It's unfortunate that theft and fraud are as prevalent as they are in our society, but that is the reality. Unbelievably, your business is vulnerable to fraudsters, shoplifters, and dishonest employees. Instead of turning a blind eye and accepting these monetary losses as inevitable, you should increase security with a cash management solution. With an effective cash management solution, the risk is drastically minimized (if not eliminated). Here's how to increase security with a cash management system.
Which cash management solution is right for your business? There is a variety of products on the market that can help automate your cash management process and increase security. These solutions automate your cash processes by reducing labour and shrinkage while increasing cash flow. Some solutions are designed to be used at the counter while others belong in the back office. Or, depending on your needs, you may opt for a combination of the two. Cash management solutions have reporting capabilities to help you keep track of everything, even when you're not physically in the store. Keep unauthorized employees out with secure individual logins and permissions. Choose the right cash management solution for your business and achieve the greatest return on investment.
Reduce Internal Cash Shrinkage
Unfortunately, cash shrinkage is a very serious problem. By implementing a secure cash management solution, you reduce/eliminate the risk of employee theft. Plus, the reduction in labour will be where you recognize the largest return on investment. Since your new solution will streamline your cash processes, employees won't need to spend time counting and recounting cash before and after their shifts. The counting will be done automatically (and accurately) so you only need to pay your employees for the time they spend on the floor. With less access to cash, internal cash shrinkage can be reduced or even eliminated. Employees will also be less inclined to steal from you once they know you've implemented a secure cash management process. The risk is simply not worth the reward.
Increase Accuracy and Efficiency
You won't need to worry about your employees counting cash manually and making mistakes. This means they can focus on more important parts of their jobs, like customer service. When your employees can focus their full attention on customers, shoplifters will have less opportunity to steal from your store. Leave the counting and sorting to the automated system so your employees can be more attentive while on the job.
Detect and Reject Counterfeits
If you're depending on your employees to spot and deny counterfeit bills, it's possible that some fraudulent currency will be accepted accidentally. Increase your security with a solution that detects counterfeits so you can avoid these unnecessary losses and keep more of your hard-earned cash in your pocket.
Choose the Right Solution
So, are you ready to increase security with a cash management solution? Depending on your needs, you might decide to go with a currency recycler, currency counter, banknote sorter, and/or cheque scanner. Perhaps it makes the most sense for you to go with an all-in-one solution. An automated teller/cashier drawer is a compact cash recycling system with a built-in banknote recycler and coin recycler. It also comes equipped with counterfeit detection technology. With this solution, your employees never need to handle cash. That means no miscounts, no missing funds, and no preparing floats or counting at the end of their shifts. A system like this will integrate into your current POS system and automate cash handling while also improving security, staff productivity, and customer service.