For retail and other cash-intensive businesses, maximizing resources is crucial to operating efficiently and maintaining profit margins. If you’re a business that operates with high cash volumes, you’ve either thought about investing in a professional cash management system, or you’ve already made the switch. But beyond more widely used smart safe technology, you may want to consider whether a cash recycler solution would better fit your needs.
This innovative technology allows businesses to achieve near-complete automation of their daily cash-handling process, keep cash and staff protected, and maximize operational efficiency. Here are some of the top benefits to implementing a cash recycler solution.
1. Reduced labor costs and inefficiencies
Start-of and end-of-day cash-handling procedures can be highly inefficient, especially for multi-register businesses. When employees have to wait in line to check-in and check-out their tills, that’s valuable time your business is losing that could be spent assisting customers and making sales. And if your operation is large enough to require full-time cash handling staff, this is a significant use of resources that could be allocated elsewhere. With a cash recycler solution, the process is almost 100% automated, and time spent on cash room tasks is drastically reduced.
2. Less idle cash
Idle cash refers to the funds located across a company’s enterprise, i.e., in their stores, that aren’t being put to use. The amount can be substantial, which inevitably leaves stores and their staff more susceptible to unwanted risks like robbery or theft, while not providing an opportunity to use or invest it. With an automated solution like a cash recycler, these risks decrease drastically. What’s unique about a cash recycler in comparison to a smart safe is that cash deposited into the machine can then be recycled for the next employee to use at the start of their shift, enabling the store to run smoothly without having a surplus of idle cash.
3. Improved accuracy and accountability
When businesses rely on manual cash-handling processes, human error becomes an inevitable part of that. Implementing a cash recycler and applying automation technology eliminates the risk of human error — notes and coins are counted automatically and accurately, your staff are more accountable, and you gain better visibility and control of your business operations.
4. Reduced CIT deposit pickups and change order deliveries
With a cash recycler system in place, business operators are able to reuse the cash collected by the machine throughout the day. This makes a huge difference to high cash volume operations, reducing the frequency of cash-in-transit pickups needed, as well as cutting down bank and other third-party fees.
5. Provisional credit (freed up working capital)
Having access to daily provisional credit is a game changer for cash-intensive businesses. Daily provisional credit involves money being credited to a business’s account to reflect cash deposited via a cash recycler or smart safe before these funds are ever physically transported to the bank. In other words, you gain access to your funds overnight without the wait time that comes with traditional armored truck or self-service bank trips. You also gain better visibility across your business, and free up valuable staff time.
Get in touch with a Loomis sales rep to discuss how a Titan R cash recycler can help streamline your business.