You’ve seen them in a very specific place, perhaps late in the afternoon when you need caffeine to make it through a long day, or early on when a quick candy bar will get you to lunch: They’re vending machines and they all have a particular bit of technology that enables quick and easy transactions. It’s a currency money machine and they can increase efficiency, accuracy, and security when handling cash transactions.
The definition of a currency money machine is fairly straightforward. It is a machine that counts money, whether banknotes or loose collections of coins. They’re present in some businesses, some modern automated teller machines, and even for purchase in some retail outlets for the purpose of counting coins.
Some benefits you might see in the application of a currency money machine include:
- In ATMs, users can submit deposits without envelopes, as the currency money machine can count the money.
- They allow businesses to have 100% reliability in cash transactions.
- They help prevent fraud.
For businesses, the last two bullet points can be significant. Counting cash by hand is time-consuming and often takes two or three times to make sure the count is accurate. This can lead to delays and lost time, with efficiency in today’s economy being a significant part of a the success of a business.
Another important benefit of using a cash counter is security. Counterfeiting money is one of the oldest crimes in history. Some cash counters can detect counterfeit bills magnetically or by using a UV blacklight. The UV blacklight detects the fluorescent symbols that many more countries are using to denote real bank notes against the counterfeit bills.
You can find a currency counter machine in many forms with different features. There is a portable cash counter, which is easily moveable, those with high quality scanners and high speed scanners, and even cheque scanners that allow you to scan and deposit checks during the day. There are scanners for business and those for personal use.
If you are a large business or corporation that handles a large amount of currency, an available cash management solution is called cash recycling. Currency recyclers are complex machines that accept and dispense currency. They can store cash securely, authenticate denominations, detect counterfeit notes, and do so while maintaining a consistent and effortless cycle.
For more information about the topic, a quick search using the phrase “what is a cash recycler” will produce some answers.