How do you start or end your day?
Do you start and end every working day counting, sorting and balancing cash for your till operators? Then you know just how much of a nuisance cash handling can be.
For a long time, cash handling has been a very manual, time consuming and cost-intense process for businesses. Thankfully, in recent years, we have seen a surge of advancements in technology and machines. Among these developments include automated cash handling, which allows us to streamline cash directly from the teller line to the back office.
What is automated cash handling?
Automated cash handling is the process of dispensing, recycling, counting, sorting and tracking cash in any cash handling industry through hardware and software for cash loss prevention and theft deterrence.
What are the cons of manual cash handling?
It’s no secret that cash transactions are the most time consuming and labour intense when compared to other forms of payments like card and cheque. Some businesses even have staff whose sole purpose is to manually count, sort and balance cash drawers, reconcile cash books and prepare deposits for the bank.
In most companies, multiple members of staff such as the till operators and cash room employees are involved in the manual counting and balancing of cash drawers at the start and end of the day. On average, a single till operator will spend 18 minutes on the cash handling process, and these are just the cash office duties.
Now take into account small businesses who rely on their own ‘cash in transit’ trips to the local bank. Bear in mind the possible threat of robbery every time an employee has to visit a branch with your cash. Even for businesses that utilise CIT companies, you may still be responsible for putting your employees at risk as thieves know cash is stored on the premises.
What are the pros of automated cash handling?
There are several benefits associated with automated cash handling. Among them are:
- Reduced costs
- Increased transaction speed
- Increased accessibility to cash
- More control of cash balances and stock
- Overall improvements in security.
On top of this, management, supervisors and till operators can be re-deployed elsewhere. By minimising the time a teller spends counting notes and coins, automated cash handling increases the time your front of line staff has to interact and engage with customers on a more personal level.
Still not convinced? Here are some key takeaways.
To re-cap, here are 2 key benefits automated cash handling machines can offer cash handlers:
- The capability to accept, authenticate, sort, count, dispense and recycle cash.
- Automate back office processes
- Reduce labour costs associated with handling cash
- Increase count accuracy
- Reduce shrinkage
- Reduce count time (from an average 18 minutes to just under 2 minutes per till)
- Improve security
- Generate reports
- Speed up processes for balancing cash drawers
- Real-time cash reports by location
- Point of Sale integrations
- Streamline reconcilement and research
- Shared data among banks and CIT companies for credit.
Back to news listings