Cash Recycling Machines (CRM) are revolutionising the way banks, retail stores, and other cash-handling businesses manage cash. Mohamed Dabo reports on this technological innovation that is poised to replace the ATM
CRMs are super-fast and always accurate. They save time, labour costs, and improve security. They also reduce the number of vault transactions required to maintain adequate cash available for withdrawal, because the cash that comes in is recycled to go back out.
A cash recycling machine is like an Automatic Teller Machine (ATM), but better. While an ordinary ATM can accept deposits and issue cash for withdrawals, the cash to be withdrawn has to be manually deposited in the machine. That’s where a CRM, or cash recycler, is different.
A cash recycler accepts cash deposits, then recycles the same cash and issues it out to customers requesting a withdrawal. There is no need to make a separate deposit. The cash that comes in is the same cash that goes back out.
By eliminating manual cash handling procedures, CRMs reduce cash processing costs.
Expedited shift changes
A CRM reduces the burden and risk of back office cash processes. The automated processing of cash facilitates shift changes as well as start- and end-of-day cash processes. By the same token, it reduces the risk of shrinkage, and enhances productivity.
Recycling also enables financial institutions to give their customers options for larger deposits and dispense amounts, depending on the hardware deployed.
Cash recyclers can reduce the need for staff to handle cash at the point of sale (POS). When integrated into an existing POS, the CRM can securely automate cash handling at payment position. In addition to improving staff productivity, it enhances customer service.
“Cash in the retail environment has three major pain points, for the store level managers and the head office: the monitoring of cash, the front of store cash handling, and the back office cash reconciliation,” says Glory Global Solution, a major developer and manufacturer of cash handling machines and systems. “Automation, and specifically cash recycling, can positively impact efficiency, accuracy and security in each of these areas.”