If you run a cash-intensive retail business, it’s important to ensure the security of your cash. Internal shrinkage, managing accounts and risk of robbery are three major concerns of any retail business operation that handles a lot of cash. Advancements in technology during the last decade have made it easier for the managers of these businesses to both enhance security and improve efficiency.
They do so through advanced smart security safes that limit cash exposure and automate accounting. The advantages of using these safes include improving security and reducing manual tasks, such as counting of notes. In order to ensure that the smart safes prove beneficial for your business, ensure that it has the following features:
- More than one bill acceptor with thousands of note cassettes
- A bulk note feeder to enhance the efficiency of cash management
- Report generation based on the users, end of shift, end of day, and others
- Software designed to support thousands of users with ID access
- Supervisor only access to management functions
- High security vault door lock operations
- A high level of security with one-time passwords
- Secure data transfer systems to ensure hassle-free provisional credit
- Support for third-party software to integrate various cash management operations.
Provisional credit is one of the important features of contemporary cash management. It ensures that the cash is safe in the vaults at the business premises while the bank account of the business is updated. This saves a lot of money, as businesses don’t need to hire armored carrier service on a daily basis since the account is already updated with the amount generated.
The bill acceptors validate the amount received and the provisional credit is automatically updated through the cash management system. The cash is secure in the cassettes at the business premises. This reduces risk of theft during transportation, as armored vehicles only need to be hired once a week.
Some benefits of using such advanced safe security products include:
- Reduced cost of transportation – The cost of armored carriers is quite high. As the number of cash pick-ups required per week is reduced with a smart safe that supports provisional credit, it leads to significant savings.
- Protection from counterfeit notes – Smart safes come with built-in features to detect counterfeit notes. As soon as they are detected, red flags are raised by the system to alert the employees responsible for loss prevention.
- Fast access to working capital – Smart safes make cash inventory maintenance easy. The provisional credit system ensures that there is never a paucity of funds on site.
- Cash flow information – Advancements in smart safe technology has made cash flow management much easier than before. Real-time reporting systems, which can generate as much as 30 receipts and reports at any instant, ensure that you can get any kind of insight you need on where your cash is coming from and where it is going.
James from Insight Security said "any measures that minimalize the risks of theft for your business are a significantly important investment. There are a number of products widely available for businesses and individuals alike."
Make sure you get a smart safe security system for your cash-based business as detailed here.