Thanks to recent legislative reforms, the use and sale of cannabis for medicinal and/or recreational purposes is now legal in many locations across the United States. This is, of course, great news for marijuana proponents, and it has opened the door for new business ventures that have the potential to be quite lucrative.
If you live in a state where the sale and use of marijuana has been legalized, you may be thinking about launching your own cannabusiness. Good for you! Not only will you be providing your community with a safe place where they can purchase top-quality products, but you’ll also have the opportunity to establish a reputable, highly respected establishment
Of course, if you’re starting a 420 business, whether your own brand or via a franchise business model, a lot of factors need to be taken into consideration and plans need to be made. One factor that you definitely don’t want to overlook is how your business will accept payments.
Due to federal finance restrictions related to the sale of cannabis products, payment acceptance options for 420 business owners are often limited; in other words, you may not be able to accept credit and/or debit cards, or other digital payments, but rather, cash may be the only payment option you can take.
This isn’t a bad thing; in fact, it can be a very good thing, as you will be able to keep Big Brother’s nose out of your business, at least to some degree. Why? Because you won’t have to deal with financial institutions and regulators (some of the biggest arms of the Big Brother machine) constantly watching, digging into, and dictating how you handle your sales.
While there’s no doubt that operating your 420 business as cash-only certainly has its perks, there are some downsides; namely, figuring out how to keep the money you take in safe and secure, and providing your customers who may not have cash on them when they walk into your shop (something that’s quite common, as so many people conduct card and digital transactions).
Fortunately, there’s a simple and reliable solution to both of these problems. What is it? – A cash recycler!
What is a cash recycler? How does it work? Read on to find the answers to these questions and more so that you can set your recreational or medicinal cannabis business up for success.
What is a cash recycler, anyway?
First, let’s explore what a cash recycler is. Essentially, it’s a secure fault that accepts, stores, and dispenses cash, like an ATM machine. Cash is deposited, the value is authenticated, and then it’s stored by denomination in the vault.
A cash recycler dispenses cash, too, and it can do so in the denominations of your choosing. In other words, this nifty device, you’ll be able to manage your cash flow – both the currency that comes in and the currency that goes back out – without having to manually handle it yourself; a cash recycler literally recycles your cash.
With a cash recycler, you can automate and streamline the cash-handling process for your 420 business. It not only simplifies cash management, but it also improves the operational efficiency of your establishment and boosts the productivity of your staff.
Plus, by using a cash recycler to accept, store, and dispense cash, you can significantly reduce the losses that are commonly associated with manual cash handling.
How does a cash recycler work?
Now that you have a pretty good idea what a cash recycler is, your interests may be piqued, but before you proceed with investing in one, you probably want to understand how it works. It’s actually quite simple, as in most cases, it’s as easy as putting cash in or taking cash out. Here’s a breakdown of the process:
- Cash deposits. In order to deposit money into a cash recycler, the user places banknotes into a feeder, which is located on the front of the machine.
- Processing. The notes will be fed through bill validation sensors located inside the machine, which will assess and determine the validity and value of the bills. If any counterfeit notes are detected, they will be kicked out of the machine.
- Storage. Valid notes will be sorted and stored in individual modules or cassettes that can then be used for future transactions. High-quality cash recyclers will also feature deposit boxes that can hold bulk amounts of excess cash and high-denomination bills, which simplifies Cash-In Transit (CIT) processes, minimizes the costs that are associated with CIT.
- Withdrawals. Cash recyclers dispense the notes that are stored in the modules inside the vault. You can choose the amount you want to withdraw and the denomination of the bills that will be dispersed.
Why Use a Cash Recycler for Your 420 Business?
So, why should you consider using a cash recycler for your 420 business? These machines offer several benefits for businesses that process high volumes of cash, some of the most notable of which include:
- Increases operational efficiency of your business, as it eliminates the need to manually handle cash.
- Minimizes the risk of loss that is often associated with manual cash handling.
- Improved customer experience, as your clients will be able to easily access cash when they need it, and your employees will have the time to focus more on customer needs.
- Greater success, thanks to all of the aforementioned benefits.
Best Cash Recyclers – Factors to Consider and Top-Rated Models
There are several cash recyclers on the market, but you don’t want to settle for just any cash recycler; you want to make sure that you choose a high-quality, reliable, and efficient model. After all, it will be handling such an important function for your dispensary. To that end, the following are just some of the best cash recyclers on the market:
While the three above-mentioned models are some of the best available, to determine which one will best suit your needs, consider the following factors before you decide:
- Deposit speed. The speed at which a cash recycler deposits bills is important, as it has a direct impact on efficiency.
- Capacity. The amount of notes a cash recycler can hold is important, too, as you want to be sure that it can accommodate your needs.
- Overflow. Once a denominational module or cassette is full, the excess bills that are fed into the machine during a transaction will still be calculated and stored.