The cash management process at a club is undoubtedly complex. With multiple shifts throughout the day, dozens of employees and floats, and myriad points of sale, clubs can see significant costs of cash management if this process isn’t effective or efficient.
These costs of cash management can run in the tens or even hundreds of thousands, hurting the clubs bottom line. But these expenses of handling cash can be effectively reduced through automation. By using the appropriate cash management solutions and automating the cash room, clubs can realise significant savings and elevate their businesses.
Counting, recounting, and reconciling dozens of floats on a daily basis can result in high labour costs. It takes several hours every day for managers and employees to perform this task over and over again. By implementing cash recyclers, clubs can eliminate these costs of cash management.
The floats will be automatically prepared, dispensed, and then accepted and reconciled at the end of the night. No manager is needed. No employee has to count or double check the amount. Staff members will get their pre-determined, pre-authorised floats at the start of the day simply by entering their unique personal identification number and password into the machine. Using the same authorization, they can then insert their bills and coins in the machine, where they will be automatically counted, sorted, and balanced.
Reduce the Time Required for Safe Transactions
During the day, employees often have to skim their registers or request more change for customer transactions. This begins the tedious process of the safe transaction. The manager must get involved. Time and man power is wasted and customer service becomes neglected.
With cash recyclers, employees no longer need to involve a manager for safe transactions. They once again punch in their ID and PIN and either drop off their extra cash or request change, which is then processed automatically.
By improving the skim and change request processes, clubs can improve productivity and efficiency, which will reduce costs.
Because employees must sign in to perform any cash management activity through the cash recycler, there will be an accurate audit trail to follow if things are amiss. Accountability will increase. This will virtually eliminate the issue of internal theft by club employees, which unfortunately can be one of the biggest costs of cash management at a club. When every cash handling activity is tracked, recorded, and can be connected to an employee’s name, you’ll see your shrink rate reduce considerably, boosting your bottom line.
Reporting Made Easy
Because all activities are tracked and recorded, managers can now depend on more informed decision making. They can see how much money has gone through the machine at any given time frame, and more. This can reduce costs, for example, by allowing managers to schedule the most appropriate number of employees based on average sales made at those times.
Manual cash management is prone to human error. Try as they might, your managers and other employees will no doubt make some mistakes while counting, sorting, reporting, or even storing and depositing your cash. And even though these errors might be completely innocent in nature, you still lose out.
These losses due to human error are totally preventable. By using automation, clubs can gain guaranteed accuracy by taking humans out of the cash management process as much as possible. The cash recyclers will do all of the work, leading to fewer losses and lowered costs of cash management.
Clubs that integrate cash management solutions, like cash recyclers, benefit in several ways. Automation can improve efficiency and effectiveness, improve productivity, and improve accuracy, all of which will reduce the costs of cash management.
Next Payments, Australia’s fastest growing payments company, specialises in bringing efficiencies to gaming floors throughout Australia. The three key products Next Payments offer are ATM’s, Cash Redemption Terminals (CRT’s) and Cash Recyclers.
Next Payments is 47% owned by Macquarie Group and won Australian Financial Services Growth company of the Year award in 2016.
To find out more about Next Payments or any of their products, visit nextpayments.com.au or call 1300 659 918.