How to protect your on-site cash
What you need to know to protect your cash on-site
Contrary to popular belief, protecting your cash is not risky. Having the cash physical money around is risky; therefore, you need to protect it, which is a priority.
If your business has cash money on-site, it unfortunately leaves room for possible robbery and damage to the cash in unforeseen circumstances.
Business cash
Having cash insurance will help reduce the risk of loss through cash-handling mitigation and covers your business in unexpected criminal activity.
Cash insurance with us includes cover for on-site cash money in an AutoSafe device ,AutoSafe device insurance, cross-pavement carrier and in-transit, end-to-end risk transfer, robbery, hijacking and damage to cash bank notes during an attempted theft.
There are many consumers who still prefer or choose to pay in cashwith bank notesin cash, and as a business, you need to consider factors such as counterfeits, safety, how to store your cash physical money securely and whom to task to handle the cashmoney.
Handling your cash responsibility is important for your business.
5 things to do to protect your cash on-site:
- Have an effective cash-handling policy: even if you trust your staff, having a cash-handling policy means your employees need to follow the set-out rules to manage the cash it (Dewey 2021). Implementing this includes having a set maximum amount at the tills, not having cash money sit around the office, depositing excess cash in a point-of-sale (POS) safe, locking cash drawers when they are not used and having authorised personnel to handle the cashmoney.
- Get an automated counterfeit machine: implement a counterfeit prevention process to combat counterfeits. To detect counterfeit bank notes, the South African Reserve Bank app provides information on how you can detect counterfeits. However, for a smooth process, consider purchasing an automated counterfeit detection machine or using UV detectors that identify counterfeits.
- Invest in backup safes: cash physical bank notes always needs to be stored securely, so you should have a POS safe and a back-office safe.
- Check your bank account online: It's important to know where your money ends up. Do check your bank account statement and confirm whether the amount you sent to the bank is the amount that appears in your account.
- Accept other methods of payment: cash dependency is lessening among consumers and businesses. Digital payments or transactions such as SnapStore Pro card machine and other payment solutions for merchants are safer, easier and more convenient ways to collect money from suppliers or your customers
For more information on cash insurance or for one of our call agents to call you back, visit the Standard Bank website.
Terms and conditions apply.
Reference
Dewey, M. 2021. ‘5 Tips to Protect Your Hard-earned Cash’. [Online] Available: https://healthbridge.co.za/blog/5-cash-tips/ (Accessed 23 May 2023).