Johannesburg - Cash management solutions company Cash Connect has launched a new self-service bulk cash deposit machine that allows for 800 notes and 800 coins to be deposited per minute.
Its CEO Richard Phillips said the group's bulk deposit acceptor, or BDA, was a first for South Africa. The devices, which is similar to an ATM, is meant to is meant to save time and make deposits more secure.
Philips added that people where prone to human error when counting large amounts of money, the machine was efficient. It still happened that bank employees, for example, needed to count R1m in cash deposits, he said.
“Automated cash management eliminates the need for manual paperwork and reconciliations, and drastically reduces incidences of human error,” said Phillips.
Pierre Liebenberg, the group's general manager for solutions development and manufacturing, said the machine was accepted large amounts of coins as well as notes.
This was useful for smaller retailers, he said. “Outlets like bakeries often tend to serve coin customers, leaving them with a lot of coins that need to be deposited."
The BDA is currently being manufactured specifically for the retail distribution industry (larger businesses) who for example deliver consumer goods, like bread, milk, fresh produce, cold drinks, etc. to various retail outlets, including smaller businesses, which tend to make COD payments with large volumes of coins.
“The BDA device features mixed deposit functionality and rejected notes and coins are also pushed back, while the machine can manage 17 to 18 kg of notes and 20kgs of coins,” Liebenberg added.
The BDA deposit acceptor device was originally designed for the banking sector, and is currently being manufactured for the retail distribution industry.
“Drivers, having removed the cash from an on-board drop-safe, traditionally spend several hours in the depot’s cash centre, counting the cash and filling out deposit slips and thereafter waiting in a queue to hand over the cash to the cashiers. Only once the deposit is verified by the cash centre, can the driver get back on the road again,” Philips said.
The BDA, he said, provided an automated alternative which was 4 to 6 times faster than a manual counting and verification.
“In addition, the need for filling out a manual bank deposit slip is negated, further improving process efficiency and saving time."
Pierre Liebenberg, General Manager at Cash Connect shows the company’s new bulk deposit acceptor which collects 800 notes and 800 coins per minute. pic.twitter.com/Bq1qu7Tlng— Kyle Venktess (@KyleVenktess) January 25, 2018
The group said the BDA's cash vault was built to SABS Category 4 standards, and was capable of withstanding attacks like bombings, and other attempts to open the vault with items such as blow torches and sledge hammers.
“The BDA also offers secure biometric identification system that reinforces accountability and eliminates cash shrinkage. Retailers’ cash is guaranteed through a system that identifies people and assigns accountability based on fingerprints,” Liebenberg said.