How to Reduce the Cost and Risk of Cash Handling (Updated 2019)

    Feb 03 2016

    Topics: Cash Handling

    Some CFOs believe that debit and credit are the costliest and riskiest payment options on the market. After all, there are fees to pay and technology always poses the risk of identity theft. However, you might be surprised to hear that cash handling is in fact the most expensive and risky option of them all. The costs and risks just aren’t as clear or easily controlled.

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    Every year, billions of dollars are lost to internal theft, external theft, cash handling errors, wasted time, and fraud. Of course, cash is king and it’s here to stay—so you can’t just stop accepting it. However, you can still reduce your costs and risks. By investing in the right cash handling solutions, you can reduce wasted time, reduce shrinkage, and reduce overhead to improve your bottom line.

    Here are some of the solutions that can help.

    Cheque Scanner

    A cheque scanner is a high-tech machine that allows you to store and deposit cheques conveniently. You can do so from the office, from home, or even while you’re on vacation. You won’t have to waste time going to the bank and waiting in line. You simply scan your cheques and send them off virtually to your bank for deposit, boosting productivity and efficiency. In addition, cheque scanners use UV technology to protect against fraud—the machines can verify invisible inks used to print security features. They can prevent your organization from accepting forged cheques.

    Currency Recycler

    A currency recycler can protect your company from risk as well as significantly reduce costs. These innovative machines are revolutionizing cash transactions. They accept, dispense, store, verify, authenticate, and reconcile cash, at lightning speed. By using recyclers at the front end, you can reduce transaction errors and increase accountability, potentially eliminating the risk of internal theft. Because the machines process transactions faster than your cashiers ever could, you also get to enjoy reduced labour costs—you can have fewer cashiers and managers on the floor when you invest in recyclers.

    Each recycler is also fitted with counterfeit detection technology, ensuring that you do not become victim to counterfeit fraud and take on unnecessary losses. Cash recyclers also act as secure vaults that can be hooked up to your alarm system, keeping your employees, your customers, and your money safe from robbery.

    Cash Counters and Sorters

    A lot of wasted time goes into cash counting and sorting at the end of every shift. Money has to pass through many hands, be double counted, and be supervised during these cash handling processes. You’re wasting 15 hours or more every day on these activities, which can make your labour costs skyrocket.

    In addition, when employees are handling these tasks, they can easily become distracted, lose count, and make mistakes. And then you have to take on the losses due to human error. Plus, when your employees are alone with your cash, your internal theft rate rises due to ease of opportunity.

    Cash counters and sorters can eliminate all of these costs and risks. They do the counting and sorting. And they do so at a rapid speed and with guaranteed accuracy.

    Counterfeit Detectors

    Counterfeit detectors are a must have in the business world. Any time you accept cash, you risk taking on fraudulent bank notes. The fake bills that counterfeiters create today are nearly identical to the authentic bank notes, making it difficult to spot the difference with the naked eye. You need technology on your side to ensure that you don’t lose out due to accepting fake currency.

    The costs and risks associated with cash handling are serious and significant. You can reduce or eliminate them by investing in cash management solutions. The right solutions can reduce your labour costs and overhead costs, eliminate losses, and reduce your shrink rate.

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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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