The ever-increasing cost of managing cash is the talk of the town, whether it’s when you browse for ways to reduce the cost of cash handling or talk to experts, cash automation would be recommended as the ideal strategy to revamp the way you handle cash. For companies, irrespective of the size, industry or type of the business, cash is a crucial entity to survive, to grow and to move forward in the market. Therefore, if you plan to increase your business profits, it is not a wise move to pay no heed to Cash Automation solutions.
Are you a business owner pondering the benefits of cash automation and doubting whether it is the right way to take your business forward? Here we have compiled a comprehensive guide to help you discern the concept and aid you in taking the right step into the future.
What is cash automation?
Simply put, cash automation is the process of counting, dispensing and tracking cash with the aid of automation equipment such as cash recyclers, cash dispensers, cash validators and more. The cash automation devices can work in tandem with your unique business processes and policies to optimize cash management. The way to deploy automation may vary from business to business, but it always starts with installing cash handling machines at your business outlets. The scope of cash automation is immense and diverse, and it can be adopted by myriad businesses, from retail outlets to casinos.
Since cash automation centers on adoption of new equipment and technology, a good grasp of the automation devices is needed before you proceed with the technique. Installing the right cash management device and technology is the first step.
Currency Counting Machine
As the name suggests, currency counting machines automatically count the cash your business garners at the counter. Be it a collection of coins or stacks of bank notes, the currency counting machines collect and record the total count of money or count off specific batches and tallies it up.
Cash recycling is a process where the cash paid by a customer is re-used and returned as the change to another customer. Currency Recycling Machines are very similar to Currency Counting Machines in terms of counting and tallying cash. Yet there are some features that render Cash Recycler more advanced than Currency Counters. A Cash Recycler performs the functions of accepting and dispensing cash along with storing it securely, keeping an account of cash in hand and sorting the money precisely.
When cash is fed into the Cash Recycler, the banknotes are passed through a bill identifier. Once the validity and denomination of the currency are identified, the cash is stored in separate modules or cassettes. The cash is securely saved in the vaults which can be dispensed later. Apart from acting as a secure cash storage vault, most recyclers are also equipped with counterfeit detection features.
In comparison, Cash Discriminators are more pioneering than Currency Counting Machines yet not as complex as the Cash Recyclers. The basic operation of a Discriminator is to count bank notes accurately and instantly. The technology leaps one step ahead in Discriminators, as it is provisioned to differentiate between various denominations. As the name implies, the machine can discriminate between currencies if you insert a mixed pile of bills, in addition, it can total the amount and categorize the total according to the denominations. When paired with a printer, the Discriminators can furnish records and proffer an audit trail.
Coin and Bank Note Recyclers
If a sophisticated and fuel-efficient cash handling machine sits well with your business, Coin and Bank Note Recycler is the right device for you. The machine automatically tallies the cash received by the cashier as it is deployed at the Point of Sales (POS) of your business and works in-sync with them. It can notify the cashier errors and back shortages instantaneously and maintain an audit trail. The machine will make the process of preparing the cash drawer a breeze along with recycling the cash.
Why do you need Cash Automation?
As a business owner, you would often be foraging for methods that would reduce running costs, increase productivity, boost brand image, amplify sales and bump up profit. There are multiple strategies and techniques that would help you to achieve each one of the aforementioned goals. Cash Automation is your single ticket to achieving organizational goals and the solution you are looking for. Read on as we are about to dispense some of the advantages of automating cash management for businesses.
How much manpower, time and other resources are required to manage your cash flow manually? You would probably have an employee counting cash, balancing the cash till and managing the cash inventory of your business at the end of business hours, daily. While this may seem an effectual and inexpensive practice, in the long run, it could chew up a substantial portion of your profit. Manual cash handling is a labor-intensive, less effective and extremely time-consuming practice that could impede your business’s growth.
As the average value of cash transactions remains low and the cost of handling cash mounts, you should embrace Cash Automation so that your business can continue to accept cash.
To err is human, to effectuate is machine. The errors and snags caused by manual cash handling can be eliminated by introducing a Cash Recycler machine into the picture. By streamlining the cash handling process, the time taken to manage the cash can also be drastically reduced. When data is fed correctly into the machine, the output is assured to be fast and accurate. Cash Automation devices such as Cash Recyclers can considerably reduce repetitive, low-value labor and simultaneously reinforce your sales response.
Focus on Customer
Where can your employees spend the time that is saved by cash Automation? The most productive activity that can be done with the extra time is to help the customers. With Automated Cash Management, the workforce can be allotted to proffer better customer service, which in turn will augment customer loyalty and brand recall.
Accurately Track the Cash Inventory
A business’s faculty to satisfy customer orders in a timely manner is largely determined by the efficacy of cash inventory. Cash Automation solutions can help businesses to keep a closer eye on the cash situation; enabling you to restock the replenished denominations of currency instantly.
Easy Audit Trail
When you manage your cash-related tasks manually, your audit trail could gradually become an entropy. On the flip side, if you switch to Automated Cash Management, the audit trail of the business would be orderly and uncluttered. The availability of coherent audit data would incidentally empower you to keep the records with minimum efforts, improve the field of vision and the ability to form informed decisions at a stroke.
Dominance of Data
The advantages of Cash Automation Solutions do not end at saving the labor cost or rectifying the cash management glitches. Once you optimize your cash handling by employing Cash Automation at your business outlets, what you are left with is large amounts of potent data. When copious amounts of data are probed with the right analytics techniques, you are rewarded with critical insights and trailblazing decisions.
How Should You Pick the Right Cash Automation Service Provider?
Now that we are on the same page that Cash Automation Solutions are the perfect solution to all your cash handling woes, let us assess the service providers and pick the right one for your business.
The ideal way to automate your cash management is to hire a service provider that addresses your business’s unique nature and requirements. The odds of you finding the right combination of services that seamlessly match your distinctive business needs are slim. The best strategy to adopt under such circumstances is to entrust your Cash Management responsibility to a company that can tailor their services to your demands.
Site Lantern services are endowed with high-end machinery and futuristic technology to undertake the automation of your cash handling. We partner with top-drawer Cash Recycler manufacturers to install top-notch devices at your business. Once we streamline your cash management, the dynamic data will be treated with world-class analytics techniques to proffer pathbreaking insights and informed strategies to your business. In a nutshell, we offer smart automation solutions and strategic cognizance of your business, rendering real-time perceptibility of your business’s cash flow.
By integrating all your Cash Machines, Point of Sale (POS) systems and other IoT devices, we optimize the functioning of cash flow along with enabling business owners to interact with manifold systems and consolidate reports.
The information garnered from Cash Machines, back-office systems, software and hardware is brought together in a user-friendly, seamless manner to make cash management easier and effective than ever.
If you think that you are getting along just fine with your business so far, imagine the possibilities the time-tested technique of Cash Automation can usher your way. For small business owners and retail outlets, Cash Automation could seem like a costlier decision, but in the long run, the advantages, and monetary benefits you derive from Cash Automation are humongous when compared to the money you spend to install it.