Why Hotels Can No Longer Afford to Ignore Cash Recycling
With multiple points of sale (such as bars, restaurants, coffee shops and gift shops) spread across their site, managing and processing cash is a serious business for hotels.
Portioning out cash, keeping cash registers stocked with change and counting up at the end of the day are necessary, functional tasks, but are costing hotels time and therefore a considerable amount of money.
As a functional task, manual cash handling is not adding any value to the business and prevents staff from spending time on the floor with the customer.
The Benefits of Cash Recycling for Hotels
|• Significantly reduces time spent on functional tasks|
|• Gives staff more time to spend with the guests|
|• Reduces administration and operational costs|
|• Eliminates cash-counting errors|
|• Less stress and burden for hotel staff|
|• Delivers a return on investment from savings on time, cash collection and bank charges|
|• Increases security|
What is Cash Recycling?
A cash recycler automates the process of receiving and dispensing cash. It stores money securely at the point of use and keeps an accurate account of cash levels.
Hotel staff place banknotes into a feeder which then passes the notes into the machine that checks authenticity, inspects fitness levels, identifies the denomination and registers the amount.
The banknotes are sorted into separate cassettes ready to be used later. So — true to its name — the machine recycles cash by dispensing the same notes it receives.
Unfit notes are stored in a special cassette to make sure they are not re-used. Where legislation requires it, counterfeit notes experience the same fate or are rejected by the recycler.
The Cash Recycling Process for Hotels
|1. The cash recycler dispenses the required float to the relevant member of staff|
|2. If more change is needed, the staff member can return to the cash recycler during the shift|
|3. At the end of the shift, the entire till tray is deposited into the recycler to be counted and registered|
|4. Cash of lower denominations is recycled to be used for change and floats for other points of sale|
|5. Larger denominations are stored securely in separate cassettes ready for collection|
What Difference Does Cash Recycling Make?
Significant time spent reconciling and auditing cash handling operations becomes a thing of the past.
For a member of hotel staff who usually counts cash manually, a cash recycling machine can easily save them 30 minutes or more. This means being able to spend more time on guest services which, in the hospitality industry, is invaluable.
It's all about efficiency, spending more time with customers and saving money
A cash recycler allows staff to simply deposit their cash and in a matter of seconds, receive their receipt and move on instead of sitting counting and double-counting cash to make sure everything adds up.
Reconciliation is often a responsibility many hotel workers dislike and they reportedly feel anxiety about making mistakes. Using a cash recycler removes this burden as well as human error.
Cash Recycling: Beyond Cost Savings
A cash deposit unit saves cost, but cash recyclers go further. They optimise the flow of cash which means more efficient cash processes and ultimately improved profitability for hotels.