Anyone who’s worked in retail will tell you that counting money is a pain. Crumpled or disorganized bills are easy to miscount, and coins always seem to get lost. It’s not any easier for people who work in banks or other institutions that have to handle money.
Unfortunately, the stakes in miscounting money can be quite high, so it’s important to have a reliable way to count coins, bills and cheques. That’s where electric cash counters come in.
Electric cash counters were first introduced as practical and efficient cash management solutions in Great Britain in 1980. Modern day cash counters do exactly what you’d think they do: they count money, whether that money comes in the form of cheques, cash or coins.
So what are some benefits of having a machine like this at your business?
- Reduce Human Error
When counting money, most people have to count multiple times to ensure accuracy, and even then they could count incorrectly. Bills may be stuck together or misread fairly easily by human counters. Mental math can also play a part in human miscounts. Electric cash counters count money quickly and reduce human error. Many automated currency counters can even identify which bills have been inserted and how many.
- Save Time
Many businesses adapt money counters to save time. Counting notes by hand takes a very long time, especially since it usually needs to be done two or three times to account for human error. Using a currency counter frees up employees to use their time more effectively, and cash is processed significantly quicker.
- Detect Counterfeit Currency
One of the oldest crimes in history is counterfeiting money, and it became a major problem in the 19th century when banks were allowed to issue their own currency. Modern counterfeit bills are tricky to detect with the human eye, or even with the pens and UV light devices designed to detect them. Fortunately, many modern currency counter machines can also function as counterfeit detector machines, so you can identify counterfeit currency much more easily.