The Real Cost of Cash and Counting Money
There ’ s a fortune of speak about the future being cashless. What international relations and security network ’ t discussed as much is that accepting cash payments on your unattended machine could actually be costing your business a bunch of money. Let ’ s examine the concealed effects of accepting cash and the very cost of cash to your occupation .
Theft and vandalism
Because cash is not traceable it attracts criminal bodily process. larceny can occur at the machine itself, or from employees who collect the cash or external larceny at the position where you store the cash. additionally, your machine can get damaged if petit larceny thieves vandalize your machine to access the cash. vandalism can result in loss of inventory and animate fees .
Counting errors
When you accept cash, you need to count it, much multiple times. You besides need to keep a record of the money received. Nayax can help you with this long-winded task with its telemetry terminal. Amit, Nayax ’ s telemetry device, can tell you how much cash you have at any prison term, about sales generated and inform you when the cash box is close up to full. You can receive customize real-time alerts sent by electronic mail or text messages. This room your alimony staff only make onsite visits when necessary .
Fake money
Despite your country ’ randomness mint or reserve bank ’ s best efforts, there are however many counterfeit coins and banknotes in circulation. here the cost of cash is fraud and electric potential personnel casualty of tax income. With Nayax ’ s complete cashless solution, the VPOS Touch, you can include more payment options on your unattended machine. With cashless payments methods such as credit cards, EMV chip cards or fluid apps, you reduce the prospect of receiving forge requital.
Save time
When handling cash and coins in your unattended machine, you will spend a bunch of prison term dealing with the physical money. first, you, or your staff, will spend time preparing bill floats and restocking mint tubes, and picking up cash from the machines. second, going to the trust will take up time, where cash will be deposited, and fees are charged for handling cash.
Read more: Events Timeline
Equipment
Handling cash efficiently on a day by day basis requires a draw of excess equipment. If you count a large bulk of banknotes and coins, you will want to invest in a mint or banknote counting machine. A counterfeit money detector to spot bogus banknotes is something else many businesses that handle cash choose for. Additionally, another monetary value of cash is buying a cash vault for safekeeping the money kept at head position before it is deposited at the bank .
More staff
When you handle cash, there are more casual tasks involved and these add up on the clock. You will need to hire more personnel to handle the extra tasks such as casual pickups, bank visits, counting money, or restocking the machines with coins. Maintaining staff entails money to pay them and prison term is required to manage their tasks, schedules and other needs .
We understand why you wouldn ’ thyroxine want to limit your audience by removing your coin mechs and bill validators. however, Nayax can enable you to be more efficient with the cash you do accept and can besides introduce your consumers to more cashless requital methods .
Leave a Comment