Currency Manipulations and Preventive Mechanisms: A Brief Guide for Retail Businesses

Cash is the king and where there is cash there are always chances of cash shrinkage. Retail businesses face the challenge of handling a large cash volume on a daily basis. Dealing with a large amount of cash increases the probability of manipulations and leads to internal and external thefts. The blog post discusses cash shrinkage challenges faced by the retail stores along with possible preventive mechanisms.

1. Cash Theft

Internal cash thefts take place as a result of discrepancy in the cash handling process. A cashier can collect money and not make an entry in the cash register, which makes it easy to remove the cash at the end of the shift. Such cash manipulations are often unnoticed due the absence of an automated process to record each transaction.

Using an automated cash safe can prevent such instances of theft. A cash safe not only stores money but creates an electronic record of every cash transaction. Automated cash management systems provide real-time reports to audit the cash transactions. Cash safes eliminate the need for handling cash manually, minimizing the possibility of manipulations and reduces the instances of internal and external thefts.

4 Commandments of Effective Cash Management in Retail Business

Although most people prefer to use plastic money these days, there are still businesses that primarily rely on cash for daily transactions. As a result, managing cash is still a challenge for many businesses. To manage cash in a business setting, cash management systems and solutions in the form of cash safes and coin collectors were introduced in the US, way back in 2000; however, these solutions have not been used to their full potential as many business owners are still unaware of their utility. There are certain rules that businesses need to follow to effectively manage cash and we explain them here one by one.

Install Smart Cash Safes

Smart cash safes are the apt solution to enhance the cash management efficiency of a retail business. Modern safes provide numerous features using bill validator technology such as anti-theft, counting cash at a high speed, managing the record of each and every transaction and detection of counterfeit bills.

Increase Employee Awareness

Active and knowledgeable employees who understand all the aspects of cash management are always an asset for any business. Several     times, it has been found that criminals who run for easy money always target those employees who don’t pay much attention. It is therefore necessary for employees to be alert all the time and keep an eye out for unwanted elements.

Train Cash Handling Staff

It is quintessential for retail businesses to train their employees about the cash management systems and solutions. The training involves educating them about the nitty-gritty of cash management solutions and informing them about the basic compliance standards they need to follow regarding cash flow.

Use Effective Signs

To prevent robbery or theft, using effective signs is a potent measure. Signs such as ‘you are under video surveillance’, ‘no bill is accepted over $40’ and ‘for everyone’s safety we always keep minimum cash’ may be used to enhance the cash management system of retail businesses and any other similar business who needs to manage a huge amount of cash.

The Way Forward

Adopting contemporary cash management solutions and training employees regarding the possible threats in cash management are quintessential for any retail business. Although smart safes may be expensive, but in the long run they prove to be quite effective in providing better management and safety of in-transit-cash.

Automated Cash Management Systems: Transforming Your Business Dynamics

Revolutionize. That’s what you need to do if you are looking to streamline your retail business contemporarily. You are already counting stacks of cash, and facing infinite customers every day. In these circumstances when every rising sun brings along with it a bunch of new challenges, you need to invent new ways to beat them. Fortunately, you don’t have to be a scientist, neither some techy to do this, as the world already has efficient cash dispensers that are nothing, but automated cash management systems waiting to get installed. Let’s sight 3 wonderful things, for now, they can do to your business.

Increased Time to Customer Service

No matter the type of retail business--big box, convenience store, casino, or a restaurant--when you manage cash manually, the queues at your store or shop are bound to extend, making every customer wait more, and slow down your overall operation. Smart safes automate the entire cash management process. As there is a machine always there to count, recount, dispense, store, and safeguard your cash, you have more time at your disposal, which you are able to dedicate towards customer service. The result, building of long-lasting relationship with your customers, loyalty, and more business referrals.

Enhanced External and Internal Security

Automated cash management systems such as smart cash dispensers are both machines that maintain an accurate cash flow, and vaults that lock your money safely. Built with premium grade steel, and equipped with counterfeit technology, they secure your business both against internal shrinkage and external theft. Many smart safes, in fact, come with alarm triggers, and hot keys that lock down the units in emergency situations, to help you secure your money. Moreover, with access to only authorized users, and a comprehensive recording of every transaction electronically, your business always has access to every minute detail and person who deposited or withdrew the cash, and for what purpose.

Increased Accuracy

Sticking of bills, transposition of numbers, and miscounting are all natural phenomenons when you take the manual way to count cash. After all, to err is human. Automated cash management systems, however, eliminate such errors. By maintaining an accurate count of cash flow, and identifying any and all counterfeit bills, they keep you at peace at all times. Naturally, when you know that there is no room for counting error, you can question people managing your business money for every missing cent.

Conclusion

Modern currency recyclers and smart safes are revolutionizing the way banks, credit unions, retails stores, and other businesses work. In the event where every customer looks for fast paced lanes, and every fast transaction is so vital to your business profits, automated cash management systems are an optimal solution to enhance your client acquisition rate and improve customer engagement. Hope, when it comes to using latest technologies in this direction, your business is not left behind.