Top 4 Ways Cash Handling Technology Pays Off
Cash handling technology is known by many different names: Currency counters. Cash counters. Money counters. Bill counters. Cash counting technology. Cash counting machines. Whichever term you prefer, these devices serve a very basic yet highly valuable business function. They provide operations that deal in high volumes of cash with an automatic, efficient, and accurate way to count money.
Who Benefits from Cash Counters?
Banks, convenience stores, entertainment venues, cash-in-transit companies, casinos, and vending operations are big users of cash counters. Actually, any business, large or small, that accepts cash as payment and has large amounts of bills that need to be sorted, counted, and stacked daily can benefit from using a cash counter.
Managing cash money can be a major daily challenge. Counting cash manually is time consuming and fraught with opportunities for human error and mishandling. In addition, trapped cash is money that is not working for you.
“When cash sits in registers and in cash rooms, it is unavailable for investment, debt repayment, or business expansion,”
says Joan Brancaccio, product management executive at Bank of America.
Which Cash Counter is Right for You?
While every business has different cash management requirements, there are a wide range of cash counters on the market to accommodate your volume needs and your budget. For example, Semacon offers a variety of desktop cash counters, including high speed counters that process up to 1800 bank notes per minute for large volume processing, along with portable, mini-series counters that count up to 900 bank notes per minute, suitable for smaller business operations. Some of the largest cash dealers even operate highly complex cash management systems installed in their back rooms that can count over 2600 banknotes per minute. Ultimately, what type of cash counter you choose, depends on your volume and your particular sorting requirements.
Cash Counting Features
All cash counters provide the same basic functions: automatic counting and stacking cash.
Additional features include Precision Counting and Error Detection to identify bills that may cause jams or are too damaged to process. Some cash counters also offer Counterfeit Detection to identify counterfeit bills by using different combinations of ultraviolet, magnetic, and infrared detection technology.
Some of the more sophisticated cash counters are designed to count mixed denominations. Instead of needing to first sort bills into denominations before placing them into the cash counter, you can place any assortment of bills into the machine. The machine, utilizing color image sensors, scans each bill and identifies the denomination while also totaling the number of bills and the amount for each denomination.
Does Your Business Need a Cash Counting Machine?
If your business handles and counts a significant amount of cash, the simple answer is probably. Check out the list of cash counter benefits below. If these advantages seem like something that could benefit your business, it might be time to look into purchasing a cash counter.
1. Higher Employee Productivity
Money counting machines are significantly faster than any employee counting by hand. The biggest machines can count, sort, stack, and record amounts of up to 2,600 bills per minute. The amount of time spent counting money by hand, whether this involves you or one or more employees, means there is less time spent doing productive activities that help to boost your business. A cash counting machine can help free up your manpower.
2. Greater Accuracy and Security
When it involves counting large volumes of currency, there is a higher probability of making mistakes if counting manually. Typically, when money is hand-counted, it needs to be recounted for accuracy, which takes up even more time. Miscounts and discrepancies are reduced by almost 100% when automatic cash counters are used.
Not only that, but bank deposit errors are reduced, and the likelihood for theft is decreased as well.
3. Better Counterfeit Detection
If you are concerned about passing along counterfeit bills, it pays to have a cash counter with counterfeit detection. This feature accurately detects counterfeit bills by using black light to illuminate the bills, which have florescent symbols imprinted on them, in order to help distinguish them from counterfeits. This allows you to count and check bills before making a deposit, without having to worry about miscounting or having counterfeit bills rejected.
4. Easy, Worry-Free Solution
Most cash counters — especially desktop and portable models — plug in, are easy to operate, come with user friendly displays, and don’t require training to operate. It’s simple for you to set up the functions you want to use. Then, it’s just a matter of loading up the bills in the hopper and pressing a button. You may not even have to sort the bills into denominations if you have the multi-denomination detection feature.
The Bottom Line on Cash Counters
There are many benefits to utilizing cash handling technology. Cash counters help to reduce cash loss, improve security, make your employees more productive, and streamline your operation. A cash counter can automatically do it all for you, all significantly faster and more accurately than humanly possible. If your business deals in cash, consider freeing up your manpower and error-proofing your process with a swift and reliable cash counter.
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