While most of the world digitizes, retail business owners understand that physical cash still plays an important role in day-to-day operations. The good news, however, is that as technology improves so do cash management tools. If your business is still manually handling, tracking and depositing cash, it’s time you consider utilizing a cash recycler.
What is a Cash Recycler?
At some point you may have heard the term cash recycler, counter or smart safe used interchangeably, but there is one key difference. Cash recyclers allow businesses to store, count, validate and recirculate cash back into your floor operations, versus being stored in a back office until ready to deposit. This means cashiers or tellers have the ability to pull change or transactions for customers, all while being tracked and logged by the cash recycler.
Benefits of a Cash Recycler
There are many benefits to utilizing a cash recycler in your retail location, including automated audits and reports as well as helping manage risk and compliance requirements. Here are just a few ways they can have a significant impact on your business.
Cash recyclers can automate the cash cycle within your business, making it faster and more accurate. These machines have the ability to accept, count, store and dispense money as needed by employees or management. This technology accurately counts and validates any cash deposited or withdrawn and can provide users with a verified total. This reduces the amount of time spent manually counting money as well as the need for multiple trips to the bank and/or a centralized company safe.
Any time employees are manually handling cash, there is an increased risk for error as well as internal theft. Cash recyclers have the ability to limit the amount of cash needed in till drawers at any given time as well as catch mistakes or errors, such as counterfeit bills or miscounting of funds. Each transaction with the machine is fully tracked to the user and can provide real-time reporting, improving employee accountability.
Cash recyclers have built-in security measures that make them difficult to access without proper clearance and as mentioned above, they limit the amount of cash needed in cashiers till drawers. They also have the ability to cap the amount of cash that can be withdrawn at any given time, so that in the event of a robbery, a majority of your business funds are kept safe. These safety measures also deter internal theft and make it nearly impossible for employees or management to have funds that are not tracked.
Helps with Compliance Requirements
For many cash-intensive businesses, especially those in high-risk industries, tracking the movement of funds within your organization is required by law. Having a tool in place that can automatically track, audit and report on the status of funds at all times can make compliance management much easier – and more accurate – for business owners.
Is a Cash Recycler Right for Your Business?
Not all cash management tools are created equal, so having the right partner for your operation is key. OSS provides comprehensive cash management solutions for cash-intensive businesses. As a trusted partner, we can guide you through the process of streamlining operations and finding the right partnerships for your business, including a smart safe or cash recycler provider.