Feb 9, 2022
What is ATM Cash Recycling?
Demand for easy 24/7 cash access remains high, presenting a real opportunity for Financial Institutions (FIs) and ATM deployers. Automated cash management, including recycling, can help meet this demand for cash and reduce the effort involved from those managing the ATMs. ATM recycling isn't a product or a service — it's a holistic approach to cash management.
By automating and streamlining manual cash handling processes, it impacts every process and person in the process. ATM recycling can deliver cost optimization while at the same time enabling revenue growth and delivering ever-improving consumer service.
A cash recycling ATM does something regular ATMs can't — it enables cash that has been deposited to be dispensed in future transactions. This reduces the costs and improves the efficiency of cash operations. It is also more secure because you don't have to worry about someone coming in to collect or refill the cash in the machine as often. (ATM Marketplace).
Additionally, a cash recycling ATM is capable of doing all other functions that an ATM does, such as changing PIN number, checking balance, statement of transactions, checkbook request, etc., and is almost a standalone mini-bank in a way.
With ATM recycling comes the opportunity to take consumer experience to a new level (NCR):
- Tellers are free to roam and focus on customer service, while open branch designs offer a friendly atmosphere.
- Lobby deployments offer service 24 hours a day, with immediate credit of deposit cash to customer accounts.
- Automated cash handling reduces errors throughout the entire process, so conflict resolution is rarely an issue.
This combination of saving time, money, and resources makes cash recycling one of the most innovative value-added services for ATMs today. While cash is no longer the No. 1 payment choice among American consumers, it is still used in more than one in four transactions.
Though ATMs have in some ways been affected by mobile payments, they are still a vital resource for many people. They’re still being used and providing a positive experience for customers. Of course, ATM functionality wouldn’t be possible without connectivity.
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