Dual-purpose cash and check scanners are an effective resource that businesses can use to improve internal operations. According to research conducted by CSP Magazine, mishandled cash continues to affect the way many businesses operate. Additionally, the problem appears to be getting worse.
Poor handling impacts business owners
Last year's study found 62 percent of convenience store owners who participated in the survey said cash management was a major concern. This includes counting, preparing bank deposits and identifying discrepancies. This 2014 study uncovered the proportion of business owners expressing concern over this issue rose to 70 percent. At the same time, 30 percent of respondents said the problem has been exacerbated over the past year.
One of the most important ways for business owners to avoid errors related to cash management is integrating currency counting machines. Cummins Allison provides the tools companies need to not only avoid counting mistakes but also streamline the process. Dual-purpose cash and check scanners can process more than 1,500 bills per minute, exceeding the rate at which other equipment on the market can by as much as 33 percent.
Counterfeiting remains an issue
While internal theft is the second most serious issue facing store owners in the CSP study, counterfeit money was rated as most critical among more than 30 percent of respondents. With $88.1 million worth of counterfeit currency seized in 2013, it's no surprise store owners worry about it. However, dual-purpose cash and check scanners can alleviate this problem using state-of-the-art technology.
Sensors can detect false bills through a variety of methods, including magnetic sensing that compares ink levels based on the pre-set standards for each bill denomination. In addition, fluorescence testing highlights counterfeits by identifying the paper used for the money.
The more manual processes that can be automated, the better. This helps companies cut down on errors and helps maintain accurate financial records.
October 23, 2014