Common Casino Cash Management Mistakes That Should Be Avoided

The casinos always deal with large amounts of cash. It is a huge part of the business model. Millions of dollars are normally handled every single month, mostly in coins and bills. The appearance of alternatives like the Paypal casino is rather new in the industry so many casinos need to be sure that they have very good cash management procedures that are respected at all times. All the ways in which the casino accepts, counts, dispenses, stores and sorts cash need to be efficient. If not, there is a waste of money and time that will lead to many business problems. That is why all casino management teams have to be aware of the following huge management mistakes that happen right now.

Double Counting

Double counting seems to be a really good idea to be sure accuracy is in place but it will waste much time. As the casino deals with large amounts of money, extra hours spent double counting will always lower efficiency. All that time can be spent on doing something else that would be more beneficial for the business. What casinos need to do is invest more money in currency counters or sorters that are error-free and that guarantee the highest possible speed and accuracy.

Having Too Much Cash On Hand

The really big winners always want to receive money as soon as possible but this is not always a very good business move. The best casinos do not keep way too much cash on the premises to pay someone that will win big. Cheque payments are available. This increases casino safety and reduces vulnerability to misplaced money or shrinkage.

Systems That Are Not Updated

It is always going to be difficult to learn brand new automated management systems. Employees will be comfortable with what they have been using for a long time. However, upgrades are vital for the security of the casino. When a system is outdated, tech-savvy criminals find ways in and know how to defraud casinos. Also, brand new solutions are going to increase overall management efficiency because of how fast they are at handling the regular tasks. Casinos do not just need to offer the latest gambling games. They also need to use the latest cash management tech solutions available.

Maximums And Minimums For Cash Drawers

Setting such limits looks like a good way to handle casino money but that is definitely not the very best practice. Cash recycling is always a lot better. You can use the cash recycler to eliminate trips to vaults for depositing money or picking up brand new bills. Cashiers are going to have all the money they need as it is recycled throughout a day.

No Counterfeit Detectors

 

This is a surprising mistake that is made by way too many casinos. Remember that such an establishment will be a top destination for the criminals. When every single bill is not authenticated, the casino will surely be defrauded. Counterfeit detectors have to be in place at every single transaction point. Unfortunately, in many casinos these units are only present in the back room. After cash changed hands there is not much that can be done.