3 Cash Management Machines to Stop Employee Theft

    Dec 21 2016

    Topics: Cash Management

    Internal theft makes up a large portion of retail shrinkage; employees often have access to large amounts of cash and are handling it each and every day. Employees have a responsibility to safely and accurately accept and process all cash that is brought into the store to purchase items. In the practice of handling cash, things have the potential to go unfortunately wrong at any point during the cash management process, leaving your business with losses.

    When it comes to employee theft there are numerous precautions that you can take that will in turn benefit your business. Cash management systems are not simply designed to cut down on theft; rather, they streamline your business in its entirety, allowing for you to efficiently run your daily operations. Automating your cash management process has a number of benefits for your business, such as increased security, error-free counting and sorting, and increased speed of cash processing. It is in the best interests of your business to invest in automated cash management; when you invest in automation to reduce theft, the rest of your cash operations will experience a boost in efficiency and accuracy.

    Here are threeoptions that have built-in safeguards so that you can use cash management machines to stop employee theft. Automation exists to support you and the security of your business.

    1. Currency Counters

    Investing in currency counters has many benefits for your company, not least of which are the protections against theft. Currency counters handle all of your cash counting needs efficiently and accurately and some are equipped to authenticate currency with built-in counterfeit protection. With the offering of complete accuracy, currency counters protect against internal theft by immediately identifying any discrepancies when balancing cash tills. Currency counters make it easier for your business to keep track of cash from the point-of-sale terminal to processing, and allow you to use cash management machines to stop employee theft.

    2. Currency Recyclers

    For business like banks or large retailers that handle huge amounts of cash, currency recyclers increase efficiency and increase the level of security. Currency recyclers are operated using employee-specific personal identification numbers so that each transaction that is processed must be authenticated by an employee. Each transaction can subsequently be traced to the corresponding employee. This holds each employee accountable for their transactions and any discrepancies can be managed as they arise. Currency recyclers are also capable of managing cash flow, authenticating currency, and creating an efficient work environment by processing large amounts of cash in a quick manner.

    3. Smart Safes

    Smart safes are important for maintaining the security of your business. Smart safes function to provide security based on tracking users and verifying the authenticity of bills. The user interface is designed to track and record statistics, manage cash flow, keep historical data, and schedule cash pick-ups. Smart safes allow businesses to closely monitor and record each transaction, causing employees to be accountable for each transaction that they enter into the smart safe. Smart safes have added benefits of efficiently processing cash while removing the potential for human error.

    You can use cash management machines to stop employee theft by taking advantage of their accuracy and security features. Investing in cash management technology reduces the amount of manual cash handling that is necessary for your business, reducing the number of times that cash changes hands. Ensuring the security of your business against theft is important for maintaining your level of profitability by reducing shrink associated with theft. Cash management technology gives your business the opportunity to operate efficiently and securely. Making the choice to invest in cash management technology streamlines your operations and sets your business up for success.

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    Andrea Lombardi

    Andrea Lombardi

    Andrea joined the CashTech team upon its inception in 2003. Learning the business from the ground up, she now utilizes her expertise in account management, planning, and negotiation while managing the daily operations of CashTech’s sales, marketing, and logistics departments. Andrea holds a bachelor’s degree from the University of Western Ontario. She enjoys travelling and has a passion for personal fitness, including obtaining her kettlebell certification. Andrea lives in Toronto with her husband and two young sons.

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    CashTech Currency Products Inc.
    1040 Cardiff Boulevard
    Mississauga ON, L5S 1P3