As the Singapore economy continues to evolve through digitalisation, more local businesses have automated their day-to-day operations and tasks as a vital aspect of staying competitive. Many companies have done this by adopting modern software and hardware that is suited for their unique business needs.
One of the most common hardware that F&B and retailers use to enhance their operations is a Cash Recycling Machine. A Cash Recycling Machine is ideal for businesses that process large amounts of cash from daily transactions.
These machines are different from traditional ATMs as they serve an all-in-one role of enabling customers to withdraw and deposit cash. It also eliminates the need for workers to count currency notes manually, as Cash Recycling Machines can perform this task faster and more accurately. Furthermore, cash recyclers are effective in identifying counterfeit currencies, something which employees are not capable of doing.
By adopting such hardware, businesses can automate cash handling processes and benefit through additional security and improved management.
How Does a Cash Recycling Machine Work?
After a customer deposits currency notes, sensors within the Cash Recycling Machine instantly perform the following functions:
- Verifies the authenticity of the cash that was deposited, any invalid notes are directly sent to a special cassette.
- Identifies the denominations of the notes that were deposited
- Counts and registers the deposited amount into the customer’s account
- Sorts and stores the accepted notes, readying them for later use
Withdrawals and deposits are processed in real-time and transactions are immediately reflected on customer accounts.
Benefits of a Cash Recycling Machine
Other than serving as cash-in/out units, Cash Recycling Machines are also capable of:
1. Reducing Costs
Cash Recycling Machines automate tedious tasks such as preparing cash registers in the morning and balancing bank deposits at the end of each day. As a result, workers need not spend unnecessary time manually counting or processing the cash. This means more time and manpower that can be alloted to higher priority duties. Workplace efficiency is greatly improved while operations costs are reduced.
2. Increasing Cash Availability
Unlike traditional ATMs, Cash Recycling Machines are much less likely to run out of cash as they need not be frequently restocked with money. This helps businesses avoid instances where they cannot provide sufficient change for customers. Overall, day-to-day transactions can continue without interruptions.
3. Improving Security
Money that sits in the open and traditional cash registers are security risks for many businesses. Using Cash Recycling Machines removes such risks as retailers can now process and keep large amounts of cash within a secure machine. This results in improved on-site security for their business. Additionally, by verifying the authenticity of the deposited money, Cash Recycling Machines greatly reduced the risk of fraud and potential losses that come from it.
4. Enhancing Balance Control
Cash Recycling Machines are able to process and reconcile cash registers daily. They can provide detailed revenue reports that show a clear view of a business’s day-to-day cash flow.