Cash security — how to protect your company

Cash security — how to protect your company
Photo: Scott Webb, Pexels.

Whatever the size of your company, a startup shop or a big commercial industry, it can be a target for property crimes like robbery, theft, shoplifting, arson, and vandalism. This is why companies today are taking cash security more seriously than in previous years. 

And since crimes occur randomly, it would be in your company’s best interest to implement preventive measures before problems occur. Here are some basic points to consider in ensuring your company’s safety.

Enhance your physical security

  • Get security professionals as a lookout. Having them around will help employees feel secure and focused on their tasks.
  • Install convex mirrors, CCTV cameras, and security alarm systems particularly on the entrance, near the counters, and cash registers.
  • Having glass doors and glass walls can be a deterrent for robbery.
  • Use EAS (Electronic Article Surveillance) tagging systems, especially for apparel and gift shops.
  • Display stickers and warning signs indicating that your premises are equipped with CCTV and anti-theft systems. 
  • Invest in cash management technology like drop-chutes, cash boxes, and safes.Your company’s architectural and interior design also plays a vital role in company security. A miscalculated floor plan along with strategically displayed items in your store will allow thieves to move and conceal items easily, allowing them to leave without being detected.

Employee awareness and vigilance

Money is the “shining and shimmering” target for thieves. In desperate times, it can, unfortunately, seduce your employees too. They may resort to larceny, misappropriation, pilfering and other inside jobs.

According to the Australian Institute of Criminology, the acts of stealing or shoplifting can be categorized as rational or non-irrational. Rational reasons can be linked to poverty, hunger or any psychological songstress; while non-rational reason is when thieves portray symptoms of psychological issues like kleptomania or simply the addiction of shoplifting. 

To avoid these crimes, you must hire the most reliable people for the job. Performing intensive screening, pre-employment interviews, and extensive background and character reference checks will help you choose a physically and mentally fit person for the job. 

Business security
Photo: David Sun, Pexels.

Once hired, ensure that security awareness is understood by each employee. Here are a few points to remind them about while on duty:

  • If understaffed, consider at least two staff members to be seen on site. Make sure one is always attentive to the cash register. 
  • Never count a large sum of money in front of customers. 
  • Keep the tills or cash boxes away from the customer’s view. 
  • Never leave money on the tills overnight and always keep the tills locked. 
  • Frequently change the pin or combination of safes and cash boxes.
  • Always greet the customers to let them know you are attentive to them.
  • Though credit and debit cards are now the trend or recommended, cash is still the most common method of payment, especially in smaller transactions. Make sure the cash received is not fake or counterfeit money. 
  • Take note of any suspicious activities in and outside your establishment. 

Don’t leave your money in the building

More incoming money means that your business is doing well, but this doesn’t mean that you have to keep your money inside the company premises. 

  • Keeping a lot of money inside your company will sooner or later attract thieves. Make a habit of keeping the money to a minimum by banking as much cash as you can—as soon as possible. 
  • Hire a reputable cash logistics company who can collect your cash and deposit it at the bank for you. This way, you won’t have to go through the hassles of traffic or getting a parking spot. 

Money is the pumping blood of every business. Effective cash management will not just keep a business safe, it will help build a circle of trust in the organization. Having cash security and a group of talented, trustworthy employees will help your business to thrive, opening more room for growth in your company.

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