Lottery Winner - Do's and Don'ts
53-year-old Mavis Wanczyk is now one of the wealthiest people in the world! For the newly minted winner of Wednesday night's $758.7 million Powerball jackpot drawing, life is about to get crazy. And that might be putting it mildly. By choosing to come forward so quickly — the state of Massachusetts (where Wanczyk purchased the ticket) allows lottery winners a full year to claim their winnings. Many experts are saying that Mavis has already made some common "lottery-winner mistakes" by choosing to take the lump sum instead of the annual payout, and by not protecting her identity. That made us curious. Everyone at MIMO Cash and Coin Recycling is always on the lookout for helpful tips regarding cash-handling and finance management. What other advice was out there for protecting your assets as a lottery winner? You know...just in case! Here are some of our favorites:
Market Watch - How to Keep your Money
And for good measure: ABC News - Clerk Just Happy to Have Touched the Winning Ticket
Is This the End of the Traditional Retailer?
It's no secret that online retailers are growing bigger and stronger compared to most conventional businesses. Traditional retailers are now looking for ways to stand apart. A lot of that depends on improving the in-store customer experience. Online shopping is easy, convenient, and mostly hassle-free. So why even bother to leave your house? Many retailers are finding that the knowledge and hands-on approach consumers get when they visit a brick-and-mortar establishment is reason enough for some people to return time and time again, and most businesses are refocusing their priorities towards enhancing the overall customer experience.
Some customers may need their products immediately, or they may appreciate the store’s service. Maybe they prefer making their shopping selections by seeing or touching the product in-person. They might also not want to risk getting the wrong product, damaged goods, or a shipping delay from an e-commerce order. Shopping, to some extent, also remains a desirable leisure activity for many consumers. Yours truly, included.
How does a cash recycler fit in? MIMO Cash and Coin Recyclers offer the strongest and fastest automated technology available today. Identifying, sorting and authenticating currency has never been easier — saving valuable time by automating these manual tasks. Employees can use MIMO to quickly fill their registers with automated, predetermined tills, make their own change when needed, and swiftly deposit the contents of their registers at the end of the day. Cash and coin are both recycled, and every transaction is recorded and organized within MIMO's Back Office Software.
That means costs are drastically reduced and staff productivity is way up! Your team can focus more on the customer experience, and less on counting, sorting, and handling cash. Human error is virtually eliminated, but that doesn't mean cash technology replaces valuable employees. Most MIMO customers are shifting staff to put customer service in the forefront.
Who knows what the future holds, but for the time being 70% of consumer sales are still done in-store...and that means customers are looking for an exceptional experience to pull them away from their computers.
A Festivus for the Rest of Us
Here at one of our MIMO offices in Chicago, we are deep in Festival Season! In the upcoming weeks, we've got Fiesta del Sol, Lollapalooza, Market Days, and the Air and Water Show on the roster, just to name a few.
Despite more and more festivals going cashless, the majority of large outdoor events still run solely on cash. Why is that?
It's been shown that switching to a cashless experience provides event organizers with an increase of 15%-30% in total revenue...but who's left picking up the slack? The festival-goers!
Loadable wristbands, smart cards and other RFID options might seem like the obvious alternative to hitting up the ATM, but a landslide of consumers complain of unforeseen fees, snags in the technology, and long lines at the standalone kiosks organizers need to purchase in order to allow guests to reload their wristbands or smart cards. Imagine paying $5 for a beer only to discover that your account has actually been charged $7.50 after processing fees. And then having to wait in an additional line when your wristband starts running low on funds?! All this can lead to a disappointing way to spend an afternoon.
As more and more large outdoor event-organizers realize they prefer a safer, cost-effective, and ultimately enhanced customer experience, most are sticking with CASH! Some vendors have even opted to rent MIMO Cash and Coin Recyclers for their festivals - a smart and economical solution for when you need cash accountability during a limited run.
Either way, we're excited to get outside, explore new neighborhoods, and chow down on an oversize turkey leg or two!
Cash Is Not Going Away
Nearly 30 percent of transactions are still conducted with good old tangible, physical cash, despite the financial industry’s 30-year effort to eliminate it from society. Everyone at MIMO Cash and Coin Recycling has been asked at some point, "Isn't cash going away?" and the answer is a resounding "NO!" Some of the reasons might be more emotional than you think!
1.) Above all else - cash is a tangible, visceral connection to our economic means. Cash has emotional and cultural connotations, along with the heavily discounted value of anonymity...not everyone has a bank account! For all its worth, money, unlike cash, is nothing but an intangible idea, The physical manifestation of money remains critical to a transaction that has value, worth and awareness. There is a certain level of thoughtful human behavior exhibited with cash transactions that simply isn’t present within digital transactions.
2.) As money becomes more digital, we misconstrue its worth, lose financial context and ultimately make poor spending decisions. Kids who grew up meticulously counting their $5 weekly allowance mature to only lose track of their expenses as digital financial tools are introduced. Once financially savvy cash-carrying kids are turning into less-savvy digital spenders.
3.) Studies have proven that we don't feel a strong sense of loss when we make purchases with digital money. Instead, we spend 12 percent to 18 percent more with credit cards without fully considering our purchases or their costs. Spending tangible cash triggers a psychological sense of loss, resulting in more thoughtful fiscal behavior.
Humans are visceral beings, and without a tangible value for money, we lose our financial senses.
4.) Handling money triggers psychological reactions, both beneficial and consequential, that alter how we spend. We get a boost of oxytocin when gifting or receiving cash, feel pain when spending a lot and have a sense of control when holding money.
As Jeff Eisenach of Navigant Economics LLC so eloquently puts it, “Cash — tangible, hold-it-in-your-hand dollars — has been around for millennia. It won’t go away in a few decades.”
*Excerpts from Recode
Cheyenne Marbury, Assistant Trainer
Casinos are constantly handling thousands, or even millions of dollars. With that kind of cash flow its important to have access to large denominations of money while also keeping everything safely secured...which is where MIMO 300 comes in!
Why just last weekend, several players hit it big winning jackpots just from playing SLOT MACHINES(!) in Las Vegas.
The Las Vegas Review-Journal reports that the two lucky winners, who, according to an email from an IGT spokeswoman, chose to remain anonymous, both hit while playing IGT’s “Wheel of Fortune,” but at different locations.
Located in the Charleston Heights area of Las Vegas, Arizona Charlie’s Decatur was the scene of the first big win when on Saturday, the IGT “Wheel of Fortune” Lucky 7s jackpot hit somewhere in the neighborhood of $1.67 million. The $1 progressive game resets at $1 million, its base amount.
Then on Sunday, Wynn Las Vegas on The Strip was the site of the second big win, when the jackpot totaling about $343,000 hit on the IGT “Wheel of Fortune” Triple Hot Ice game. The $0.25 progressive game resets to its base amount of $200,000.
The big win weekend actually kicked off on Friday, however, when a player at The Cosmopolitan of Las Vegas won $400,000 while playing 100 Play Triple Double Bonus video poker in the casino’s high-limit room. The lucky player hit the payload when he or she was dealt four aces with a kicker. Thank goodness The Cosmopolitan of Las Vegas is a MIMO customer, with several MIMO 300 Cash and Coin Recyclers on the premises.
And how was YOUR weekend?
*Reblogged from World Casino News
Cheyenne Marbury, Assistant Trainer
What can we say about one of our newest MIMO customers, The Peabody Memphis, that hasn't already been said by the legendary hotel's hordes of fans and devotees?! Our CEO (that's "Chief ENTHUSIAST!") Pat Johnson introduced MIMO to The Peabody Memphis several months back, and received nothing but excitement from their team. Assistant Controller, Kristen Barnett, was so thrilled about the installation of MIMO that she admitted, “I hugged MIMO when it got here.” After spending three days onsite at this beautiful, historic venue, our MIMO Trainers had soaked in enough food, charm and Southern hospitality to last a lifetime.
Pat joined the team during the third day of MIMO Training in Memphis, and little did she know, Kristen had quite the surprise up her sleeve. At that evening's infamous Peabody Duck March (GOOGLE IT!!!) Pat was picked from the crowd to lead the ducks in their daily promenade across the hotel lobby. What a treat!
These ducks are superstars, too. Back in the 1930’s, the general manager at the Peabody came back from a weekend hunting trip in Arkansas with a friend. After a bit too much Tennessee whiskey, they thought it would be funny to place live ducks in the Peabody fountain to see how guests would react. Everyone ended up being super into it (D'UH!) so it continued on as a hotel tradition. The ducks parade to the pond at 11:00 am and back to their rooftop oasis at 5:00pm. This has been going on for nearly 90 years!
Having happy, excited customers is what keeps our team motivated. We couldn't have asked for a better experience, or a better group of people to share it with.
“The staff of SoCal Safe Company and MIMO are unmatched! We considered other companies carrying a similar product, and there simply was not the same enthusiasm for product, command of product knowledge and understanding of (and enthusiasm for!) our business goals with anybody else." -Kristen Barnett
Time Wasted is Money Lost
Cheyenne Marbury, Assistant Trainer
Have you ever thought about the number of hours employees spend counting cash during a shift? That time is costing businesses a HUGE amount of money!
Cash management (the corporate process of collecting and managing cash) is a key component of ensuring a company’s financial stability and solvency. Doesn’t every business strive to make good investments? If you answered "YES!" then MIMO 300 cash recycling needs to be added to your priority list. The MIMO 300 cash recycler has been entrusted by countless companies in the amusement, gaming, retail, grocery, and hospitality industries. All have put their faith in MIMO Cash and Coin Recycling to deliver a vast ROI and big labor savings...most seeing a return on investment in as little as 12-18 months! Top of the line service all while increasing cash-handling efficiencies? As Ina Garten would say, "Who wouldn't want that?!"
Let's dive a little deeper into how MIMO 300 cash recycling is saving you money. Pretend you operate an amusement park (typically open 4 months per year, at least here in the Midwest!): At the end of a shift, an employee might take 60 seconds to empty the contents of their cash drawer and separate the currency from the paperwork. Maybe you're thinking, "That doesn’t sound too time-consuming..." BUT WAIT, there are still more steps in this employee's daily process! Sending loose coin through a coin sorter takes an average of 29 seconds, while counting and returning rolled coin takes 32 seconds! Simply sorting, counting, and facing cash takes another 156 seconds! Still not convinced? This employee's final steps could include reviewing credit card receipts and completing paperwork...not to mention finding a manager to double-verify all of that work!
The average amount of time it takes to complete the end-of-shift process is 10-12 minutes per employee! Add to that an employee's typical start-of-shift process, and the national average is 22 minutes per day per employee...just to handle their cash and coin! Those labor hours add up quickly - with 54% of businesses reporting 5,000 hours spent per year on cash room processes.
Are these large numbers starting to overwhelm you, yet?
With MIMO 300 cash recycling, an employee completes the entire start-of-shift process in less than 60 seconds. Ending a shift is just as easy, with most users finalizing their currency in two minutes or less. That's around three minutes a day!
What does all this mean in terms of a company's money? Well, let’s say employee's have a set rate of $17.50 per hour; MIMO 300 Cash and Coin Recycling would produce savings of $225,137.68 per year! And don’t forget, this illustration is only based on an amusement park analysis. If any amusement business can save this much and only be open an average of 4 months per year, can you imagine how much a retail, gaming, grocery, or hospitality business could save being open all year around?!
Time wasted is money lost! Start saving NOW!