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:
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.
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.
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.
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.