Cash is still king. A recent report by the Federal Reserve Bank of San Francisco, has shown that around 40% of payments are still made in cash. For businesses; consumers’ continuing attachment to cash means that being able to count it quickly, easily and efficiently is essential. To solve this problem, many are turning to weight-based cash counting technology to help streamline their cash management process. But how does weight-based cash counting technology work? What are the advantages of using a weight-based cash counter? And, with a number of options available, how can you make sure you’re selecting the right cash counter for your business? Let’s take a closer look…
A weight-based cash counter is a device that uses a set of rules to count coins and bills.
Cash is stacked on the machine in bundles, rolls, cups or bags and is counted almost instantly. The device will then keep track of the counts of each individual denomination to create a complete count once all denominations have been weighed.
So how does the machine know how many bills or coins are present if they’re weighed together? The cash counter doesn’t weigh individual bills or coins. Instead it assesses them in batches. The device then compares this against a stored weight for each coin or bill and divides the total weight on the machine by this stored weight. This calculates the amount of cash on the platform at any given time. All this is done in a matter of seconds.
Well, the obvious answer is that it’s quicker, easier and more accurate than counting cash by hand. But that’s a given. Perhaps less obvious, is the ability to create audit trails of your cash, as some devices seamlessly integrate with your cash management software, uploading historic and current count data at the touch of a button. Plus, a more streamlined process can improve staff morale and reduce stress levels.
Friction counters can’t count coins, and that’s the part of cash counting that takes the longest. Sure, you can get machines that count just coins – but then you’ve got two machines, two processes and extra effort. Not fast, and not fun. And that won’t streamline your cash management.
Plus, as the global shift towards Polymer continues (with the U.K. being the next in line to adopt plastic bills), businesses that use friction counters will encounter a big problem. As the plastic bills are tackier and more prone to sticking together (when new), friction-based cash counting machines could be more susceptible to miscounts. And this could become a big problem, as more countries move towards polymer, or other innovative alternatives.
If you’re considering a weight-based cash counter, make sure you choose one that can easily adapt to currency updates. With the next few years seeing a number of currency changes; the ability for your device to adjust to each new coin or bill issued is key.
Tellermate were the first to design and build weight-based cash counters that handle both coins and notes.
A Tellermate cash counter is an intelligent piece of technology. And one that constantly evolves; making counts faster, smarter and more accurate.
Our counters are equipped with intelligent tracking, meaning changes in bill weights are calculated each time the cash-counter is used. Micro adjustments are then made to account for environmental factors and the life-cycle of the bills.
Given that many bills are made from cotton substrates, the weight of the bill will vary greatly depending on time of year and location. In moist climates the bills will pick-up moisture in the air, making them heavier. For some less advanced weight-based cash counters, this can be problematic, leading to errors and miscounts. But our T-ix cash counters are intelligent enough to account for this, adjusting the stored weight to accommodate any reoccurring discrepancies.
But most importantly, a Tellermate weight-based cash counter is future-proof. Our devices are easily adjusted to account for major currency changes. New machines are already configured for all three planned major currency updates over the next few years.
For your business, counting cash quickly and accurately is essential. Errors here can be felt directly on your bottom line. You need an efficient process and technology you can trust. A weight-based cash counter is a sound investment, but make sure that you select the right one. Currencies are constantly evolving and implementing a system or device that is unable to adjust to new coins or bills could leave your business vulnerable to errors, miscounts and wasted time.