The cannabis industry is currently the most cash-laden industry that still has to pay taxes. So when it comes to handling their cash, many cannabis companies — particularly retailers, whose consumer-facing businesses work almost exclusively with cash — are turning to top-of-the-line cash management solutions to both safeguard their business and improve their company’s workflow. Enter Hyosung Americas, a globally recognized provider of powerful cash management solutions for financial and retail settings.
Hyosung Americas is the North America-based subsidiary of Hyosung, Inc, which is an international conglomerate based in Seoul, South Korea. Hyosung is always on the lookout for ways to reimagine and improve cash flow through advanced hardware and software solutions. In 2019, as the U.S. cannabis industry picked up steam, Hyosung Americas noted that cannabis retailers were facing an extraordinary number of cash-related obstacles in their day-to-day operations. These obstacles, however, could be sidestepped or even thwarted through the use of Hyosung’s Retail Cash Recyclers, which can automate cash counting, track the cash flow of a business, offer built-in vault storage capabilities, and more.
What is a cash recycler?
Hyosung’s Retail Cash Recycler (RCR) looks like a high-tech ATM, or automated teller machine. While Hyosung’s RCRs are technically capable of accepting consumer credit/debit cards and dispensing cash, that is not their true function — rather, cash recyclers have automated cash input and output capabilities that let operators carefully monitor their business’s cash flow. The machine’s software allows company owners to not only track the amount of cash coming in and out of their business in real-time but also see who is submitting and retrieving the cash, when each interaction occurs, and more.
How do cannabis retailers use Hyosung’s RCRs?
Hyosung’s Retail Cash Recyclers can help cannabis retailers overcome any of the industry’s cash-related obstacles, from cash counting, secure storage, verifying the authenticity of banknotes, monitoring the business’s cash flow, and more. The RCRs are particularly helpful in the back end of a dispensary’s day-to-day operation — the automated cash counting not only saves valuable employee time, freeing up budtenders to better serve their clients, it also works as a safeguard against employee theft.
Hyosung’s RCRs are also modular in design, meaning business owners can pick and choose certain RCR characteristics when they choose to work with Hyosung. For example, while all RCRs may serve a double function as a vault for a business’s cash, Hyosung includes options for automatically loading the cash into a cassette for secure transfer (whether to one’s bank for deposit or even to the state Capitol to pay one’s taxes).
Hyosung’s RCRs have incredible capabilities. To maximize those features and benefits, Hyosung offers white glove delivery, configuration, bring-live, on-site training, and maintenance. Hyosung also offers a full end-to-end service department that can answer any questions and help operators establish new RCR workflows, and more.
You can learn more at HyosungAmericas.com.