3 Tips for How to Protect Cheques and Cash (Updated 2019)

    Feb 03 2017

    Topics: cash management

    Contrary to popular belief, cheques and cash are still very common methods of payment. Taking precautions to protect cheques and cash in retail is crucial to maintaining the security of your business. Your business depends heavily on maintaining a good cash flow; it is important to protect your cash assets so that you can continue to operate in an efficient way. When your business is secure, you will be able to reap the benefits of running a well-operated company.

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    When it comes to how to protectcheques and cash, there are many similarities. Maintaining the security of both is vital to the success of your business. As you start to consider how to protect cheques and cash, you will first need to assess what security measures you have already established; this will allow you to become aware of areas where there is room for improvement. Once you know what you need, follow these three tips for how to protect cheques and cash!

    1. Verify Their Authenticity

    One unfortunate reality of handling cheques and cash is that both can be fraudulent. While both cheques and cash have built-in security features, many can be replicated, leaving your staff unsure whether or not a cheque or bank note is authentic. Here’s how to protect cheques and cash from fraud:

    For cheques, investing in a cheque scanner is a safe bet for protecting your business from cheque fraud. Cheque scanners have the ability to test all of the security features on a cheque and accurately determine whether or not it is fraudulent. Additionally, cheque scanners capture images of cheques, which can speed up depositing processes and give you access to the cash value of the cheque more efficiently. Scanners increase the security of your business when processing cheque payments, giving your business peace of mind.

    For cash, making use of a counterfeit detector is one of the simplest ways to verify the authenticity of currency. Counterfeit detection has increased in sophistication to keep up with the demands of increasingly complex counterfeit bills, not to mention the new Canadian polymer bills. Many counterfeit detectors use tri-technology; this detects ultra-violet, magnetic, and infrared security features on each bill. Investing in a counterfeit detector with tri-technology gives your business the best chance of protection and will accurately identify and reject any counterfeit bills. One thing to be sure of when choosing a counterfeit detector is that it is compatible with the types of currency that your business accepts!

    2. Protect against Losses

    Theft is another potential threat for cheques and cash in retail. While external theft may seem like a big issue, internal theft poses a greater risk as staff have easier access to cash assets within a store. One way to protect your business from theft is to invest in a smart safe. Smart safes are designed to introduce complete security for your cash from both counterfeit fraud and theft.

    Smart safes track each transaction and withdrawal from the safe and each one must be completed using a PIN. Requiring PINs to access the safe guarantees that only staff who are permitted will be able to access the safe and that any discrepancies can be traced back to the corresponding staff member. Smart safes allow your business to manage your cash and cheque assets with ease.

    3. Improve Overall Security

    Protecting your cash and cheques in retail is protecting the lifeblood of your business. It is extremely important to ensure that you have policies and procedures in place to increase the security of your cash management process. Investing in automated cash management technology gives your business the chance to be streamlined and secure!

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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

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