Adding Value With Cash Management Solutions

Having lots of cash may seem like a good problem to have. For convenience stores or small retail shops that rely on cash for most transactions, it could become a problem the retailer can’t afford to ignore. That’s because an environment with a lot of cash transactions often is subject to mistakes and mischief.

For one thing, cash is a source of temptation for would-be robbers and thieving employees. Dishonest retail workers have been known to outright steal, purposely overcharge customers to pocket the difference, and in what is known as “sweethearting,” undercharge or fail to charge their friends for purchases.

Theft isn’t the only problem. Honest mistakes also happen, usually as a result of giving customers the wrong change or miscounting the cash later. Whether cash disappears through unscrupulous employee actions or unwitting human failings, the result is the same – revenue losses that, if allowed to accumulate over time, could threaten a business’ very existence. Loss prevention consulting firm Jack L. Hayes International has estimated employee theft causes one-third of retail business bankruptcies.

Retailers, therefore, need to protect themselves from cash losses. POS dealers can help them by providing cash management solutions that keep accurate counts and safely store money.

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