Recycler Checklist: Does Cash Recycling Make Sense for Your Business?
Cash handling can be incredibly time-consuming, and with businesses looking for more ways to optimize their employee’s time, gain visibility into cash operations, and create a consistent back-office processes and reporting, many are considering cash automation solutions. After years of limited options, there is now an alternative for high-volume cash businesses looking to automate virtually all cash activity within their store with one turn-key solution: cash recyclers.
Deciding whether a cash recycler is right for your business may seem like a daunting task but identifying your business’s specific cash needs by answering the questions below could be the first step in the process of automating your stores’ cash handling However, we have a quick and easy resource available so you can identify your business’ cash needs and see if a cash recycler is the right fit. Whether your business is a restaurant, retailer, grocery store, or any other high-volume cash business, you should ask yourself the following five questions to see if a cash recycler is right for your business.
1. How many registers/tills does your business have?
Cash activities at the start-of and end-of-shift, like prepping tills, can be time-consuming and take up a significant part of your employee’s time that could be better spent on other job responsibilities. Thinking about the total amount of cash points in your business is important when deciding which cash automation solution is right for you. If your business has more than three registers, then a cash recycler option could be a good fit.
2. What is your business’s daily cash volume?
This is one of the most important questions to ask yourself if you’re in the market for a cash automation solution. We recommend that businesses with $5,000 - $8,000 in daily cash volume should consider cash recycling solutions.
Don’t know which cash recycler is right for you? Talk to one of our experts today.
3. Does your business have cash management challenges with any of the following?
- Time preparing register tills at the start-of and end-of-shift
- Cash reconciliation
- Employee cash accountability
- Handling coin
- Lack of visibility into cash across the business
4. How often does your armored car company service your business?
Businesses that have a cash recycling solution in place may only need armored car service once a week, whereas those that have no cash recycling solution might need armored car service every day of the week. If your business needs armored car service 4-7 days a week, a cash recycler solution can help optimize your armored car schedule and reduce your bill.
5. How frequently does your management have to go to the bank to make deposits or to get change?
Realistically, going to the bank to get change or make deposits is not only risky but also a poor use of labor. Bank trips can also be costly to the business. Financial institutions do not want to service commercial clients in the branch anymore, so they are charging significant fees to make change or complete deposits at the branch. If you use any time in your day to go to the bank for any reason, a cash recycler can eliminate that task, saving you time and money.
Cash recycling solutions work best for grocery stores, gaming venues, supercenters, big-box retailers, lodging and hospitality operations, and even high-traffic convenience stores. If you are tired of sending staff to the bank daily and worrying about running out of change, automating your store’s cash operations is the way to go. Reach out to one of our experts to get the conversation started, or learn more at https://www.loomis.us/cashrecycling.