When you think of cash recyclers and the businesses most likely to use them, which ones come to mind? Retail banks and credit unions are certainly at the top of the list. While the use of cash has declined somewhat compared to a few years ago, according to a recent Gallup poll, it remains critical to the American economy. Subsequently, the nation's banks hold a combined $75 billion of the green stuff in their vaults at any given time, based on Federal Reserve estimates, and transactions involving cash are what support a lot of their branch traffic. Cash recyclers are therefore a no-brainer for financial institutions, as they increase efficiencies by decreasing transaction times and tally even large quantities of bills in mere seconds.
But financial institutions are hardly the sole benefactors of cash recycling capabilities. Here are a few others that can really benefit from adopting the 'right' cash recycling technology:
"The commercial gaming industry cleared $40 billion in revenue in 2017."
Casinos represent big business for the American economy. Based on the most recent statistics available from the American Gaming Association, the commercial gaming industry cleared $40 billion in revenue in 2017, $9 billion of which went to taxes. Casinos around the country are operating at full capacity as men and women try their luck on slot machines, blackjack tables and roulette wheels. Winnings are often paid in cash. In fact, according to the Nevada Gaming Commission, casinos are required to keep enough cash on hand to cover every last chip or hand played. That translates to tens of millions of dollars. Cash recycling technology can ensure efficient cash management and security. Furthermore, it enhances accuracy, supports accountability via an established audit trail and reduces the operational costs associated with floats and vault transactions.
A few decades ago, not a single state allowed for cannabis use of any kind. Then in 1996, California became the first state to legalize medical cannabis and in 2012, Colorado and Washington became the first states to legalize cannabis for recreational use. And despite the Controlled Substances Act at the federal level, the trend of adoption has been fast and furious. Remarkably, only 10 states remain where either medical or recreational cannabis (or both) has not been made legal, according to the National Council of State Legislatures.
Regardless of how many cannabis dispensaries there are, however, the drug is almost exclusively bought and paid for in cash because the federal government continues to classify it as a Schedule I Controlled Substance. As a result, in places like California – which legalized adult-use recreational marijuana in 2016 – cannabis dispensaries must use cash because the classification of the drug prevents them from opening accounts with banks or credit unions, as noted by CALMatters.Other states impose similar restrictions.
Keeping large amounts of cash on hand can leave dispensaries exposed to theft and registers can be left short-handed by miscounting (intentional or not) during routine transactions. Cash recyclers can nip these issues in the bud so that they don't lead to losses.
Retail has been extremely responsive to consumer demand with regard to payment methods, and therefore now accommodates transactions via smartphone apps, credit cards, debit cards and mobile wallets. However, cash is still a major player in the retail space. According to Cardtronics, 88% of consumers bought an item in cash at a store location in 2018, topping debit cards (75%) and credit cards (63%). Cash recyclers help ensure that cashiers have plenty of $1s, $5s, $10s and $20s at the ready to make change when register bells toll. Furthermore, they create an audit trail that ensures that every last dollar remains accounted for at the end of the day, and support full security.
Cash in transit
ATMs, vaults and safes would be hollow vessels were it not for cash-in-transit, an industry that is poised to grow considerably by 2025, according to Allied Market Research. Cash recyclers can be leveraged to ensure accuracy, reduce operating costs and enhance security at cash management facilities, and they are.
These are just a few of the industries where cash recyclers reside, and are increasingly adopted. That said, they're found in many others thanks to their economy, security and expedience. BranchServ can set you up with the machine that's right for you and your business goals. Contact us to learn more or arrange a free demo.