How do I pick a cash counting machine?

| 08 Aug 2016

How do I pick a cash counting machine?

Why buy a money counting machine?

Anyone that’s ever had to count up the cash from their till knows how much of a chore it can be.

It takes a teller on average 15 minutes to count and balance a single cash drawer, give or take some time. On top of this, manually counting a till at the end of your shift is the last thing anyone looks forward to . . . especially when it’s on their own time.

So why spend money to count money?

Automatic cash counters make the job of counting money easier, faster – which means you get home earlier – and more accurate. As a result, you can re-deploy you and your staffs’ time to more meaningful tasks.

Let’s identify the basics and find out what’s what;

Counter Money-Counting-Machine

A machine that counts and displays the number of banknotes provided, regardless of the value of banknotes passed through. If you want the machine to count 50 x €20 notes, the count will return ‘50’.

As this money counting machine doesn’t take the value or denomination of each note into account, a standard counter can count the number of banknotes from various currencies – i.e Euro, Sterling, or Dollar once the notes fit the size parameters of the machine.

Mixed Note Counter mixed-sorter-money-counting-machine

A machine that counts and displays the number of banknotes provided, along with the value of each banknote. If you want the machine to count 50 x €20 notes, the count will return ‘50’ and the value will be €1,000.

This form of money counting machine can count and total the value of mixed denominations at one time.

So, if you want to count a mix of 5 x €5, 10 x €10, 20 x €20, 50 x €50 and 100 x €100 banknotes, the quantity count will return ‘185’ as the number of banknotes passed through the machine. The value count will be €13,025.

Sorter sorter-money-counting-machine

A banknote sorter is similar to a mixed note counter, but with more deposit trays for separating each banknote denomination into their own stacks.

What to look for in a cash counting machine:

While most businesses may only require a machine with a basic money counting function to count or sort notes, the right counting machine depends on the size and complexity of their business.

Depending on the amount of cash you deal with and the industry you’re in, your business might require a money counter with some more advanced functionalities.

Some features to consider include speed, hopper capacity, batching, adding, counterfeit detection, fitness sorting and connectivity.

1.       Hopper Capacity

The hopper refers to the area where you load the banknote. The hopper capacity is how many banknotes the machine can hold.

2.       Speed

A typical money counting machine is almost guaranteed to reduce your counting time by 50% when compared with manual cash handling procedures.

Money counters vary when it comes to the count speed.

A standard entry-level machine can count 600 – 900 banknotes per minute. (Small clubs, shops and kiosks)

Mid-level cash counting machines can handle 900 – 1,200 banknotes per minute. (Supermarkets, food and hospitality and leisure)

High-level (commercial) machines can process over 1,200 banknotes per minute. (Banks, Credit Unions and Cash in Transit)

3.       Counterfeit Detection

It’s up to you as a business to ensure no counterfeit money enters your till. You national central bank does not replace counterfeit money, which means you’re the one left out of pocket.

While the majority of cash counting machines will have some form of counterfeit detection, it’s recommended that you pick a machine with at least two of the following counterfeit detection features; IR – Infrared, UV – Ultra Violet, MG – Magnetic, DD – Dimension Detection, ICD – Intelligent Code Detector.

4.       Fitness Sorting

This one only applies to certain businesses.

Fitness sorting is a way of ensuring banknotes meet a certain standard in accordance with the European Central Bank.  Fitness sorting eliminates soiled, stained, de-inked, mutilated, torn or damaged banknotes, ensuring the public’s faith in the euro.

This process is only required by credit unions, banks, post offices and businesses with an on-site atm.

5.       Adding

Money counters usually reset every time a new stack of banknotes is inserted.

Some machines can allow for ‘adding’, which when enabled, the machine will continue to count notes, even when new bundles of banknotes have been placed in the hopper.

6.       Batching

Bath functions make it easier to prepare cash for storage or bank deposits.

Batch counting allows users to specify the number of banknotes they need to stack or bundle. The machine will stop counting or sorting after the machine reaches the input amount of banknotes.

7.       Connectivity

While the majority of money counter have an onboard screen to display your count data, for some businesses it might be worth looking into a machine’s connectivity capabilities.

A money counter machine with connectivity functionalities can speed up the process of counting and recording, allowing time for more rigorous audit and security processes.

Count data can be sent in report format from your money counter to a printer, PC, or directly to an internal computer, resulting in even less cash counting admin work.

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