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With the rise of online transactions and the availability of portable credit card scanners, small business owners may consider a cashless model for their company.
Handling cash during multiple transactions or at the end of the day can feel cumbersome and time-consuming, and revenue can be lost through accounting errors or the receipt of counterfeit money. However, cash is still a preferred payment method for many people, and “going cashless” could cost you hundreds of dollars in lost revenue.
This is why cash counting machines are an essential tool for small businesses and can greatly enhance the way you run your business.
Cash Counting Machines Improve Accuracy
Even with our best efforts, mistakes can be made. For example, two bills get stuck together, or a cashier miscounts change back to a customer in the middle of a business rush. This can result in lost revenue or delayed care for other customers as the mistake is corrected.
Cash counting machines such as AccuBANKER coin counters and bill counters greatly reduce errors in cash transactions. These devices can separate and identify denominations in different ways, including weight, size, and electronic pattern recognition.
If your business accepts multiple currencies, you can even find equipment capable of separating foreign from domestic money, further ensuring a balanced account at the end of the business day.
Cash Counting Machines Are More Expedient
Counting out change to each customer during a rush can cost precious amounts of time over the course of a business day. Multiply one busy day by five, and include the time taken to count out the total revenue at the end of the business day, and you have spent hours just counting money.
That time could have been used taking care of another customer, updating your website, or spending time with family in the evening. Cash counting machines can tally hundreds of dollars in minutes (some models can count up to 1,200 coins/1,900 bills per minute!). This is an invaluable asset to small business owners.
Cash Counting Machines Improve Security
Two major security issues when conducting business transactions are identity theft and the risk of receiving counterfeit money. A business that is unable to protect its clients’ data or identify counterfeit money loses economic credibility, so it is imperative that small business owners do everything possible to protect their clients and their revenue.
Cash counting machines can provide assurance against both forms of fraud. By accepting cash payments, both the business owner and the client can reduce the risk of identity theft by hackers, and many bill counting machines are capable of scanning for multiple features to verify the authenticity of money exchanged, identifying counterfeit money at the point of sale.
A year of financial uncertainty for many people due to Covid-19, coupled with the rise in hackers who steal personal information from online databases, has shown that cash is still a more secure payment method than credit cards or wireless transactions.
Consumers who use cash are more confident in their spending power since there are no overdraft fees, interest payments, or declined cards to worry about. Cash payments also allow business owners to calculate their profits immediately, rather than having to account for transaction fees or bank holds. Investing in cash counting machines is a way to ensure efficient, accurate transactions between you and your clients.
Photo by Tima Miroshnichenko from Pexels