.Cash Automation is not suited for small to medium businesses.
It is a known fact that large businesses and banks have been benefiting from Cash Automation Solutions for many years now. Small scale businesses are yet to fully utilize the myriad advantages of automating their cash management. Smaller companies are beginning to discern the ease of doing business with cash handling systems. Irrespective of the size of your business or the amount of cash you handle, collecting, counting & sorting cash at the end-of-day processing can be inaccurate, time-consuming, and exasperating.
2. The Cheapest way to handle cash is manual
Another factor that prompts small and medium businesses to opt out of cash automation is the expense. Many businesses believe that setting Cash Automation infrastructure up with tech-savvy machines will cost more than hiring manual labour. On the contrary, investing in an efficient Cash Automation system has proven to be meagre when compared to the time, money & staff dedicated to manual cash handling in the long run. The process of manually counting the cash, tallying it and taking it to the bank is labour-intensive and costly. Read this article to know how businesses can benefit from Cash Automation Solutions in detail.
3. Cash Automation will only benefit Financial Institutions
Cash Automation Solutions increase efficiency, eliminate errors and optimize the cash management system in every aspect of a business. These features make Automated Cash Management an indispensable and popular tool for large financial institutions. That does not mean that Cash Automation Solutions can only help banks and other big financial institutions. An in-house Cash Automation system can free up your workforce from the laborious task of counting and processing cash and invest their time and talent in providing better customer service. In a nutshell, your business doesn’t have to handle a lot of cash for you to benefit from Cash Automation Solutions.
4. Cash Automation won’t eliminate the risk of fraud
Technological advancements have surely made banknotes more secure, but it has also made counterfeit money more sophisticated. Many businesses still believe that manual examination of banknotes performed by a cashier is the only way to detect counterfeit notes. There are many efficient cash machines available in the market that come with counterfeit detection technology.
This feature will eliminate the risk of counterfeit notes and will increase the confidence of your staff while accepting cash from the customers.
Cash machines are undergoing constant improvement and they are getting upgraded with other security features like anti-theft technology, which can be beneficial for retailers and small-scale businesses located in areas that are prone to theft and crime.
Streamlining your business operations with Cash Automation Solutions is proven to increase the efficiency and security of any business. Head out to our website and read more about the exceptional Cash Automation services that we offer. At Site Lantern, we partner with world-class cash machine providers to set up an infallible and cost-effective cash management infrastructure for your business.