Four T's of Cash Recycling

C-Stores and Small Format Retailers Benefit from the Four T’s of Cash Recycling

Convenience stores (c-stores) handle more cash transactions than many other retail categories and have long relied on smart safes to secure their cash on-site. Although cash recycling machines offer better automation and more features than smart safes, they have been out of reach for most small-format retailers due to their cost, size, and configuration. The good news is that cash recycling technology has evolved, and it is more affordable than ever for smaller retailers to upgrade from their smart safes. Newer models of ultra-compact cash recycling machines, such as CIMA’s Rubino solution, have a smaller footprint, making them ideal small retailers. Even c-stores that have never had any form of cash automation can jump straight to recycling now. Here are the four t’s of cash recycling and how you can benefit by upgrading to cash recycling technology:

TIME

Manually handling cash is time-consuming for any business. For c-stores, handling cash not only takes time but it adds the risk of theft and robbery. Employees must accept, sort, count, and secure bills and coins throughout the day and even into the night for 24-hour operations. Managing floats and preparing deposits also consumes time and requires management supervision. Depending on the size of the store and the volume of customers, the amount of time and resources spent handling cash can be considerable. By upgrading to cash recyclers, small denominations can be recycled, while larger denominations are held for deposit. C-stores can reclaim the time that employees spend counting, preparing, and securing cash.

TRANSPARENCY

Cash recycling machines are superior to smart safes when providing transparency into a store’s cash operations. The coin and banknote recycler takes in cash, then counts, sorts, and records it. The machine then recycles the cashback to the establishment for future transactions. User logins and employee permissions can allow managers to see which employee used the device, total transactions, and total deposits or withdrawals. This type of visibility avoids cash shortages and immediately resolves cash disputes. For businesses with multiple locations, a network of cash recyclers can provide real-time data of cash positions across the organization.

TRANSPORT

Transporting cash by armored car is expensive. By implementing cash recyclers, c-stores can cut down on armored car frequency, saving money on the armored car bill. CIMA’s system of self-sealing stacking bags is more efficient than traditional cash cassettes making pickup and transport by CIT companies fast and easy.

TECHNOLOGY

Without the right software, cash recycling machines are little more than metal money counters. CIMA products utilize CAOS and C-LINK to manage and monitor the devices. CAOS provides all the on-device capabilities for users to interact with the machine. C-LINK provides centralized reporting, analytics, and real-time status updates to help identify problems so they are resolved quickly. CIMA’s family of cash recyclers also communicates seamlessly with third-party services and platforms.

Want to learn more the four t’s will save you not only time, but money? Schedule a virtual demonstration. 

Cash Automation Software

The Importance of Cash Automation Software

Cash automation software ensures that downtime is minimized, the function is optimized when managing cash.

Before the advent of modern cash automation, retailers manually moved cash from one receptacle to another, more secure receptacle, until it could be safely transported to the bank and counted. Imagine going back in time and telling a mid-1960’s shop owner about today’s cash automation. The shop owner might not believe that the cash register of the future will talk to the safe, the safe will communicate with the bank, a kiosk will automatically dispense change, and the machines will know the difference between managers and tellers. Furthermore, the devices will automatically compile, exchange, and relay data to business owners, who can determine precisely how much cash is coursing through a chain of stores at any point in time. 

All of this is made possible by the software. Without the right software, the tills, kiosks, safes, and recyclers are just receptacles for cash or highly mechanical counting machines. True cash automation adds layers of function, communication, accountability, and visibility to the cash management cycle. Since 1955, CIMA has innovated the cash management industry and continues to be at the forefront of new developments. In addition to industry-leading hardware, CIMA delivers on three primary categories of cash automation software:

On-device Software

Businesses demand much more than simple transaction processing. The on-device software allows users to interact with the cash handling machine and accomplish various tasks. The software application should be readily configurable to meet the needs of different businesses and should meet several standards: 

  • Improve cashier efficiency
  • Facilitate deposits into smart safes
  • Facilitate deposits and cash dispensing in cash recyclers
  • Set user permissions based on employee category
  • Create electronic records of all transactions

CIMA has dedicated on-device cash automation software for retail called CAOS and a solution for the banking segment called CashUp.

Integration Software

Cash management technology does not function in isolation. Systems should be able to communicate with each other and compile data from multiple areas. Business departments, managers, and third parties should have access to the relevant data. Integration software, or API’s, allows many possibilities:  

  • Cash handling machines can deliver specialized data to other systems 
  • Smart safes/recyclers can inform the CIT company of the exact cash to bring to pickup  
  • Cash machines can send deposit information to banks to facilitate provisional credit. 

Device Management and Analytics Software 

Uptime is critical in retail and banking operations, and when machines break or malfunction, sales can be lost, and customer service is at risk. Device management software ensures that downtime is minimized, the function is optimized. The best device management and analytics software for cash automation applications should offer several functions:

  • Receive alerts when a machine is offline or needs service attention 
  • Enable remote device configuration 
  • Remotely update cash automation software
  • Centrally manage a population of devices for multi-store environments

And last but not least – analytics software is an integral part of cash automation. Businesses need to identify relevant data insights, then relay the information to the correct departments. Analytics can instantly accomplish tasks that improve the bottom line:

  • Collect, analyze, and organize transactions by day, store, employee, or other parameters
  • Provide a real-time view of the cash position for all stores
  • Provide historical data and identify trends
  • Deliver the correct information at the right time to the right stakeholders so they can make informed business decisions

CIMA has built a feature-rich and highly functional platform called C-Link that manages a network of devices and consolidates information to present the right decision-making insights.