If your business processes a significant amount of cash over the course of a day, you might want to consider investing in coin counters and/or currency machines. In addition to tallying your proceeds quickly and accurately, eliminating human error, a currency sorter machine may also be able to help you eliminate counterfeit money. Counterfeit currency hurts the economy, adding more currency into the economy, which boosts inflation. If counterfeit money is discovered, consumers and businesses alike lose confidence in the currency, which can cause stocks to plummet, among other negative effects. Furthermore, in the aftermath of a big counterfeit discovery, prices may go up, as businesses try to recoup the money they’ve lost. Protecting yourself against accepting counterfeit money with a currency machine is a smart idea if you deal heavily in cash.
What is a Currency Counter Machine and Where Can I Purchase One?
A currency counter machine is just as simple as it sounds. It counts money instead of a human being doing so. The machine can count either bills or coins and many coin counters will also actually sort and roll your coins for you, saving you further hassle.
There are many types of currency counters you can purchase at any major retail center if you’re using them on a smaller scale (like for private home use or for a small business), but there are also more advanced ones that major businesses and banks use to keep track of their cash flow.
Most businesses who use a currency counter are involved in retail of some kind, where there’s a good amount of legal tender changing hands every day. It’s a smart move that can offer peace of mind to clients.
Why Should I Invest in Coin Counters or a Currency Counter Machine?
Currency counters and coin counters that were fully electronic were first used in Great Britain in 1980. They were able to count full batches of notes or coins at a time, which was groundbreaking, as before, they needed to be processed individually.
Today, businesses and companies rely on money counters to save them time — counting notes by hand takes a significant amount of time and must be done two or three times to eliminate human error. In many cases, the money will be recounted by another staff member to make sure that the first number arrived at is correct. With a machine doing it, you can be assured of 100% accurate results the first time — and in half the time that a human could count.
Furthermore, since some coin counters will even roll coins for you, that saves you even more time. Some currency counters can also batch bills in specified amounts for you, giving you neat bill batches and coin rolls for deposit that have been accurately counted.
Some money counters also have counterfeit money detectors built in, to help stop one of the oldest crimes in history. The machine will flag bills or coins that look suspicious and help you protect your bottom line by catching counterfeit bills early on.
What is a Cash Recycler?
A cash recycler is in a way, a type of currency counter. It receives cash and provides cash when needed and are often found in banks or other financial institutions, as well as in retail management rooms.
The cash is fed into the machine, which separates and identifies the denominations (and makes sure it’s valid legal tender). This is the same cash that will eventually be dispensed when needed. A cash recycler is a good way to make sure that your books are kept honest and that no one is skimming off the top. You’ll always know how much cash is on hand, how much you started the day with, and how much you ended with.
In addition, it saves your staff time and makes overall operations more effective.
Investing in currency counters and other cash management systems can help your business run more smoothly and effectively overall. Do yourself a favor and look into what option might be right for you and your business.