How to Reduce Risk with Automated Cash Management

    Feb 11 2016

    Topics: Cash Management, Automated Cash Management Solution

    Manual cash management is fraught with risk, and you’ve probably been a victim to certain risks for far too long. Your shrink rate is probably too high and hurting your bottom line because you can’t control internal theft, robbery, human error, and other types of fraud effectively enough. You’ve probably taken on a lot of losses due to counterfeit bills, employees with sticky fingers, and cash counting and sorting errors, misplaced cash, and more.

    You might think that there’s just nothing that you can do about it—that it’s an inevitability in business. But this isn’t true. Though you might not be able to ever completely eliminate the risks of cash management, you can certainly reduce them so they stop hurting your profits.

    Automated cash management is the answer. Here’s how it can help.

    Reducing Internal Theft

    Internal theft costs businesses billions every year. It’s a serious issue. And it’s far more prevalent in retail stores, restaurants, and other establishments that still use manual cash handling processes. Without accountability, your employees might take the opportunity to line their own pockets with your money. They won’t get caught because your cash handling processes are lax and disorganized, so why wouldn’t they take advantage? As much as you hope that all of your employees are honest straight arrows, some will steal from you given the opportunity.

    But you can reduce internal theft with automated cash management. Cash management solutions, like cash recyclers, cash counters, and cash sorters, can keep your employees’ hands off your money. The machines do the majority of the work, so your workers barely have to be in contact with your money. And since these machines are automated, every nickel that goes through your establishment will be tracked and accounted for, reducing opportunities for theft.

    Reducing Counterfeit Fraud

    Many small retailers believe that they couldn’t possibly become a victim of counterfeit fraud, but this is faulty thinking. They need counterfeit detection, too. Counterfeit isn’t just a risk for banks and casinos. Small and mid-sized businesses accept counterfeit bills all of the time, and then they’re forced to take on this loss as their own. And this is totally preventable, with the right automated cash management solutions.

    There are counterfeit detectors on the market, all at different price points, that make it easy and affordable for business owners to protect themselves from counterfeit. Most cash recyclers, counters, and sorters, are also equipped with counterfeit detection technology. There’s no reason to be a victim of counterfeit.

    Reducing Human Error Losses

    One of the most common risks of manual cash management is human error. Your employees are only human after all, and they’re going to make mistakes. They’re going to be rushed to go home. They’re going to be distracted. And they’re going to make errors that cost you money. They’ll transpose numbers during reporting. They’ll give customers back the wrong change. They’ll mistake a ten dollar bill as a five while sorting. They’ll skip a whole roll of quarters while counting. It happens all too often and it can drive up your shrink rate.

    You can significantly reduce the amount of losses you take on due to human error by using automated cash management solutions. These state-of-the-art machines are equipped with the best technology to ensure 99.9% accuracy. Use them in the front with customers and in the back in the cash room to reduce your human error losses considerably.

    Automated cash management is the way to go if you want to reduce your risks of cash handling—and really, who wouldn’t want to? Using devices like cash recyclers, cash counters and sorters, and counterfeit detectors can make a big difference in your bottom line. Start reaping the rewards of automated cash management today.

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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