3 reasons cash counters are better at detecting counterfeits than people
Automated money counters are one of the easiest ways for businesses to protect themselves from counterfeit money. The fact of the matter is having your employees pore over every single bill at the end of the day to make sure it's real isn't the best use of time.
Here is a closer look at three key reasons why using technology to spot false currency is a better decision in the long run.
1. Technology is improving - on the counterfeit side
It's unfortunately not as complicated for criminals to create something that passes as an acceptable bill from the comfort of their own homes. Mental Floss cited a report from Bloomberg News that found a combination of inkjet printers and scanners was all it took for one person in Virginia to create as much as $20,000 in counterfeit currency over a two-year span. More than ever, businesses need the sharp accuracy of cash counters to spot the small details and discrepancies that prove a payment is fake.
2. The epidemic is widespread
A separate article from Bloomberg cited the long history the U.S. has combating counterfeit currency. Despite several successful efforts to curtail the practice, the U.S. Secret Service uncovered roughly $146 million in fake bills during the last fiscal year. That's a significant amount of money that can easily spill over into small-business bank accounts without the proper technology. Preparing your employees to spot false currency becomes much easier with a machine that scans serial numbers and images at a rapid rate.
3. You employees have better things to do
With so many other issues to keep track of - such as customer satisfaction, marketing and strategic planning - getting bogged down in the back office manually counting money leads to missed opportunities. When employees automate the cash counting process, they create more free time to get ahead of business challenges and create an overall more efficient environment.
Equipping the back office with an automated money counter is a smart move for small businesses that are otherwise vulnerable to counterfeit currency finding its way into the bottom line. Turning a process that used to take hours into a something that's finished in a matter of seconds is a simple solution to a potentially damaging problem.