Are you thinking of more effective ways for your company to handle cash management more effectively? If so, you are most likely considering getting some help from technology. You have plenty of options from which you can make your selection.
Business owners such as yourself have several different solutions that they can adopt. Since each solution comes with its own benefits and drawbacks, it is sometimes hard to decide what you actually need. The task is compounded by the fact that most of the machines appear to perform either the same or similar tasks.
The situation is no different when it comes to the currency recycler and the currency counter. You might be thinking about models of both machines, wondering what actually separates the two!
The Currency Counter
A currency or bill counter, as the name might suggest, is used for counting cash. You simply feed cash into the machine and it is then tallied up. Depending on the model’s sophistication, you may be required to hand-sort different denominations of bills. The hopper size and speed may also vary.
Some models of currency counters go above and beyond by combining functions of other kinds of machines that you could buy. For instance, some actually double up as currency sorters. With such currency counter models, you simply out mixed bills into the machine. It will sort out the 5s from the 10s while also counting. Bill counters are used by retailers to make things easy and faster.
Other currency counter models might double up as a secure vault for storing cash. Some of the advanced models have counterfeit detection capabilities.
The Currency Recycler
Now that you have at least a basic understanding of what a currency counter is, it is now time to look at the currency recycler. How does it differ from a currency counter?
A currency recycler performs most of the same tasks that a currency counter does. In most cases, it combines a currency counter and currency sorter into a single machine. The machine sorts and counts cash for you.
Currency recyclers also typically have counterfeit detection although not all models do. They also act as secure vaults for storing cash.
Beyond that, currency recyclers also dispense cash. If you wish to get change or top up a till’s float, the currency recycler will dispense from its holdings.
What’s the Difference Between a Currency Counter and a Currency Recycler?
The biggest difference between the currency sorter and currency recycler has to be the dispensing of cash. The currency counter is a one-way system where cash is fed in only. The money goes in and never come back out until it has been collected.
When it comes to a currency recycler, cash can come back out. The recycler is therefore a more useful machine. It reduces the need for trips to the vault. If you install a currency recycler at each checkout, it effectively becomes the total cash management solution for the cashier. Employees don’t have to detect counterfeits, count the cash, or even dispense change.
The Comprehensive Solution
You can think of a currency recycler as a comprehensive cash handling solution. It is effectively an end-to-end management system for your cash. On the other hand, currency counters just handle a portion of the cash management process, even though it is one of the most important ones.
Both the currency counter and recycler can help improve efficiency in your cash handling. Both help you count cash more accurately and effectively, thus reducing time spent on balancing the books. Both also help you detect counterfeits more easily.
A currency recycler goes a step further. A recycling system gives you much more than what a currency counter offers.
Which Option is Right for You?
As with all business purchases, it is important to review your needs carefully before committing to purchasing either a currency recycler or counter.
However, a currency recycler would be more useful for most businesses. It can also be more expensive so, you might find that the currency counter is your preferred solution.
Assess the needs of your business first. Spending extra to get a currency recycler is worth the investment if you need a way to manage the cash in your business as effectively as possible.