Introducing a cash recycling ATM can have a number of benefits including streamlining processes, fraud avoidance and reducing the burden on staff.
- Saving time: One of the biggest benefits from cash recycling is the time it saves staff. A cash recycling machine automates the cash cycle in a branch by swiftly accepting, storing and dispensing cash in a variety of denominations.
- Increasing staff security: Human interactions – both from unintentional error to malicious actions such as fraud – can be avoided with the use of a cash recycling machine. Staff can make mistakes in the counting; money can go missing, and of course this is one point which criminals often target. This is the reason why cash is transported by security personnel using armour reinforced vehicles. Cash recycling ATMs allow businesses to keep cash out of sight locked in secure locations. The cash recycling machines dispense specific amounts of cash based on pre-set demands without exposing your cash inventory.
- Reduces shrinkage: For financial institutions, cash shrinkage is an inevitable problem. This is the gap between how much money should be coming in according to the sales and how much is accurately counted. This can come in the form of miscalculations, errors with change and of course malicious skimming. Using a cash recycling machine or a cash recycling ATM within a branch effectively serves as an extension of the vault and allows cash inventories to be counted in real time. Because tellers and other staff no longer have to transport cash between one location and another it reduces those points at which cash shrinkage typically occurs.
- Fraud reduction: Fraud is a constant and growing problem. There is between $50 million and $200 million worth of counterfeit notes in circulation at any one time with medium denominations as one of the most commonly counterfeited. Criminals and the government are in a constant arms race with the former attempting to develop ever more sophisticated fake notes and the government looking to ensure official currency is more difficult to emulate. However, for all the technology which goes into the war on counterfeit, a major area of risk is in human error. It will be your staff who will be on the front line and will have to spot counterfeit notes when passed over the counter.
This will depend on their own powers of observation which will always be imperfect. One of the big benefits of a cash recycling ATM is that it can automatically assess the validity of a note. This reduces the risk of human error and, assuming the cash recycling machine works as intended, should eliminate the risk of counterfeit notes being passed off as genuine.
Related: Cash recycling technology – best practices for customer acceptance and engagement
These benefits of cash recycling machines can be found in all areas of the value chain. It boosts productivity by freeing your staff to work on other areas, it improves morale, satisfaction and aids retention. Cash recycling ATMs improves fulfilment by around 1.3 weeks. That has a cost, efficiency and environmental impact. Cash recycling also improves availability by keeping the ATMs stocked with cash that can be instantly withdrawn vs cash deposit ATMs which just store the deposited cash for collection by CIT.
Meanwhile, it increases productivity, freeing up staff to work on more valuable customer centric tasks and reduces the cost of money lost due to issues in transit, fraud or human error. It creates a sustainable and efficient cash cycle which makes the business much leaner, keener, and meaner. For businesses looking to hold onto more of their cash, therefore, a good cash recycling machine is a must-have.