If you handle large amounts of cash, a money counter could help you keep track of your money. Unfortunately, shopping for one can be a bit overwhelming as there are many different ones on the market that offer many different features. While there is no need to pay for features you do not need, buying one that does not have all the features you need will also be counter productive. Here are a few questions that will help you to choose the best machine for the job, as well as the best investment for your money.
What Type Of Money Counter Do You Need?
Money counters or currency counting machines come with the ability to count both banknotes and coinage. While some machines are designed to count both, other machines may count one or the other. Both types can be found in both mechanical and electronic models. Both models will not only give you a count of the money that passes through the machine, but the machine will also help you prepare your money for wrapping, banding, or labeling. Some of the types that you may find include the following:
- Banknote counters
- Banknote and coin counters
- Coin sorters
- Coin counters
The model you choose will depend on the amount and types of money you handle on a regular basis.
How Much Volume Does Your Machine Need To Handle?
When you choose a money counter, you will want to choose one that is going to help you speed up the process of getting your money counted. If you do not choose one that is able to handle the volume of bills that you are responsible for, you will waste time loading and unloading your machine.
Look for a machine that will allow you to place at least 200 bills in the stacker at one time. If you count a higher number of bills than this on a regular basis, look for one that will hold more, one that will allow you to add bills while it is counting, or one that you can add an additional hopper to. Each of these will assist you in getting the job done with the highest level of efficiency.
How Fast Do You Need To Get Your Money Counted?
Along with the amount of volume you need for your machine to handle, you also need to consider the speed at which you want to get the job done. You can find machines that will vary from counting 600 – 900 bills per minute, up to machines that will count 1200 + bills per minute. The difference in speed can have a huge impact on how quickly you are able to get your money counted.
Do You Need To Be Able To Detect Fraudulent Bills?
Any business that accepts cash is at risk at any time of being exposed to counterfeit money. It is estimated that at any time there is anywhere from $70 million to $200 million dollars in counterfeit currency in circulation in the U.S. Although the U.S. government and treasury department have taken great steps in recent years to make bills harder to counterfeit, constant changes in technology has kept counterfeiters in the game.
Although you may attempt to identify counterfeit cash at the point the money is received, you can also have your money counter check for it. Many machines have counterfeit detection mechanisms built into the machine. This is usually done in one of two ways.
- Ultraviolet (UV) scanning – This technology helps to identify the ultraviolet inks that are used in legitimate bills.
- Magnetic (MG) scanning – This technology helps to identify the magnetic link that is built into legal bills.
Some machines will even use both to identify counterfeit bills. This technology will allow them to look for fraudulent bills while your money is being counted. This will serve as an additional check and keep you from passing the counterfeit bills on to others.
A good money counter is an invaluable tool for your business. A counter will not only save you time, but it will help you to ensure that your money count is accurate. You will no longer have to count and recount the money by hand time and time again, or have someone count behind you. There is a model on the market that is just right for you.