(Irving, TX) February 10, 2021 – As the cannabis industry continues to grow across North America, cannabis business owners and family-owned cannabis shops are looking for new ways to tackle one of the biggest challenges that they are facing in this cash-only business. How can they keep their cash safe, secure and easily transferable on a daily basis? Nowadays, many cannabis business owners store their cash in safes behind their counter or use even less secure methods to protect their hard-earned money. In fact, in some cases, they just load stacks of cash in a car and store it at home or an offsite depository. Clearly, there are significant risks associated with this method. Also, many dispensary owners utilize their cash on hand to pay their vendors directly at the counter. This leads to significant increase in shrinkage and employee theft. There was a case in CA in 2020, in which more than $1M was lost due to employee theft at a relatively small dispensary chain.
Fortunately, these are all problems for which the largest ATM company in the U.S. has been providing solutions for many years. Hyosung America has been solving cash handling problems for businesses and banking institutions for over two decades. If you’ve ever withdrawn cash from a convenience store or one of the top five banks in the U.S., chances are you’ve interacted with one of Hyosung’s more than 100,000 ATMs. These machines are placed in convenient locations all across North America and have revolutionized the way people access cash. Over the decades, Hyosung has continued to reimagine the way people interact with cash and has adapted new solutions for new industries, such as the rapidly growing cannabis industry.
“In the ever-evolving cannabis industry, it is not enough to simply run the business. Utilizing these products from our world-class engineering team, you can change the business and significant value for the owner, budtender, customer, and vendor. Cash recycling is a simple but significant contribution to a dynamic growth industry’s bottom line,” said Marvin Bowers, Associate Vice President, Retail Sales.
Hyosung’s Retail Cash Recyclers (RCRs) are a ready solution for the many cash handling problems dispensary owners must face every day. RCRs make it possible for any cash-only business to run smoothly, quickly and securely. RCRs work by authenticating incoming bank notes and securely storing the cash in an internal vault. This allows bud tenders and other authorized employees to insert stacks of cash into the machine and never have to hand-count money again. This saves hours and hours of flipping through wadded notes. It also allows for the payment of vendors through two-party authentication codes so that all withdrawals are tracked and employee theft is minimized. It makes cash till generation and end of day settlement extremely easy and can add a substantial degree of safety and efficiency to an otherwise cumbersome and risky process.
About Hyosung America:
Hyosung America is the US subsidiary of Hyosung, Inc., a global leader in providing ATMs, TCRs and software solutions to the retail off-premises and financial institution markets. Since entering the North American market in 1998, Hyosung has been the fastest growing ATM company in North America and the leading provider of recycling branch transformation solutions. Hyosung is headquartered in Irving, Texas, and provides research and development support in its Global Software Center in Dayton, Ohio.
Sharon Shaw (Senior Director of Marketing – Hyosung)