How Much Money Should a Money Counter Cost?
A money counter is a machine that counts money, either stack of bills or a loose collection of coins. They are commonly found in financial institutions and foreign exchange businesses. They are mainly operated by tellers and accountants and are used to determine how much a customer has deposited. Compared to human errors and limitations, money counters are accurate, reliable, and precise.
It’s crucial to have this cash management tool as it will save time and costs on hiring new employees. Cashiers and tellers should use their hands to greet customers and offer greater customer service.
Some factors that play a huge role in the price
A hopper is where a stack of bills is placed before counting proceeds. The capacity of each money counter varies. This matters because it will determine how many bills can be counted at a go. The typical hopper capacity is 200 bills for a basic model. If the counting speed is 600 bills per minute, that’s three times every time you will have to add money.
This factor will depend on how busy your business is and how fast you want to be counting bills. If you have a constant flood of customers throughout the year, opt for a higher hopper capacity and counting speed.
It’s important to understand this factor as it can be often misunderstood. Just keep in mind the amount of your company will handle in a day. A bigger hopper capacity, at times, is unnecessary.
Detection of counterfeit bills
One should be selective of the kind of model they choose. Not all models offer the ability to detect fakes.
There are several techniques used by a money counter to detect fakes. The most common one is ultra-violet detection. This is widely popularized with the U.S. dollar as it glows under ultraviolet light.
Magnetic ink is also used in printing currency. Each domination has a different face and therefore, a different magnetic signature. The machine recognizes the denomination by its signature. A magnetic detector will sense the magnetic field given by the ink. This confirms whether the bill is real or not.
Infrared detection is yet another method of counterfeit detection. IR detection relies on inks that reflect or absorb infrared light. This type of inks, currently, is impossible for counterfeiters to copy.
Functionality and price
A machine should make work easier and also fit the business that is located in. Do not be wavered and appealed by features. You should be aware of what you need and how you can acquire that most cheaply.
For example, if you are in a business like a supermarket or the hospitality industry, you should prioritize the purchase of lightweight and portable counting machines. If you will be in a foreign exchange industry, consider buying a mixed denomination money counter.
The more features a model has, the more expensive it will be. Basic bill counters are the cheapest while sorters and multi-currency machines are the most expensive. While features are important for a specific cause, they can be irrelevant in another.