Put a cash recycler to work for your bank or credit union
They may be a big investment, but did you know that a cash recycler can cover the work of 1.5 employees? Not to mention that it's exactly the kind of work that is exacting and tedious – making verified automation the perfect solution. In fact, cash recyclers can be a credit unions best friend.
Banks have reported 30% to 50% efficiency gains with the addition of a cash recycler. But you will find that greater cash management efficiency is only the beginning. When you put a cash recycler to work at your branches, you be able to:
- Automate cash-in and cash-out transactions
- Manage cash inventory
- Radically decrease balance discrepancies
- Optimize employee to customer interactions
You can read more about the operational impact of recyclers in our recent article: Cash Recyclers - The Best Investment to Improve Operations.
That's right, a cash recycler will pay for itself.
Cash recyclers can dramatically reduce operating expenses by speeding up cash-in and cash-out transactions. For example, time-consuming vault transactions that typically take two employees an average of 10 to 20 minutes to complete are handled by a cash recycler with a single control. That's not all, cash recyclers save an average a 35 seconds per cash-out transaction. That's a great advantage during busy peak hours. That's why banks and credit union CEOs report that recyclers are able to pay for themselves in as little as 18 to 24 months.
Do your homework before you invest in your financial institution’s technology
It pays to do your research before you select a cash recycler to get the best value for your needs. Are your employees early adopters into the latest innovations and technology? Then you'll want to investigate a cash recycler designed by a company like that demonstrates leadership and innovation in adaptive banking technology. Also, consider how cash recyclers will affect your employee workflow and overall customer experience.
The Arca CM-18 versus the MoniSafe 400A
Arca CM-18: PROS
- All cash is dispensed from a secure safe
- No need to sort, count or dispense bills – they are immediately verified and sorted by denomination
- Offers 8, 10, and 12 RSM units – modular upgrades from 8 to 10 or 12
- User indicator lights allow two tellers to use the cash recycler at one time
- Multi-media user interface instructs customers of functionality, offers inventory display and instructs bank employees how to troubleshoot when errors occur.
- Simple USB or network integration
- Sharp machine design with a small footprint
- Ability to use as a discriminator for cash deposit counting
Arca CM-18: CONS
- Capacity = only 4,000 to 6,000 notes based on configuration
- No continuous feed functionality – delay of 30-60 seconds in between each bundle
- Feeder has been a known weakness of device
- Currency can curl due to RSM-based processing
- On-site tech support typically done by large third party companies
- Pricing varies from mid $30,000s to low $40,000s with coin and integration
MoniSafe 400A: PROS
- Advanced banking technology solution engineered by industry leader Nautilus Hyosung
- Real-time cash visibility and cash audit with 7" wide touch screen
- Only cash recycler that can do internal audit of cash
- Extreme high capacity cassette-based technology – 2 larger cassettes of 2950 notes, 4 smaller cassettes of 1000 notes and + a overflow cassette of 2950 notes for mixed notes
- Cash stored in accessible cassettes rather than roll storage module
- Crisp curl-free notes
- Smaller 34.8" format fits conveniently under most counters
- Multi-user functionality
- Interfaces with DynaCash middleware – Integrates to any teller system
- Large Cassettes are swappable with New Branch Kiosk MX-8800
- Pricing is $36,000-$38,000
MoniSafe 400A: CONS
- Brand new technology
- No direct integration
- Only 200 notes held in escrow
- Limited US installs due to new product launch
Make the cash recycler choice that works for you
Are you the first to jump on board when it comes to exploring new technology and putting it to work for you? Or are you more about sticking with a known quantity? Only investing in what's tried and true? Are you a Credit Union that still would like the capacity of a dispenser, but the features of a recycler? At the end of the day, you have the make the choice that makes the most sense for your institution’s needs. While the advanced technology and high-capacity cash management capacity of a MoniSafe 400A may make the most sense for the needs of a mid-size to larger financial institution, a smaller institution may be best served by the practicality of a simpler system like an Arca CM-18.