Whether you’re a cash pro or just dipping your toes into the world of smart cash solutions, this glossary is your go-to guide to understanding all things CashTech.

From automating cash handling to navigating the digital world of cashless payments, we’ve got you covered with clear and concise definitions to help you stay ahead of the curve.

Ready to dive in? Let’s break down all the jargon and buzzwords to turn your cash management into a well-oiled machine!

A

Automates A suite of self-service automated devices and solutions that streamline cash handling and digital transactions. 

B

Banknote Validators & Recyclers Automated systems designed to authenticate, sort, and securely recycle banknotes.

C

Card Readers Devices that facilitate secure, cashless transactions by accepting various card-based payment methods.

Cash Physical currency, including bank notes and coins, used as a medium of exchange for goods and services.

Cash Automation The systems and software used to help manage, validate, and recycle physical currency to streamline cash handling processes to enhance security and optimise cash flow.

Cash Centre Systems Comprehensive solutions used to automate high-volume cash handling tasks – including sorting, counting, validating, and packaging currency – in centralised cash-processing facilities.

Cash Chasm The growing disconnect between businesses’ reliance on cash transactions and the outdated, manual methods still used to process them.

Cash Deposit System Automated solutions designed to securely accept and process cash deposits.

Cash Discrepancies The differences between the recorded amount of cash and the actual amount of cash available – often caused by errors in counting, mismanagement, or theft.

Cash Handling The processes involved in managing physical currency – including the collection, counting, sorting, validating, and depositing of cash.

Cash Handling Protocols The outlined procedures and security measures for managing, counting, and processing physical currency; designed to minimise errors, reduce risk, and ensure accuracy.

Cash In-Transit The transportation of physical currency between locations. For example, from a retail store to a bank or cash handling centre.

Cash Orchestration The strategic coordination and real-time management of cash flows across accounts, systems, and financial processes.

Cash Reconciliation The process of comparing and matching transactions across financial records to identify discrepancies, ensure accuracy, and maintain financial integrity. It helps businesses track cash flow, detect errors, and safeguard against fraud.

Cash Reporting The process of documenting and analysing cash flow, transactions, and discrepancies within a business.

Cash Storage This refers to the secure, controlled environment in which physical currency is stored within a business.

CashTech Combining the words ‘cash’ and ‘technology’, CashTech refers to the integration of smart hardware and cutting-edge software to optimise physical cash management.

Cashless Payment systems that eliminate the need for physical currency, using digital payment methods such as cards or mobile wallets to complete purchases.

Cashless Society An economic system where physical cash has largely been replaced by digital payment methods, such as credit/debit cards, mobile payments, and other electronic transactions.

Coin Counters & Sorters Automated devices designed to efficiently count, sort, and organise coins by denomination.

Coin Validators & Recyclers Automated systems that authenticate, accept, and recycle coins to ensure accurate transaction processing and optimise cash flow management by sorting and recycling coins in real-time. 

F

FinTech Combining the words ‘financial’ and ‘technology’, FinTech refers to the innovate use of technology to improve, streamline, and automate financial services and processes.

H

Hoppers Devices used within automated cash management systems to store, dispense, and transport coins or currency to ensure accurate sorting and smooth flow within self-service systems.

L

Leakage The loss or mismanagement of cash within a business – often caused by discrepancies, theft, or inefficiencies in cash handling processes.

Loss Prevention The strategies and technologies used to minimise financial losses due to theft, fraud, or other errors.

M

Merchant A business or individual that’s sells goods or services to consumers, engaging on commercial transactions for money.

N

Note Counters & Sorters Automated devices used to efficiently count, sort, and organise banknotes by denomination.

O

Omnichannel Payments The seamless payment systems that enable customers to complete transactions across multiple platforms (in-store, online, or via mobile) to offer a unified, consistent payment experience while allowing businesses to manage and track all payment methods in real-time.

Open API Integration The use of open application programming interfaces (APIs) that allow different software systems and platforms to connect and communicate with one another, allowing for the seamless exchange of data and customisation of services.

P

Paper Trail The documentation and records of transactions, processes, or decisions that provide a verifiable and traceable history for auditing, accountability, and transparency purposes.

Payment Tracking The process of monitoring and recording financial transactions in real-time, providing businesses with enhanced visibility and control over payments.

Physical Cash Management Both the processes and systems used to handle, secure, and optimise the flow of physical currency within a business – including cash counting, sorting, validation, storage, and deposit.

Point-of-Sale Systems Integrated platforms that allow businesses to process customer transactions, manage sales, track inventory, and handle payments efficiently.

R

Recyclers Automated systems that accept, validate, and return physical currency (both coins and banknotes) into circulation, effectively managing the reuse of currency within a business environment.

S

Shrinkage The loss of inventory or cash within a business due to theft, fraud, errors in cash handling, or discrepancies in transactions.

Smart Safes Advanced and secure vault systems designed to automate cash deposit, storage, and reconciliation processes, offering real-time tracking and reporting to enhance security and streamline cash management. 

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And that’s a wrap on the PayComplete CashTech Glossary!

Now that you’re equipped with all the lingo, you can now navigate the world of smart cash solutions like a pro. 

Whether you’re optimising cash management, exploring cashless payments, or diving into automation, we’ve got everything you need to stay ahead.

Let’s bring your cash operations into the future – contact PayComplete today to transform how you handle cash!