Five Ways Retail Stores Can Improve Their Cash Security
Ask any retailer, and they will tell you that, sometimes, the cash in the till at the end of the day just doesn’t add up. This can be down to simple human error, a staff member giving the wrong change to a customer, for example. Unfortunately, it can also be down to human greed. Every year, retail staff steal over £1.3 million from their employers. To put that in perspective, it’s equivalent to 22.1% of all losses.
Whatever the reason, with the current economic climate, retailers can’t afford to lose a penny of this hard-earned cash. This is why they must do everything they can to improve their retail cash safety. By increasing cash security, they can avoid even the smallest errors and deal with the much more damaging issues of staff theft efficiently and effectively.
How To Improve Retail Cash Safety
Managing cash transactions and keeping that cash safe isn’t complicated. However, it does require time, effort, and (sometimes) money to get things right. So, while every business is different, most cash security strategies are universal.
They involve developing good working practices and investing in the right tools to ensure cash losses are kept to a minimum. Here are five of the best ways that retailers can bolster their cash security.
1.Cash Handling Procedures
Every retailer should have clear cash handling procedures staff. These outline steps staff must take when handling cash. And they reduce the risk of mistakes being made. An effective cash handling procedure will include:
- Step by step instructions for staff on how to handle cash
- Staff roles and responsibilities, e.g. who can process a transaction
- How much and how long cash should stay in a cash register
- What to do if there are discrepancies, including how to escalate an issue.
What to do if there are discrepancies is perhaps the most crucial area to consider. Because, by identifying the discrepancy quickly, a business can also quickly identify the cause. If a lot of staff are making the same mistake, for example, they probably require additional training. Training may also be required if just a few staff are making errors. However, frequent errors by one or two staff may also indicate theft or fraud.
Remember, when introducing cash handling procedures to train all staff and implement regular checks of working practice. These will highlight any issues and areas for improvement.
According to the Association of Convenience Stores, taking cash from tills was the most common form of internal theft in 2019. The more cash there is in a till the higher the risk staff will be tempted to take it. Furthermore, the lower the risk of anyone noticing money has gone until it’s too late.
A full till drawer also increases the chance of mistakes being made. If a cash draw is overflowing, for example, two notes may be grabbed instead of one.
You can reduce the temptation for a staff member to help themselves and the chance of mistakes by setting limits for how much money can be kept in the register and using a POS cash safe. With an intelligent cash solution such as Volumatic’s CCi, your team deposit all received notes directly into the secure device. Cash cannot be accessed until the banking process as it uses tamper-evident technology.
As well as reducing the risk of till snatches, the CCi can also eliminate fraudulent notes from entering the business, while also correctly counting the money inserted to count errors.
It isn’t possible to remove the risk of staff theft entirely. However, you can reduce it. Make sure you have robust recruitment practices, for example. This includes doing background checks and checking references as well as regular supervision of everyone who works for you.
In addition, it can help to limit the number of people with access to the register. This means, if there is a shortfall in takings, there are fewer places to look at for where it went wrong. It also means if there is a possibility of theft, you will be more easily able to identify the culprit.
One of the best ways to reduce the risk of theft or identify where your cash handling procedures have fallen down when tills are short is security. This may mean a security guard who patrols the store. However, there is no guarantee they will be in the right place at the right time to spot a staff member stealing from the till. CCTV is, therefore, a much better option when it comes to keeping retail cash safe.
If possible, install two CCTV cameras, one at the entrance, and one covering the cash register. To ensure images are of a good quality, choose a system with a minimum of six frames per second. You will also need to check the lighting and camera angle before installing. Finally, remember that if you install CCTV, you need to comply with GDPR.
5. Point of Sale Cash Solutions
Possibly the best way to keep cash safe, however, is to invest in a point of sale (POS) cash solution. POS cash solutions have become increasingly popular in recent years. This is probably no surprise as they offer immediate efficiencies and longer-term cost savings. CCi by Volumatic is a perfect example of why POS solutions work.
CCi streamlines the cash handling process from the moment the customer pays to the moment the money gets to the bank. In doing so, it reduces the risk of lost income due to theft, fraud, and simple human error. It does this by significantly limiting the time staff handle cash. Instead, it is stored safely in the CCi unit, which also validates and counts the cash, making it easily transferable to the bank.
The Benefits Of Cash
Cash transactions offer so many benefits to retailers. They reduce the risk of fraudulent payments, for example, and help with cash flow. Plus, there are no additional fees that come with card payments.
All of these benefits will be lost; however, if businesses don’t have the correct cash handling procedures in place and don’t invest in the tools, they need to effectively manage cash transactions. This includes CCTV and POS cash solutions such as CCi. To find out how Volumatic’s CCi POS cash solution will work for you, contact the team today.