According to ATM Marketplace, the cash logistics market is expected to grow from $15.62 billion in 2021 to $25.27 billion in 2026. Cash management solutions like smart safes and cash recyclers are big contributors to this anticipated growth.
Rochester began working with these types of cash management solutions nearly 15 years ago. However, within the last few years Rochester has seen the number of smart safes and recyclers in its footprint increase significantly. For example, just within the last year Rochester’s Cash Vault Services department began processing approximately 650 smart safes and recyclers. In addition, by the end of 2022 Rochester will have installed 100 smart safes throughout Iowa for a convenience store, all of which are serviced through Rochester’s Armored Car department. In 2023 that same convenience store is positioned to add nearly 900 units.
These incredible numbers only represent approximately 15 customers, which emphasizes the burgeoning trend of cash management solutions.
The Federal Reserve recently shared that cash remains one of the top three payment option. However, the use of cash at convenience stores and quick-service restaurants is even more prevalent. To reduce risk of internal and external theft and minimize labor costs associated with cash handling, many C-stores and QSRs turn to smart safes and cash recyclers as cash management solutions.
With a smart safe or a cash recycler, the retailer or restaurant effectively streamlines its cash handling processes. The currency deposited into the safe is counted and verified. And, in the case of a smart safe, that total is transmitted to the bank, providing the retailer with provisional credit and access to their funds faster. Recyclers are slightly different than smart safes with the intent being that the retailer reuse the currency that is held in the unit.
The article, Smart Safes Deliver Retail Success, describes the difference between smart safes and recyclers in their purpose. “In many ways cash recyclers are similar to smart safes, particularly from the perspective of storage and cash tracking. Where they diverge is in terms of their primary business purposes. For example, whereas cash recyclers are designed for front office operations, smart safes are meant for back-office activities.”
Rochester offers customers access to a comprehensive set of both smart safe and cash recycler solutions by guiding them to one of its partners. Rochester then provides the secure transportation of the currency and coin held in the machine and also can assist with processing through its Cash Vault Services department.