Accounting
Cash Recycler Machines Help Reduce Theft and Undercounting for Retailers
Originally developed for banks, cash recyclers simplify cash handling and improve security, making them an excellent choice for various retail businesses.
Oct. 05, 2022
Whether or not “cash recycling” is a new term for you, it can yield considerable benefits to any of your clients who handle large amounts of cash. Originally developed for banks, cash recyclers simplify cash handling and improve security, making them an excellent choice for various retail businesses.
What Are Cash Recyclers?
Cash recyclers are machines that accept cash deposits, organize bills, and store your money safely until the secure cassettes are transported to the bank. You might think of them as a small bank or ATM that works within your business. Because they can connect to point-of-sale systems through open API, they can also make the correct change for purchases, with each machine supporting up to three registers.
The Retail Advantage
Most managers and owners look for solutions to eliminate or minimize the biggest risks for their business. Because any business handling a large volume of cash is subject to various concerns, including inaccurate counts, theft, and lost deposits, improving cash handling procedures should be a high priority.
That’s why cash recyclers present such a valuable opportunity. They simplify cash management while simultaneously delivering a competitive advantage to companies who want to prioritize employee safety and retention and simplify training and managerial oversight.
Cash Recyclers Can Benefit Any Type of Business
As you can imagine, the potential applications are nearly limitless, whether for a gas station or grocery that sees hundreds of customers daily or a cannabis dispensary with limited banking options that deals almost exclusively in cash.
As I looked for solutions for clients in the cannabis industry, I realized the potential for cash recycling. Because cannabis is still classified as a Schedule I substance, it’s more challenging for them to access banking. As a result, cash recyclers are a fantastic option to protect businesses and employees from the challenges of managing large quantities of cash. In addition to the highly attractive security features, they eliminate:
- time, labor, and errors associated with cash counting
- the need for additional cash on hand to support registers
- the need for change-making (and therefore human error)
Should You Recommend Cash Recyclers to Your Clients?
You know your retail clients best. If they only receive cash occasionally, this technology may not be a good fit. However, if your clients handle large amounts of cash daily, cash recyclers may be a strong option for streamlining your business operations.
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Monique Swansen, is the founder and CEO of Automated Accounting Services and Accounting for Green. www.accountingforgreen.com. LinkedIn: linkedin.com/in/monique-swansen-aas/ — Twitter: @moniqueswansen or @AFGcannabis