Money counting machines, sometimes known as cash counters, have been around for nearly a full century and are as important when they were first introduced in the United States of America in the 1920s as they are today in 2022.
The first money counter machines were produced by the Federal Bill Counter Company in Washington, D.C. These money counting machines were designed and built to increase the efficiency of tellers in the Federal Reserve Bank and cut out costly human error.
However, despite their obvious and immediate usefulness, it wasn’t until the 1950s, some three decades later, that the money counting machine really took off.
There is some debate about the first mass produced money counting machines. In 1958, it is said that Zhi Tian Sie, a Chinese Banker invented the Counting Machine, after entering a competition in which he finished in 3rd place. Since then, banks and businesses of every type and in every corner of the globe have used money counting machines, and many still do. However, In the US, De La Rue was marketing their first bank note counting machine in 1957. Meanwhile, in post-war industrialized Japan, Kokuei was manufacturing a coin counter in 1952.
Although there are a plethora of different brands of money counting machines available still today, there are, at its very core, three main types of money counting machines. Each has different functions and uses, but all can help a business in numerous ways. The three main types of money counting or money sorting machine are:
A Money Detector Machine. – This machine has ultraviolet detection capacity that enables it to detect fake and rogue currency bank notes
Money Value Counter Machine. – These machines count the number of notes without checking their denomination
Mix Counter and Sorter. -Batch Counter and Sorter machines have the capacity to count, detect, sort, and batch count currency notes.
Now that we know what types of machines there are out there, let’s take a long, hard look at why your business needs a money counting machine. Here are three reasons:
1. A Money Counter Will Save You Money
The most important part of the money counter machine’s attraction is the ability of these machines to save your business money.
Takes Out Human Mistakes
As humans, we often make mistakes, sometimes big mistakes and sometimes small mistakes. The point is, that humans make mistakes. When that mistake is made with money the implications can be far reaching, even becoming a legal issue.
It’s inevitable that errors will happen when people handle cash. Simple things like counting the same note twice or transposing the numbers they are writing down. Although mistakes happen and most times you will not be surprised they happen, they can actually cost you a lot of hard earned money. By removing the human element from the equation, you will reduce the probability of mistakes which can lead to losses.
Reduces Fraud
According to the United States Department of Treasury, an estimated $70 million in counterfeit bills are in circulation. This works out as approximately 1 bank note in counterfeits for every 10,000 genuine bank notes in circulation. In the UK last year, approximately 0.0022% of banknotes were counterfeit, that is less than 1 in 40,000 banknotes.
2. A Money Counter Will Save You Time
Efficiency is massively important in any business. Time is most definitely money when you are a business owner and the time saved by having an accurate and reliable money counting machine can be immeasurable. Think of all time spent counting, checking, rechecking, fixing mistakes, etc. That time and effort can be spent doing other more productive tasks and making the business more efficient.
Nowadays, where margins are tight and competition on a global scale, any area that can make your business that little bit more efficient and competitive should be explored in full. Money counter machines, not being expensive and being full of benefits, is an area that should definitely be explored.
3. A Money Counter Will Give Peace of Mind
For any business, having the peace of mind that your business accounting is accurate and mistake free is a peace of mind that many business owners will desperately want. The money counter brings an accurate money count, free of errors and free of fraud.
When you are a business owner having to wear multiple hats. Every aspect of your business is your responsibility and this can, at times, be overwhelming. Just a simple addition like a money counter will give that important peace of mind in a crucial area of the business.
Despite the rise of crypto, contactless payments, and even banking trends moving towards a cashless society, we are still very much dependent on cash in circulation. If anything, the whole COVID-19 times brought a ‘back-to-cash’ movement. So, With all this mind, isn’t it time you looked into the benefits of a money counter for your small business?
