Cash and Currency Automation
Keeping up with the changes
To find out what’s happening in the world of cash and currency automation for the North American gaming industry, Canadian Gaming Business recently asked several leading industry suppliers to weigh in with their insights.
Joe Pappano, Managing Director, Vantiv Entertainment Solutions (VES)
Omer Sattar, Co-Founder and Executive Vice President of Strategic Initiatives, Sightline Payments
Darren Simmons, SVP, Payments Solutions, Everi
What are some of the most important challenges facing cash and currency automation in the North American gaming industry?
Joe Pappano: It can be a challenge to educate the two highly complex eco-systems within gaming – the payment ecosystem and legislative component. Payments are moving at a very brisk, rapid pace – we have new innovations popping up quite frequently in how consumers can pay. Yet in gaming, you have to have succinct, very disciplined changes to move through the environment. The industry is starting to understand the benefits that come with modernized, frictionless payments. But, unfortunately on the regulatory side, they don’t have the appropriate resources, just yet, to move at a very brisk pace and incorporate many of these innovations.
Omer Sattar: We are engaged in several facets of educating the industry – both regulatory and legislative-wise. Perhaps one of the biggest challenges facing the industry, which is also an opportunity, is the convergence how a player interacts with games and the payments involved with them. If you look at the Canadian gaming market, for example, in British Columbia – there are lottery games, brick and mortar casinos, online gaming and bingo parlors. Within all of these elements, players are doing several of these activities. It is essential that payments keeps pace with their activities, meaning that players are able to pay for several activities using a singular and seamless platform.
Darren Simmons: Gaming operators work with a substantial amount of cash generated by their gaming floor, entertainment, food and beverage and retail locations. Being able to manage this cash in a way that is operationally efficient, secure and cost effective is an opportunity operators are looking for. Using automated cash handling devices such as Everi’s RecyclerXchange and CageXchange devices, opportunities for theft and fraud are significantly reduced, counting and recounting are eliminated resulting in reduced labor costs and a quick and positive return on investment.