It takes a lot of time to sort and count money and time is a valuable commodity. As a result, making the cash counting process as reliable, fast, and as painless as possible is a no-brainer. Cash counting machines are used by banks, government departments, religious institutions, enterprises such as supermarkets, grocery stores, retail shops and many more.
However, some people are wary of these computers because they seem to be so simple — as though they are cheating — when, in reality, they can prevent cheating by having instantaneous precision and identifying counterfeit money. So, how do cash counters function? The majority of machines are easy to use, compact, and need little to no instruction.
A little extra experience will help you save time and money in the long run. Manual currency counting is time-consuming and error-prone. As a result, a little automation is needed in the form of a currency counting system. Based on your desired size, these devices are available in a variety of sizes. Some are portable, while others, including those used in banks, are designed to accommodate large sums of capital.
However, if you’re considering purchasing a banknote counter, you may be unsure where to begin. These five characteristics should be at the top of the priority list.
You’ll be able to find the device that better fits the company’s needs if you consider them.
- Think about Counting Speed.
It can appear self-evident to think of the machine’s counting speed. After all, one of the reasons you’re buying a banknote counter is to speed up the counting process and cut down on the time you spend juggling currency.
- Consider the size and type of hopper.
As previously said, the scale of the hopper influences the pace of banknote counters. The unit is more effective when the hopper is properly sized. The smoother the counting process is, the fewer you have to wait to load more bills. If the hopper is so tiny that you have to sit there and feed bills through constantly, speed isn’t an advantage.
- Look at Batch or Adding Features options.
A batching feature is available on some money counting machines, which is useful if you need to manually strap cash for a deposit. The computer will count up to a certain amount and then stop, allowing you to delete the batch before proceeding.
- Counterfeit and Error Detection Are Important Features
If the machine counts incorrectly, using a banknote counter is useless. Miscounts attributable to folded or broken money, several notes fed at the same time, or bills of the wrong size may be reduced with a cash-counting system with built-in error detection.
- One of the best devices in the market is MX501.
The Maxwell MX50i is the most famous cash counting machine in India. Its high-precision sensors and sophisticated MG Spectrum Analyzing technology aids in the detection of counterfeit money when counting, ensuring that the MX50i does not skip any fakes.
Benefits Of A Cash Counting Machine
Science and technology have made our lives easier, and daily technical advancements have increased production, quality, and accuracy. A cash counting machine is one such innovation that is now used in many departmental stores, financial institutions, hotels and the list is endless.
- Saves time
The money counting machine can count notes even better than a person can, and it can hold a large amount of cash at once. The computer counts an entire package in a couple of seconds and provides correct data, saving us time in the recounting process. When manually counting notes, there is still the possibility of making a mistake, so the package can be rechecked.
- Easy to Use
The currency counting unit is very simple to use. This computer has an automatic system that controls when they start and end. When the notes are properly positioned, the system begins counting and ends when the count is complete.
- Counterfeit Notes Detection
The majority of currency counting machines have a feature that detects counterfeit money. If the computer finds a ripped, false, or unusable note, it will notify the user with a beep sound. This functionality is just one of the many reasons why people are increasingly turning to currency counting machines.
- Perfection
These money counting machines are not only time savers, but they are also highly reliable, with a near-to zero risk of making an error. These machines are very silent as the notes are being counted.
- Insightful
The current generation of currency counting machines is not only fashionable but also intellectual. Instead of counting the notes, several computers now identify various denominations and provide the total number. This technique allows you to save time.
Fake Notes In The Market
Unfortunately, the counterfeit Indian currency has been a major problem in recent years. Counterfeiters are getting so smart, and the current notes are so well made, that it’s impossible to tell them apart.
The Issue Of Fake Indian Money
The official name for counterfeit notes in the Indian economy is Fake Indian Currency Note (FICN). The number of counterfeit notes in circulation is estimated to be in the millions. The worth, according to a report conducted by the National Investigation Agency in collaboration with the Indian Statistical Institute (ISI), is 400 crore rupees (4 billion rupees/$53.3 million).
How To Recognise Fake Indian Money
There are a lot of indicators that money is counterfeit. There are some of them:
- Watermarks that seem to be dense. Counterfeiting gangs also use tar, grease, or wax to make the image appear transparent.
- Instead of being inserted into the currency at the time of manufacturing, imitation protection threads are drawn or written on.
- Figures that aren’t in the right place. Smaller or larger numbers, insufficient spaces, and multiple number alignments can all be viewed with caution.
- Split printed lines, as well as ink smudges.
- The “Reserve Bank of India” is written in thicker font than normal.
If you are having a small business, then here is the best machine for detecting fake notes
Automatic Rupee Detector By Maxsell Truscan Neo
The Award-Winning Fake Currency Detector from Maxsell is the Truscan Neo. Neo has everything: design, style, compactness, and functionality. When it comes to identifying fake Indian rupee notes, the task is extremely difficult.
RBI Guidelines To Identify Fake Notes
- You may have a few fake currency notes on you in these days of depositing currency notes with banks. Given the potential for confusion if a bogus note is found in the batch you’re depositing, you and the bank staff could choose to kill the note rather than keep track of it. However, should not be shocked by the bank’s procedure if fraudulent notes are discovered.
- Banks must use note counting and counterfeiting devices to spot false notes.
- Counter workers would seize the note and forge it by issuing a numbered receipt since it would be unethical to lose or return it. Since no reward can be issued for the impounded note, please countersign the receipt and retain a copy to ensure that the bogus note remains part of the official investigative machinery
- If the counter staff destroys the note, file a written complaint with the bank office, as well as a copy with the RBI’s Consumer Education and Protection Cell.
- If 5 or more fake notes are used in a single transaction, an FIR will be filed; if the amount of fake notes per transaction is less than 5, no FIR will be filed immediately, but a monthly cumulative report will be submitted to the police authority.
Become Acquainted With The Indian currency.
The best way to detect fake Indian currency is to become acquainted with the appearance of genuine Indian currency. For this reason, the Reserve Bank of India has a website called Paisa Bolta Hai (Money Speaks). It includes big images of all-new Indian banknotes, as well as extensive explanations of their security features.