The Real Cost of Cash and Counting Money
There’s a lot of talk about the future being cashless. What isn’t discussed as much is that accepting cash payments on your unattended machine could actually be costing your business a lot of money. Let’s examine the hidden effects of accepting cash and the real cost of cash to your business.
Theft and vandalism
Because cash is not traceable it attracts criminal activity. Theft can occur at the machine itself, or from employees who collect the cash or external theft at the office where you store the cash. Additionally, your machine can get damaged if petty thieves vandalize your machine to access the cash. Vandalism can result in loss of inventory and repair fees.
Counting errors
When you accept cash, you need to count it, often multiple times. You also need to keep a record of the money received. Nayax can help you with this tedious task with its telemetry terminal. Amit, Nayax’s telemetry device, can tell you how much cash you have at any time, about sales generated and inform you when the cash box is close to full. You can receive customized real-time alerts sent by email or text messages. This way your maintenance staff only make onsite visits when necessary.
The real cost of cash is greater than one thinks. Often you forget about the time it takes to account for banknotes and coins.
Fake money
Despite your country’s mint or reserve bank’s best efforts, there are still many counterfeit coins and banknotes in circulation. Here the cost of cash is fraud and potential loss of revenue. 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 mobile apps, you reduce the chance of receiving counterfeit payment.
Save time
When handling cash and coins in your unattended machine, you will spend a lot of time dealing with the physical money. Firstly, you, or your staff, will spend time preparing banknote floats and restocking coin tubes, and picking up cash from the machines. Secondly, going to the bank will take up time, where cash will be deposited, and fees are charged for handling cash.
Equipment
Handling cash efficiently on a daily basis requires a lot of extra equipment. If you count a large volume of banknotes and coins, you will want to invest in a coin or banknote counting machine. A counterfeit money detector to spot fake banknotes is something else many businesses that handle cash opt for. Additionally, another cost of cash is buying a cash vault for safekeeping the money kept at head office before it is deposited at the bank.
More staff
When you handle cash, there are more daily tasks involved and these add up on the clock. You will need to hire more personnel to handle the extra tasks such as daily pickups, bank visits, counting money, or restocking the machines with coins. Maintaining staff entails money to pay them and time is required to manage their tasks, schedules and other needs.
We understand why you wouldn’t 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 also introduce your consumers to more cashless payment methods.
