Theft is arguably the biggest cause of worry for retail business owners of all types and sizes. It can impact profit, cost, and invariably the overall well-being of your establishment. The Global Retail Theft Barometer reports that in 2015, 39% of loss was attributed to dishonest staff. Another 38% was credited shoplifting. This means that it is not just the public that should occupy your worry, but your employees as well.
While securing and inventorying products helps deter the loss of merchandise, the issue of cash theft still looms in the back of employers’ minds. Cash handling presents a threat in cash management that most businesses regard as a necessary risk: Potential shrinkage and theft because cash is vulnerable and highly liquid.
Knowing the danger, you should take action to safeguard your cash from both internal and external theft. NationalLink’s Direct Vault program provides all-inclusive Smart Safes solution that can eliminate cash shrinkage and theft.
The Internal Threat
The Association of Certified Fraud Examiners provides two main methods that thieving employees have come up with to steal cash. These methods are:
Skimming – in which an employee either pockets the cash of a sale without recording the transaction or understates the cash received and keeps the rest. Careful thieves deposit the cash in the register, keeping a mental tally of the amount unaccounted for, then swipe that amount when their shift ends and their till is settled.
Cash Larceny – is when an employee deliberately steals cash that is already recorded, creating false refunds or voids to cover their tracks. Employees with the responsibility of handling and depositing cash already accounted for are the main perpetrators of Cash Larceny.
So how would a smart safe reduce employee theft?
NationalLink’s DirectVault program provides Smart Safes that are equipped with the latest technology to help keep your cash secure: Employees deposit cash into the Smart Safe via attached bill verifiers after entering their individual pin to ensure accountability. The bills are then held in the 1200 or 2000 note capacity Smart Safe until a trusted, armored Cash-in-Transit (CIT) company collects, accounts for, and delivers the cash to your bank.
You, the business owner, set the procedure and frequency of when cash handling employees deposit bills into the Smart Safe, granting more oversight and control of the cash entering your business. You also have complete control of who has access to the Smart Safe and can view reports that detail deposits, balances, denominations, and employee usage. These features reduce the risk of skimming by allowing greater visibility of all activity at the register.
The Smart Safes offered through NationalLink’s DirectVault program also provide the ability to make daily electronic transfers directly to your bank account. This technology reduces the threat of Cash Larceny by eliminating the exposure of cash already recorded because the bills are locked in the safe, awaiting retrieval by trusted CITs.
The External Threat
A Smart Safe from NationalLink can help deter internal cash shrinkage, but how can a Smart Safe prevent theft and robbery from external sources?
NationalLink’s DirectVault program provides industrial grade, heavy-duty Smart Safes that are easily concealable because they are designed to fit under standard retail counter tops. Once bills are inserted into the secured Smart Safe, they cannot be extracted by anyone other than a CIT company, eliminating cash exposure.
Because NationalLink’s Smart Safes also have the ability of making daily deposits, the amount of bills deposited in any given period of time are recorded. This allows your bank account to reflect cash transactions more accurately and eliminates trips to the bank.
All vault cash in the Smart Safe is insured. Real-time reports can be sent to authorized PCs, smartphones, and tablets, detailing who made a deposit into the Smart Safe, when that deposit was made, how much was inserted, the denomination, and when the cash was collected by a CIT company. Since every bill is accounted for and recorded, your cash income is your income.
NationalLink, the largest ATM processor in the American West, has over 20 years of experience in dealing with cash management solutions and has a vast network that spans the entire United States and has established relationships with the most trusted CIT companies around. When you have an armored carrier retrieve the cash from your Smart Safe, you are drastically reducing the risk of external, and internal threat.
Deploying a Smart Safe at your establishment results in less unsecured cash, less time preparing, reconciling, and transporting cash, and puts the power of audited safe access in your hands. Knowing that you are actively protecting your business against cash theft not only grants you peace of mind, it allows more time for you to focus on other business needs.
Safeguard your cash flow with the DirectVault program by NationalLink.