Mansoor is a member of the Azimut marketing team and specializes in digital content. When he's not writing about self service, Mansoor spends his time brewing coffee or cycling.
Cash deposit machines or cash in kiosks are freestanding digital kiosks with a large touchscreen that primarily automate cash deposits. A depositor or a teller can deposit money directly into a secure cash deposit machine which can be linked directly to a bank account for instant credit.
These cash deposit machines are most commonly found outside banks, like ATMs or in other public spaces but it is a very common misconception that these kiosks can only be used by banks or for banking applications.
Although these kiosks are most commonly used by banks to automate more teller functions, they can be used by other businesses that deal with a lot of physical money in their day to day operations and require a cash handling solution or want to automate their cash management.
You may be wondering why this would be necessary since most businesses are going cashless with increased emphasis on bank card and digital wallet payments. However, cash reliant businesses are still commonplace in most developing regions of the world such as Sub-Saharan Africa, South East Asia and Latin America.
These businesses have daily workflows revolving around cash handling and management that could benefit greatly from automation via a self service terminal such as a cash deposit machine.
Businesses with heavy cash inflow can deploy cash deposit machines to free up their human resource from monotonous cash handling tasks. They can also employ a combination of the two to take some load off the employees and create a synergy between digital & physical.
Counting & Sorting
Similarly, some businesses that deal with copious amounts of physical currency require cash to be accounted for and sorted without any room for error. To accomplish this, they often count and sort the cash by hand at least three times and this can be an extremely time consuming process while still being prone to error.
Instead, these businesses can opt for bulk cash in kiosks with a sorting module built in. These kiosks accepts large sums of money at one time and can be programmed to sort all denominations of a currency neatly. And the cash will also automatically be counted. This saves a ton of time as it automates a task that was previously done manually.
End of Day Deposits
Large retail businesses that rely heavily on cash are often left with a lot of cash at the end of a busy day. Keeping this cash at the establishment is prone to many challenges. However, depositing the money at their nearest branch isn't an option either since all banks are closed for business at that hour.
Installing a CDM on premises is a great solution to this problem as the cash can be deposited securely at multiple intervals in the day instead of just at closing. Additionally, the money gets credited directly into the business's account so there's no need to travel to a bank with large sums of cash.
Azimut Cash Deposit Solution
Azimut, a sister company of Wavetec, is a self service solutions provider with plenty of experience in the industry and a clientele that spans the globe. With self service deployments in Africa, South Asia, Central Asia & The Middle East, the Azimut team has global experience and understands the nuances of different regions and how to work with them.
Azimut's cash deposit solution, CQuick is the perfect solution for all markets around the globe that require cash handling and cash management. CQuick is highly configurable and modular so that it can fit the needs of different clients and different regions. Azimut provides a one stop hardware & software solution so client's don't have to go elsewhere for development.