If you run a big business, owning a money counting machine will definitely be a great tool.
A money counter has different benefits, one is eliminating errors while counting.
It also help you maintain accuracy in accounting, saving you more time. You count your money faster with this tool faster than doing it manually.
It isn’t illegal to own a money counter. These easy-to-use machines are often used by firms who are into financial transactions.
However, the DEA (Drug Enforcement Administration) recently assumed that individuals who buy such machine are more prone to deal in drug or involved in money laundering.
This article takes you through all you need to know about owning a money counter. The majority of your questions will be answered. Keep reading!
Can you buy a money counter?
As a business owner, one of the best tools you would invest in is a money counter. This tool has several benefits. Buying a money counter will get your cash-counting job done faster and easier.
It is also easy to use. Save yourself some time and money by placing your supervisors in different jobs other than manually counting money.
To buy a money counter for business use is not illegal. But if you want to use it personally, there could be assumption that you deal in drugs or money laundering – this is what the DEA is currently working on. You can however use this machine for all legal financial transactions.
In order to control the use of money counter by individuals who use it for money laundering, the DEA gave different subpoenas to producers of the tool. Data were then collected in a database.
Today, the money counter has become very useful for several companies who deal with lots of financial transactions. The machine brings all counting errors to bare minimum. And the counting is very accurate, almost 100%.
With the superior technology they were built with, these money-counting machines are also great for detecting all forms of counterfeit bills. The detection comes as fast as it is being spotted.
Can you go to jail for having a money counter?
You can’t go to jail for having a money counting. The only reasons owning a money counter could be illegal is when an individual uses it for drug dealing or money laundering.
Among other things that could get one in jail is to use it attempt to counterfeit money. This is considered illegal under the Federal Law, especially if the intention is fraudulent.
In this case, any conviction for this offense attracts twenty years in jail, including a fine. However, before the crime is charged, the prosecutor must prove that an action to defraud was carried out by the defendant.
Anyone convicted for dealing, creating, or using counterfeit money may undergo severe penalties. This may include a 20-year imprisonment. That’s not all, a big fine of $250,000 will be imposed on such individual.
Today, most money counters come with MG detectors. This feature helps scan all the bills for any magnetic elements with trace of iron in the ink. It’s also important to note that these magnetic properties in the currency may become degraded overtime – this could make real bills to be falsely classified as counterfeit.
Why is it illegal to have a money counter?
It is not illegal to have a money counter if you use it for legal financial transactions. However,
to have a money counter is considered illegal if individuals purchase it for drug dealing and money laundering. The DEA assumes that individuals who buy this machine are likely to be involved in drug or money laundering.
A money counter has several benefits. It detects any counterfeit currency
How much does a money counter cost?
If your company often transact in big amount of cash, one of the best tools to invest in is a good money counter. This saves you more time in the counting process. These machines are also very accurate.
The price of a money counter varies. It can be as low as $100 and as high as $2,000.
It is also important that you determine the type of money counter you would like to buy, whether it’s for cash or designed for coins.
Whatever your budget may be, buy a quality money counter. Some of these devices can work for hours. And many of them can count a thousand bill per minutes.
Are money counter accurate?
Money counters are often accurate. In fact, you would need one if you are into cash-handling business.
Buying a simple tool like the money counter will make things easier for you. The counting is very accurate. Get one and save your staff some time.
The accuracy of most modern moment counters is almost 100%. You won’t get any error or need to recount a float. No. Those bills will be accurately counted within a short period of time. The accuracy of a money counter beats what you may get from a manual counting.
The fact that these bill counters are very accurate makes them also trustworthy. One striking feature of this device is that it has a double note detection.
It means the machine stop counting any two banknotes glued together, even when the operator didn’t ordinarily realised that.
The machine would stop the counting and alert you whenever such happens. The notes will need to be separated before a restart on the counting.
Almost all money counters have this feature in them. A manual counting by human may not be able to detect this error and this can cost you a lot.
The infrared built in a money counter enables it to quickly analyse the machine and the detect any double note.
Can a money counter count fake bills?
A regular money counter will detect fake bills and alert the operator about it. All counterfeit money will be exposed by this intelligent machine.
That’s a top level of accuracy compared to manually doing it. Save your time by using a money counter machine. The detection of counterfeit money is quicker and more reliable with money counters. Thanks to the swift technology built in it them.
The technology is so powerful that a banknote counter can quickly detect any fake note that goes into the machine. For many counters, they either have the infrared or ultraviolet light in them.
They also have magnetic detection, metal thread detection, and size detection. Some of these machines can also detect the printed serial number on every banknote.
These smart machines have prevented several businesses from being scammed by people who spend counterfeit money.
How does money counter work?
Using a money counter is very simple and straightforward. Just put a stack of cash within the compartment of your money counter.
Let the smart device do it’s job mechanically. So basically, the machine would count the banknotes when it browses through the number of time a beaming light is interrupted.
Also, it would be able to analyze the denominations of notes as well as the amount of genuine cash after it has compared the images on every banknote.
That’s how most money counters work. They run through each of the bills before giving you the total figure. However, if counterfeit money is found, you would be alarmed. Simply stop the counting. Remove the fake cash and restart your counting.
Owning a money counter is not illegal if your intention is to use it for legal financial transactions. But if it would be used for dealing in drug or money laundering, then that’s some illegal case.