Cash Recyclers for Cannabis Dispensaries
The cannabis industry is rife with opportunity, and a cannabis dispensary is a great business idea, but it is not without its challenges. Once dispensary owners sort out the particulars around supply, equipment, personnel, and other details to get a dispensary up and running, there is still the matter of cash. The cannabusiness is big business, and due to regulations around the industry, dispensaries handle large cash volumes. Counting, verifying, sorting, and securing cash can command many employee hours and divert attention away from those aspects of the cannabis dispensary business that generate revenue. What can you, as a cannabis dispensary owner or manager, do to make the cash-counting process more efficient? Read on for a rundown of cash recyclers for cannabis dispensaries, what they are, how they work, and what they can bring to a dispensary, as far as simplifying the cash handling process.
What is Cash Recycling?
When a cannabis dispensary, or any business, takes a cash payment, it must count the cash, record the transaction in its financial or accounting system, and store the cash. Cash recycling means taking in cash, processing it, storing it, securing it, and dispensing it out as needed during business transactions, usually with the assistance of a cash recycler. What is a cash recycler? Cannabis dispensaries and many other businesses use a cash recycler to automatically count, validate, and prepare cash for re-use. This cash-validation machine is a critical component of cash management systems for many cannabis shops.
Why is a Cash Recycler Necessary for a Dispensary?
So, cash recyclers take in and dispense cash, but how are cash recyclers different from ATMs? What can a cash recycler do that the traditional register and till cannot accomplish?
A Cash Recycler Can Accept and Dispense the Exact Same Bills. An ATM Only Dispenses Pre-Loaded Cash
The difference between an ATM and a cash recycler for cannabis dispensaries is a matter of functionalities. Cash recyclers can take cash in, analyze the cash to identify the notes, and dispense those notes again so that the business can give customers change, make business purchases, and handle other cash transactions. An ATM cannot dispense the same bills it accepted during customer deposit transactions.
Why Use a Cash Recycler in Addition to Common Registers and Tills?
A cash recycler for cannabis dispensaries automates the cash-counting process, identifies the note type of each bill it accepts, and rejects fraudulent bills. Automation via cash recycler minimizes the risk of human error or ill intent and boosts cash count accuracy and security.
What Makes Cash Recyclers the Best Cash Handling Solution for Dispensaries?
Like most businesses, cannabis dispensaries face challenges that affect their bottom lines, including regulations and compliance, competition, rising interest rates, strain genetics, and difficulties handling cash, among many other obstacles. Cash recyclers for marijuana dispensaries solve that cash management problem with absolute efficiency. Cash recycler capabilities and benefits include:
- Fast and Automatic Cash Counting
- Significantly Improved Count Accuracy Over Counting by Hand
- Note Identification
- Counterfeit Bill Identification and Rejection
- Illegitimate Bill Identification and Rejection
- Improved Efficiency and Saved Work Hours
- Improved Security
Count Cash Faster
Think of how many hours go into counting and managing cash every month. Cash recyclers expedite bill counting and verification, giving back time that the dispensary can re-allocate to tasks and objectives that improve the shop’s bottom line. A cash recycler is one way to make a cannabusiness more efficient!
Catch Any Counterfeits
A cash recycler scans bills with advanced note identification technology and alerts the user when it detects a fake. Compliance is critical to success, and maintaining standards is easier the more a shop implements automation.
How Do Cash Recyclers Keep Bills Secure?
Cannabis dispensary cash recyclers are more than automated cash counters. They store cash like any traditional safe can, allowing for conveniently counted and stored security. Cash recycler counting accuracy and physical security capabilities minimize the human element of cash management in a dispensary to limit mistakes.
Another security benefit afforded to dispensaries that use cash recyclers is fewer cash deliveries. Cash recyclers can store volumes of cash that the dispensaries can use to stock an ATM and reduce the cash amount that a dispensary keeps on hand. Cannabis shops can keep less cash in-store because a cash recycler can dispense it as more comes into the business.
How Does a Cash Recycler Work?
Here is a quick overview of how a cash recycler machine handles the cash:
- The user places the notes into the machine’s feeder.
- Validators and sorters read the denominations automatically as the cash passes.
- The machine automatically removes any detected counterfeits.
- The machine sorts the now-authenticated bills into respective denomination cassettes for re-dispensing and storage.
This automatic organization happens in as little as a few seconds, drastically reducing the amount of time dispensaries spend to count and sort manually.
Get More Information on Cannabis Dispensary Cash Recyclers
Head over to the Edge One retail cash recycler and cash counter page for more details about cash recyclers designed for cannabis dispensaries, including information on specific models.
Would you like to speak with someone about a cash recycler for your shop? Call 800-423-EDGE (3343), and a representative will tell you more about our cash recycling equipment. We also offer other cash-handling solutions, POS systems, and more.
