How to Increase Security When It Comes to Handling Cash in 2016

    Jan 15 2016

    Topics: Handling Cash

    Handling cash comes with certain risks. It’s an unfortunate fact that theft and fraud are prevalent in the business world. As much as you wish, and perhaps mistakenly believe, that your employees and customers are honest, the truth is that your business is vulnerable to dishonest employees, shoplifters, robbers, and fraudsters.

    It’s time to face the music. Turning a blind eye and accepting losses as inevitable won’t solve any of your security problems. You’ll just end up losing more money and hurting your bottom line. Once you come to understand that you are susceptible to being stolen from, defrauded, or even robbed, you can start to increase security when it comes to handling cash so that you can drastically minimize—if not eliminate—the risks involved.

    Security losses aren’t a fact of business. They can be reduced by increasing security with these cash management solutions.

    Cash Counters and Sorters

    When you allow your employees to manually count and sort your cash, alone in the back office, you open yourself up to the risk of internal theft. Even seemingly honest employees might take the opportunity to slip a few bills into their pockets if they’re left alone with your money and believe they won’t get caught.

    That’s why you should invest in cash counters and sorters. These machines take a hands-off approach to handling cash. The machines automatically sort and count your day’s profits and leave you with an accurate total. You can let the machines do the work instead of taking the risk and letting your employees do it.

    Currency Recyclers

    Currency recyclers are highly effective machines for increasing security when it comes to handling cash. They’re all-in-one machines that automatically and accurately dispense, accept, and count floats and cash for customer transactions. They provide a running total of every nickel, which ensures that your money is constantly tracked. Their use can also be restricted to authorized users, which drastically increases accountability.

    Currency recyclers also act as secure vaults. A silent alarm can be connected to your company’s security system and there are even hot-button keys that shut down the unit in the event of a robbery, which will protect your money. In addition, the money in them is stored in cassettes, which can only be removed by authorized personnel. You can have your armoured car service come to pick up the cassettes, which reduces the risk of your employees being robbed on their way to deposit cash at the bank.

    Counterfeit Detectors

    As if robbery and internal theft weren’t bad enough, business owners also have to worry about counterfeit fraud. Counterfeiters have gotten more sophisticated and they can duplicate bank notes to near perfection, making it very difficult for employees to detect the fraud. And when your employees are busy and distracted while handling long lines, they might opt out of checking every bill for counterfeit as well, in order to save time.

    A counterfeit detector is a must-have cash management solution at every point of sale. Using multiple forms of technology, these detectors can accurately and quickly detect fraudulent bills, so you can reject them before you are forced to take on the loss as your own.

    A Multi-Pronged Approach to Security

    Security threats while handling cash can come in many forms—robbery, internal theft, and fraud. Keep your business and your money protected by using a multi-pronged approach to security. Use cash management solutions like cash counters and sorters, cash recyclers, and counterfeit detectors to target the different types of security threats at your company. Let 2016 be the year that you drastically reduce or eliminate the risks and losses associated with handling cash.

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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