How to Protect Cheques and Cash in Retail

    Nov 14 2016

    Topics: Cash Management

    In a busy retail establishment, security is of the utmost importance for your staff, customers, and your cash assets. Taking measures to protect cheques and cash in retail settings is an investment in the security of your company and gives you peace of mind. Maintaining cash flow is a crucial part of any retail business; as a result, protecting your cash assets is fundamental to being able to run your business in an efficient manner.

    The first step in knowing how to protect cheques and cash in your retail setting is assessing the measures that you already have put in place. Doing so will allow you to see where your security measures are lax or areas that are in need of improvement. After determining where you need to create a more secure environment, you can refer to the following advice to better protect your cash assets.

    How to Protect Cheques

    Despite popular belief, cheques are not obsolete. Payment via cheque can be convenient for customers, particularly with larger transactions. With these larger transactions, you will want to ensure that you are able to deposit and access the funds as quickly as possible to maintain the cash flow of your business. You can protect cheques in a retail setting by investing in a cheque scanner

    Depending on the model, the first job of a cheque scanner is to verify the authenticity of a cheque to ensure that it is not fraudulent. Cheques have built-in security features, some of which are more obvious than others. After ensuring the validity of a cheque, the scanner will capture an image of the cheque that can be used to speed up depositing processes and quickly allow you to access the cash associated with the cheque. Cheque scanners add an additional layer of security and efficiency to the process of accepting and processing cheque payments, allowing you to focus on other aspects of your business.

    How to Protect Cash

    Knowing how to protect cheques and cash is important for retaining an uninterrupted flow of cash. Fraud and theft are two possibilities that can quickly reduce the effectiveness of cash; fortunately, there are ways to protect your business from having to suffer any negative consequences of dealing with cash. 

    Having a well-established cash management procedure is paramount to protecting cash in retail. All staff should be well trained on any cash handling procedures and immediately notified of any changes in policies and procedures. Implementing a method of keeping staff accountable for cash transactions is one way to ensure the security of your company when it comes to internal theft. 

    Counterfeit fraud can also be a plague to retail establishments. Implementing an effective counterfeit protection plan and making use of counterfeit detection technology virtually eliminates the risk of inadvertently accepting counterfeit currency. 

    Once you have established the front-of-house security of your cash handling process, it is important to ensure that your business is also protected from any major external theft. One such way to ensure the security of your cash is to invest in a smart safe. A smart safe is designed to provide complete security for your cash from counterfeit detection to protecting from theft. The smart safe can be monitored at all times as it provides real-time data that can be accessed and tracked from various locations. Smart safes offer total accuracy and manage cash assets with ease.

    Importance of Security

    It is crucial to know how to protect cheques and cash in retail establishments, regardless of their size and structure. Maintaining optimal cash flow levels and avoiding any losses as a result of theft or fraud allows businesses to prosper and refocus on growth and development. Investing in the security of your business is risk-free and provides guaranteed results.

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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