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When you think of a cash counting machine, the first thing that comes to mind is probably your local bank. This makes sense, after all. Banks are literally in the business of handling money, so it’s only logical for them to automate a part of the process.
But there are many other organizations that could also benefit from an automatic money counter. Small businesses, convenience stores, churches and community groups all handle a large quantity of cash. Businesses like laundromats and vending machine operators who deal with mounds of change can also benefit from using a coin counter.
As you ponder whether to invest in a counting machine, here are some of the benefits you should consider.
Depending on who you are, this may be a significant benefit. While you’re probably not concerned about spending ten minutes counting cash after a church bake sale, money counting can become time consuming if you’re running a small business.
Consider also that you don’t want just anyone counting your cash. For example, a convenience store isn’t going to let the minimum wage clerk count up the shift’s total. Instead, that duty will fall to a manager. Essentially, your business will be paying one of their higher-paid employees to sit in the back office counting cash. Is that really how you want your manager spending the first hour of their shift?
Fraud and employee theft aren’t the main driver of company cash losses. That dubious award goes to the same thing that’s caused some of the worst disasters in history: normal, everyday human error.
How many times have you been counting a large number of things, only to say to yourself “65, 66, 67… or was it 68?” Suddenly, you have to start over. If you’re counting hundreds of bills, this can quickly become overwhelming, and drive even the most stoic person to distraction. And that’s the best case scenario, where you actually catch the problem. In the worst case, you write down the wrong number on your bank deposit slip.
And this isn’t even taking into consideration the fact that in some countries it’s easy to confuse two similar bills. For example, in the US, it’s painfully easy for a $1 bill to end up in a stack of $10 bills, or vice-versa. This can lead to a miscount even if you’ve got the number of bills right.
Many high-quality cash counting machines offer mixed value bill detection to help prevent this. These machines scan each bill as it passes through, determine the value, and add it to the total. Not only can this kind of machine prevent major errors, it can also save time, since you won’t need to sort your bills by denomination before you count them.
Not all cash counting machines are designed to detect counterfeit bills. Many lower-end models simply count the bills, and don’t scan them or do any other kind of reading. That said, a higher-end cash counting machine will typically have a built-in fake note detector.
There are three ways in which machines can detect counterfeits:
You know your business better than we do, so you’ll have to decide for yourself whether counterfeit detection is worthwhile for you. If your business receives a lot of counterfeit bills, it probably is. That said, investing in more than one of these detection types is unnecessary for most businesses. One type is usually enough to catch the vast majority of counterfeits.
Everyone who’s ever worked a cash register has, at some point, needed to decide what to do with a $2 bill, or a $1 or $0.50 coin. There’s no proper pile to put them in, and they can end up mixed in with the batch at the end of the shift. This can be a real headache for whoever ends up counting your money.
A cash counting machine with mixed value bill detection can effortlessly handle these bills in a stack of mixed denominations. Similarly, a quality change counting machine will be able to handle coins of any denomination.
Many cash counting machines offer a feature called “batching”. This allows the machine to dispense a predetermined number of bills, which can be hugely helpful if you’re running multiple register drawers.
Suppose you need to count out five $20 bills, ten $10 bills, twenty $5 bills, and fifty $1 bills for five different registers. That’s a lot of counting, and it needs to be done before the beginning of a shift. For store managers, this can save a lot of value time at the start of the day.
Another common feature on cash counting machines value counting. This keeps track not just of the total amount of money you have, but also of how many bills there are in each denomination. This can be a huge benefit for small businesses, which may not have a safe in the back full of money in various denominations.
Have you ever had a day where you suddenly ran out of $1 bills and had to send an employee to the bank, all the while struggling to make change with quarters? It happens. With a cash counting machine that features value counting, it won’t happen again.
This goes back to accuracy, but it’s important enough that we felt it merits its own section. Banks will often fail to count business deposits immediately, validating them at the end of the day or at a slow time during their shift. If your count was off, your bank may charge an additional fee. This can add up over time, particularly if you’re running multiple locations.
On the other hand, churches and community organizations won’t need to worry about this, since bank tellers will typically count the deposit at the time it’s made. You know your situation better than we do.
Cash pickup companies like Brinks and CIT run their trucks on irregular routes at irregular times. There’s a reason for this. Armored trucks are a prime target for ambitious criminals, and the kinds of guys who target these trucks aren’t known for leaving any witnesses. By constantly varying their routes and times, armored truck companies protect their employees and their assets from these types of gangs.
Unfortunately, that can be inconvenient for business owners and managers, since you never know when the armored truck is going to pull up. At best, you have a window.
Now, imagine your truck shows up 15 minutes early and your cash count isn’t done. You’ll be scrambling to catch up, and more likely to make mistakes as a result. Because cash counting machines are so fast and efficient, you’ll be done with your count within the first few minutes of your day.
After human error, internal theft is the main risk affecting retailers. If your employees know that their drawer is being counted after every shift, they’ll be more accountable. People who would otherwise be tempted will think twice, knowing that they’re sure to get caught.
We’re not saying that a cash counting machine is the only way to do this. But it’s accurate and highly visible, which are both important when it comes to accountability.
As with any other expense for your business or organization, you need to consider whether the cost of purchasing a cash counting machine is worth the benefits it provides. If it turns out that this is a good investment, consider purchasing a Carnation money counting machine.
We manufacture the best cash counting machine collection on the market, as well as coin counters. Whether you’re a local community organization who needs a small, reliable unit or a big business that needs serious cash counting horsepower, we’ve got your back.