Where once the grocery conveyor belt was the height of supermarket automation, cash recycling is now leading the way in advanced supermarket technologies.
A cashier can spend up to 30 minutes on a typical day handling cash at the start and end of their shift, and 75 percent of the total cost of cash acceptance is related to staff costs – both time and salary. The more people handle cash, the more room there is for error and shrinkage, with cash theft costing retailers one percent of their total revenue. One percent can add up to a significant amount and can severely impact store profitability.
Cash recycling automates what was once a labour and time intensive process. With the time and labour saved by a cash recycling solution, administrative staff can be redeployed, increasing efficiency within the business. Back-office cash recycling means that cashiers can deposit the takings from their shift into a machine which counts and sorts the cash for them.
Security underpins every aspect of cash recycling. A machine which requires unique IDs and passwords means that business owners can keep a record of where the cash has come from and gone to, remotely and in real time. This process would normally require someone to oversee the transaction, increasing staff costs. Not only is the cash safe inside a secure unit but the automated nature of the system, as well as removing the need for human interaction with the cash, means that shrinkage can be greatly reduced, if not eradicated altogether.
As cash recycling technology advances, cash recycling solutions are becoming increasingly available to businesses of all sizes.