Understanding the Cash counting problem
Businesses who work with cash daily are well acquainted with the problems surrounding it. To try to understand that problem of dealing with cash here is an example from everyday life.
First of all, it is necessary to know what an ordinary cash drawer looks a like:
An ordinary cash drawer is a fairly simple device, and looking at the technical side, these are its characteristics:
-> It has several storage compartments for storing and holding banknotes (e.g., 5 compartments because of the banknote denomination);
-> It has several storage compartments and holders for coins (e.g., 8 coin counters);
-> Has a connector to connect with a computer for software interaction (when printing the receipt, the cash drawer opens).
The main function of registers is the storage of cash (banknotes and coins in various denominations) while additional functions are of a more technical nature — simpler software and cash drawer interaction so the employee’s work is faster and more productive.
Now for the example:
Carl works at a store as a cashier. His job is to scan the products customers are buying, receive money, and return change. Throughout the day, various products at different prices pass through Carl’s hands. E.g. $10, $3.99, $5.49, $20.05, etc.
At the beginning of the day, he starts out with a set amount of cash in the register in different denominations $1, $5, $10, ¢5, ¢25…
Carl served several customers, they paid for the goods they bought and received exact change. The next customer had a total purchase amount of $19.96 and paid with a $20 bill. Carl didn’t have the exact change, and the customer didn’t ask for it so the extra 4 pennies stayed in the cash register. Over the next hour, there were many such cases and now there is an unknown amount of extra cash in the register. At the first opportunity, when there are no customers in the store, Carl counts all the money to match it with the transactions and realizes that there’s extra cash. He then balances the cash drawer to allow normal for daily work.
Business owners try to decrease the number of errors that lead to such discrepancies, but the problem still exists, and it cannot be solved using current technological solutions.
In order for business owners to avoid the above-described problems, the DineroONE multiverse drawer will have the ability to count the money itself as its main task. Money counting will be automatic, i.e. dynamic and in real-time.
DineroONE will work in such a way that when the drawer is opened, money is placed and closed. It will calculate changes in denominations (coins and banknotes) and display the total balance on the screen (module) that is part of the drawer, and on other devices (described below). Each cash transaction — withdrawing and/or depositing of cash in the register (the drawer opens, the transaction is executed, the drawer closes) will be recorded in a database, which can be accessed through a user-friendly GUI. Data recording will help business owners to better analyze cash flow, identify potential issues, etc.