Factors to Consider When Buying a Money Counting Machine Full-time Job6 months ago - Training - Detroit - 123 views
Factors to Consider When Buying a Money Counting Machine
A money counting machine is one of the most useful tools you can have. They can drastically reduce counting errors and help to ensure that your accounts are accurate. They can save you time. because they count money much faster than a flesh-and-blood money counter. But counting isn't all they do.
Money counting machines can also detect counterfeit bills, and they can do so much more accurately than we can. They can incorporate technology that makes the counterfeit detection process much more reliable and quicker.
When shopping for a money counting machine, there are a few things to look for. Price and functionality are among the most important factors to consider. You need a money counter that does all the things you need it to do, and nothing more. So, you're looking to avoid both over and under functionality, all without spending too much money.
Since a cash counter is supposed to make your life easier, it should be easy to use. You'll need to choose between manual and automatic, and you'll want to consider hopper capacity, as well. Not all money counters have counterfeit detection capabilities, so you'll have to decide if that's a feature you want. Finally, you'll need to consider whether or not you want to have mixed-denomination value detection.
Price and Functionality
We'll start with functionality. As with any other gadget you can buy, there are all kinds of features that can be included in a money counter, but the actual need for many of these features is questionable, to say the least.
Instead of being wowed by features, focus on just what you need. A large supermarket has need of more features than a small business. If you run a small business or any business in which all of the cash will be placed in a register, a basic bill counter may be all you need.
These bill counters do not sense denomination value, they just count the number of bills and scan them with counterfeit detection technology. Since the money is coming out of cash registers, it is already sorted by denomination, which makes a basic cash counting machine perfectly suited to your needs. Bill counting can be time consuming, and this machine will save you a lot of time.
Ease of Use
A money counting machine should be as easy as possible to use. As with price, the difficulty increases with each additional feature. A simple bill counter can be as easy as putting the bills in the hopper and turning the counter on.
Even though the difficulty of use increases with each added feature, more complex money counters can and should be easy to use. In fact, the only additional steps there should be are, at most, a few buttons to push before the machine starts to count. This should amount to telling the machine which currency is being used or how you want the bills sorted.
How Do Counterfeit Detectors Work?
A counterfeit money detector can come in many forms, but in its essence, it’s a machine that detects the security features of bank notes in order to determine whether any given bill is counterfeit or genuine. It uses one or several different methods of detection to verify bank notes through their security features. Some of these methods include UV, watermark, and metal thread detection. The more methods of detection that are used, the more accurate the machine will be as it is able to verify more security features.
UV Counterfeit Detection
UV is the most commonly used counterfeit detection method—it is seen in most of the lower-end devices with the lowest price points. A UV detector verifies the UV marks on authentic notes by shining ultraviolet light onto the bills. These UV marks are created through the use of non-visible dyes that are only visible under UV light. If the UV printed images glow when subjected to the UV light, then the bank note is expected to be authentic.
Magnetic Counterfeit Detection
Some counterfeit money detectors also use magnetic detection to identify the magnetic ink and metal threads placed on strategic areas of bank notes. This is also a common type of counterfeit detection.
Watermark Counterfeit Detection
In addition, some detectors will also use light to view watermarks that are built into authentic bank notes. These watermarks cannot be seen by the naked eye.
Benefits of a Coin Counter
A coin counter could revolutionize the way you handle cash in your business, and free up your valuable time. Here are the top five benefits you'll get to look forward to when you invest in a coin counter.
1. Save Time for the Things That Matter
You may still need to sort your nickels and your dimes, but once you've done so, it's time to let the coin counter spring into action. The machine effortlessly counts coins of the same denomination, and it will finish the tallying before anyone else on your team can do it.
Simply set a target amount and let the counter get to work. The machine will stop when it hits the target, and you can add more coins to keep the process rolling. The counter will also give you a running total as it counts up your coins.
While you leave the machine to do its sums, you and your team can tend to other tasks in the business. Maybe that means those to-do list tasks that keep hanging around and hanging around finally get crossed off the list. It might mean you can spend more time helping that one last customer or tidying up so you're ready for opening tomorrow.
2. Improve Your Accuracy
To err is human, or so the old saying goes. If you're still letting your team count up coins manually, you know this to be all too true. It may not happen every day, but the more time you spend counting coins, the more likely a mistake is.
The bigger problem is that it takes time to sort out those mistakes. One small error can multiply into much more wasted time as you try to spot the error and correct it.
A coin counter can solve this problem. The machine is more accurate than your human team can ever be, which means fewer mistakes and less wasted time.
3. Decrease Costs and Losses
Coin counting mistakes cost you more than time. They cost you money too. All that change adds up to a bigger problem in your books. Now multiply that loss over a week or a year.
Your new coin counter is far superior to anything humans can do, so you don't have to worry about losing out on your hard-earned cash.
4. Keep Your Hands Clean
It's no secret that cash is dirty. Coins are passed from hand to hand, and they've likely touched a lot of filthy surfaces before dropping into your till. Keep your employees' hands clean and germ-free by letting the machine handle the coins.
Shortchanged: How accurate are automatic coin counting machines?
Loose change can be all over the house and a nuisance. But at Coinstar machines, you dump your coins in and they give you cash back, charging a 10.9 percent processing fee on your total.
You expect 100 percent accuracy for what you put in and we wanted to hold them to it. So, we took coins of all denominations to ten coin counting machines. Our first stop was to the Coinstar machine inside the Kroger on Jackman Road. We brought in $25 in coins and counted it twice for accuracy. The cash used included 70 quarters, 50 dimes, 40 nickels, and 50 pennies. As it counted our coins, our cash back kept going up. The processing fee took out $2.72, so we should have received a cash voucher for $22.28. That's exactly what we received.
Next was the Coinstar in the Kroger at Monroe and Secor. It was also accurate.
But at the Coinstar in the Walmart on West Central Avenue in Sylvania Township, what happened there was very surprising. As the coins went in, we noticed something was wrong. We didn't get back what we put in, even with that processing fee already taken out.
After leaving the store and the Coinstar machine, we took a look at what we got back. It was only $20.05. We were definitely shortchanged by that machine, losing credit for several of our quarters.
We put in 70 quarters. One was rightfully rejected because it was a Canadian quarter. But instead of getting credit for 69 quarters, we only got credit for 59. We were shortchanged $2.50.
But the errors didn't end there. We got credit for 51 dimes, when we only put in 50, and 43 nickels when we put in only 40. We gained some back, but in the end, were shortchanged by the machine by $2.25.
Mike Klear is an inspector and the manager of Lucas County's Department of Weights and Measures. He told us the state does not give counties the authority to regulate Coinstar machines.
"Do I think they should be tested? Yes, I do believe they should be tested. Currently, they are tested by the company themselves, but they should have an entity watching how they test," Klear said.
When we put coins in the Coinstar in the Walmart in Perrysburg, the machine got backed up. It ended our transaction, with coins left on the tray. We combined the total with a second transaction and got credit for 49 pennies instead of 50. This was not a big deal at all, but we were still shortchanged.
We wanted Coinstar's response. A spokesperson told us:
"Our goal at Coinstar is to provide consumers with a convenient, reliable and accurate coin counting solution. With 25 years in business, processing more than 1 billion transactions, we have a zero tolerance policy on our accuracy tests; if a kiosk doesn't meet our standards, it's shut down and fixed."