Teller Cash Recyclers: What You Need to Know
One thing retailers and banks have in common is the fact that a regular business day can get incredibly busy. Usually, several different transactions are happening at the same time. Because these transactions deal with money, they are often checked and double checked.For many establishments, these transactions are still done by hand. It takes a lot of time and manpower to ensure that problems do not arise. Thankfully, many types of innovative technology can help circumvent the process, and one of them is a teller cash recycler.
Teller Cash Recycler: The Basics
A teller cash recycler is one of the most exciting banking technologies available today. At its core, this machine handles cash coming in and out for both teller and vault transactions. It serves a wide range of different functions. For example, it can be used to store money safely, efficiently count and verify notes, and dispense money for cash and check withdrawals.
Not every bank is equipped with a teller cash recycler. However, it truly can be an indispensable tool for banks and retailers. A teller cash recycler can reduce operational costs, promote secured transactions, and increase transaction speeds. Ultimately, this machine makes it easier for a banking institution to handle large amounts of cash for a faster period of time.
How It Works
A teller cash recycler works in a relatively straightforward manner. Notes are deposited inside the machine through a feeder. The recycler then identifies and verifies the authenticity of the notes. The notes are then separated according to their type and denomination.
A cash recycler is a wise investment even for banks and retailers. However, they are not the most affordable machines. Nevertheless, the investment is substantially trumped by the benefits that an institution can get from this tool.
Keeps Transactions Safe
Traditionally, tellers usually have a cash box by their counters to fulfill over-the-counter transactions. This method allows them not having to go all the way to the vault to dispense cash. While efficient, it is not the safest option. Since money is out in the open for everyone in the establishment to see, the risk of cash getting misplaced or swiped is incredibly high. Teller cash recyclers keep the money safe and out of sight. Like a cash box, the machine sits right by the teller. There is no need to get up and go to the vault.
Lessens the Time It Takes to Accomplish a Transaction
A teller has to count money from any transaction at least three times to ensure that the amount that was given is correct. According to research, it takes about 45 seconds for an experienced teller to do this type of transaction. A teller cash recycler takes less than a fourth of this time – clocking in at about 8 seconds. This tool allows banks to conduct transactions more quickly and efficiently. Eventually, it will lessen the amount of wait time for clients, and an establishment will be able to accommodate more customers.
A Teller Cash Recycler Reduces Costs and Improves Overall Efficiency
In the past, tellers can only have a certain amount of money in their cash box. When it runs low, acquiring money from the vault takes two people – the teller and the bank manager. Because these two people are not available to tend to customers, the line builds up, and fewer transactions are accomplished. A teller cash recycler can keep larger amounts of money safe. There is no need to replenish and expend two people.
Automating bank transactions with a teller cash recycler can vastly improve the services a bank or retailer can provide. It is simple to use, and there are plenty of benefits that it provides. Most importantly, it is definitely worth the investment for any bank or retailer.