Note Sorting MachinesDave Bunyard
Are Note Sorting Machines Good for Retailers?
Here at LJ International, we pride ourselves in offering a variety of versatile note sorting machines that will fit into any setting. We often find retail customers are surprised that note sorting machines have a place in their sector, too, not just in banks and warehouses. Today we take a look at three key ways that the right note handling solution could boost your retail business.
You may be wondering if the prevalence of debit and credit cards makes a note counter redundant. However, even with the digital money age upon us, millions of Rands in notes pass through cashiers’ hands daily, and many still believe, “Cash is King”.
Cash management is a surprisingly laborious part of your monthly business admin, and it’s at high risk of loss to both error and deliberate theft/counterfeit measures. Using a cash counter lets you significantly reduce these risks, and makes your business more efficient and productive, too.
Estimates put the ‘cash handling’ time of a large retail concern at 15 man-hours a day, and doubles for national chains. Most of this is wasted on manual cash handling and counting- and, of course, that comes with a labour-based price tag. Typically cash is counted two to three times to ensure accuracy, and most larger concerns will assign a manager to watch a second party during cash counting too. Of course, that’s if everything is smooth- even small errors increase the time substantially and they occur often.
On the other hand, a note counter machine can get the job done in a fraction of the time, counting thousands of notes a minute, and keeping cash out of the employee’s hands while doing so. This means you’re safer from risk, and they’re also safer. Plus, fewer billable hours are spent counting cash, reducing labour costs.
Mathematical mistakes cost businesses money. Not all shrinkage is deliberate theft- sheer human error can account for a surprising amount of loss. Note sorter machines are free from the same type of human inaccuracy, and you have the peace of mind of knowing fast, accurate work is done the first time. Plus most note sorters will bring damaged notes to your attention, allowing you to keep them out of circulation.
Theft and shrinkage cost retail businesses billions every year, both to internal and external theft. There’s also counterfeiting to consider.
With the added accountability of a note counting machine, you can greatly cut the risk of internal theft, as the risk of being caught will be far too high and the employee is not as involved in the cash handling process, giving less opportunity. Most cash counters also use counterfeit detection technology to help you spot counterfeit notes.
It can make your staff and establishment safer from external theft, too. The quicker cash is handled, and the less time it spends outside of a secured environment, the safer everyone involved in the cash handling chain is. This makes you less of a target.
Note sorting machines offer a ton of advantages in the retail sector, making them a solution it’s well worth considering for your business.