By: Larry Greenberg, Director of Sales and Marketing at MMF POS
Let’s continue our analysis of low tech products by focusing on the Cash Handling Solutions, which include bill/coin counters, bill verification, bill discriminators, deposit bags, and other items used in the handling and counting of cash. The DC/POS world is filled with the latest high tech devices and software. Often overlooked are the simple (or not so simple) methods used to handle the actual cash required in transactions throughout the day. Going beyond cash drawers, these devices help to insure that cash is handled safely, effectively, and securely. A key component is the method used to verify that the bills are not counterfeit.
Top questions that should be considered when selecting a Cash Handling Device:
- What is the volume of cash actually used for transactions throughout the day?
- For bill verification and counterfeit detection, will a counterfeit detector pen suffice, or does the level of security require a more robust verification system?
- How is cash counted and recorded? Is manual counting and recording sufficient, or does accuracy and verification need to be handled with a secure device? Are coins weighed or actually counted?
- How is cash transported to the bank? Secure bags, either single use or reusable? Cash handling service (e.g., armored trucks like Brinks, Dunbar etc.)
- How is cash stored? On-premise safe? Electronic safe tied to the POS system. Secured cash counting room? Shoe box under the mattress? (not recommended)
- For high volume cash environments (e.g., C-Stores, Cannabis Dispensaries, etc.) would a cash recycler be necessary? Are the cash-weighing drawers (e.g., Cash Basis, TellerMate) appropriate for a particular customer?
- Does the customer have a specific budget or staff designated for cash handling?
To effectively address cash handling requirements, you must consider the environment where the cash is being used. What is the level of security and verification your customer wants/needs? How many locations within the store (or multiple stores) are there where cash is currently accepted? How much streamlining is the customer willing to do to maximize cash security and accuracy?
It’s important to discuss how counterfeit detection can help a business avoid both loss of cash, plus the threat of legal action or criminal liability if they accept then redistribute counterfeit bills. The most counterfeited bills are $20s, not $50s or $100s.
So now what?
- Contact a manufacturer with a good reputation to evaluate their products.
- Select a manufacturer that has capabilities in more than one material or offers unique products that aren’t available through other sources.
- Make sure the customer is aware of the limitations of the simpler products (verification pens) vs the more accurate bill counters and verifiers.
- Look for a good-better-best or light-medium-heavy duty product offering.
- Request a demo for your own evaluation.
- Compare cost and lead time, though keep in mind that you get what you pay for.
- Make sure the products are readily available through your current channels of distribution.
- Recommend cash handling products and systems that fit your customers’ level of cash usage.
About the author:
Larry Greenberg is the Director of Sales and Marketing for MMF POS (www.mmfpos.com), a leading manufacturer and innovative supplier of cash drawers, POS mounting systems, and other accessories. The company provides a complete line of product solutions to enhance the retail checkout environment.