A check cashing business is a very intricate and risk filled business model. However there are ways you can reduce that risk especially when it comes to cash handling. First off, the risks of handling cash can increase fraud with employees and other members of the business. There is also a time risk that is associated with cash handling. ARCA, a leader in automated cash handling says that the average time spent dealing with cash for managers is “20+ hours per week.”
Average Time Spent Dealing with Cash
Cashiers spend upwards of “30 + minutes per day.” There is a lot that can happen in that time and money can even disappear. So how to automate cash handling? There are three ways you can automate your cash handling.
1. Cash Dispenser:
Cash dispensing products accelerate retail transactions, reduce exposed cash, and can serve as a secure, automated cash vault. With a low cost of ownership, businesses are able to positively impact the bottom line quickly.
2. Cash Recycler:
Retailers can have a fast, safe and flexible cash management system for a front or back office that saves your staff time and money counting and recounting cash you can get your staff back to the sales floor fast.
3. Cash Deposit:
Smart safes are designed to deposit cash quickly and efficiently. Improve in-store security and build stronger cash management procedures for the smart retailer.
So what’s the challenge with automating cash handling?
Finding a check cashing software that integrates into this technology. In fact there is only two software products on the marketplace that can integrate into this automation technology. vCASH software is one of those applications and being able to interface to this technology for reporting , cash flow and consolidate information is critical for any first time check cashing business looking to decrease labor, cash handling and other areas of risk exposure.