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The summer shopping rush: What it means for retail cash management

The summer season is great for retailers, but that influx of cash needs to be properly accounted for and safely transferred from the store to the bank. There are certain cash handling trends that contribute to inefficiency and errors among stores. These trends, as identified in a March 2014 Federal Reserve Bank of San Francisco report, include:

  • Vulnerabilities in transferring cash: Some retailers aren't taking the necessary steps to secure currency correctly when it's in transit from the merchant to its bank. This creates an automatic period of vulnerability during which cash can be stolen from a low security tamper evident deposit bag.
  • Exposed cash in drawers: Cash isn't only at risk when it's in transit. A lot of bills in a register poses a risk too. While retailers need a certain amount of cash on hand for transactional purposes, having too much of it in the register brings an unnecessary degree of risk.
  • Numbers that don't add up: At the end of the day, does your store's earnings total align with inventory figures? Retailers sometimes find that this isn't the case, but a lack of robust tracking methods can prevent them from positively identifying the source of shrinkage.

While technology has changed the way payments occur at stores, cash is still very much a part of retail operations — particularly for stores that operate on a smaller scale. Because of this, a solid cash management strategy is vital for loss prevention experts.

"A solid cash management strategy is vital for loss prevention experts."

Finding a solution with CONTROLTEK
Here at the ISP Division of CONTROLTEK, we've been working for almost 40 years to help stores roll out the most powerful and advanced retail loss prevention strategies possible for the most reasonable price. With regard to cash management, we know this is a challenge that keeps merchants up at night. And that's why we're committed to making the whole process easier. Here are some of the CONTROLTEK solutions that help retailers build an efficient and dependable cash management strategy:

  • Retail deposit bags: For retailers, vulnerabilities with regard to cash transfer don't have to exist. Tamper evident deposit bags offer a strong defense against this issue. Our two patented offerings are TripLok and SafeLok, both of which are Vault Process Certified (VPC) to meet the requirements of the leading banks and armored carriers.

    Have cash for the day that needs to be transferred from the store to the bank? With our bags, loss prevention experts benefit from solutions that are specially formulated to protect cash in transit. SafeLok and Triplok offer high visibility tamper evident graphics, large video visual barcodes and heat and solvent detection.

  • Cash management should be a critical concern for retailers.Cash management should be a critical concern for retailers.

    Coin bags: Sure, they may not have the value of dollar bills, but as prevention experts know, coins can add up fast. And when that happens, a store needs to be prepared to safely manage them. CONTROLTEK's CoinLok coin bag is the answer to this management concern. Like TripLok and SafeLok, CoinLok adheres to the strict VPC standards, giving retailers piece of mind that their change is safe. Because of the weight of coins, CoinLok deposit bags are designed to withstand 50 pounds of coin and are tested for performance above and beyond the industry requirements.

  • Inventory control software: Shrinkage is a major concern for retailers, and it can happen at any phase of the retail process — when products are shipped to the store, when they're sitting on shelves, or when money is being transferred to the bank or vault. With all the potential for shrinkage, many retailers need a better option for retaining oversight and eliminating discrepancies between inventory/sales figures. That's where inventory control software like Shelf360 can prove indispensable, and it's something CONTROLTEK IVS offers.

That's not where our tools for retailers end. Check out our website for more!

Deposit Bag Tampering

Deposit Bag Tampering: Crooks Can’t Beat Smart Bags

It’s a common activity within the retail world: At the end of the business day, the manager tallies up the day’s revenue, gathers the deposit and drops it off at the bank. This normal, and seemingly safe process, is familiar to nearly anyone who’s ever worked in retail. Unfortunately, it can also offer opportunities for robbers and thieves if the funds are not properly protected.

Ripped from the headlines: Armored Car Drivers and Employees Steal Bank Deposits
Two recent cases:

In October 2015, The LA Times reported that the FBI found $600,000 buried in the back yard of a former armored car driver. The investigation revealed that the stockpile of cash was from two armored car drivers who conspired to steal the loot back in June 2014.

Protecting Deposits

Retailers must ensure their bank deposits are protected.

And in March 2015, a trusted employee of a West Palm Beach business was arrested for stealing an $8,000 deposit. The investigation revealed the employee had a history of making late deposits, which highlights the importance of maintaining tight internal controls and auditing for compliance. In fact, an article published in the Arizona Republic about how retailers can prevent Store Managers from stealing deposits, stated, “Strong internal controls that evolve with the ever-changing financial environment are effective at reducing employee theft.”

Lessons learned: Intelligent Security Packaging
Both of these cases illustrate the importance of following a specific set of procedures for handling store deposits and properly protecting these funds.

“It’s imperative to have protection in place after cash has been taken out of the register or safe for the bank deposit.”

BrightHub noted that there are several preventive measures retailers can take to better safeguard their financial assets, including keeping money under lock and key while it is in the store. In addition, retailers should have a record of those who have handled store cash, as well as the reasons for these activities. Keeping these accountability forms can help cut down on loss as well as theft.

As these incidents show, it’s also imperative to have protection in place after cash has been taken out of the register or safe for the bank deposit. Currently, there are several options available, including the Intelligent Security Packaging offered by CONTROLTEK.

CONTROLTEK has state-of-the-art security packaging to ensure cash is secured all the way to the bank. Solutions like retail deposit bags, coin bags, strap and bundle bags, security seals, cash vault shipping bags, deposit tickets and endorsement stamps help keep accountability and security intact. CONTROLTEK can also include barcodes and other tracking measures to give managers and store owners the peace of mind that their deposits will reach the bank safely.

Worried about deposit security in your store? Let our expert consultants help select the solutions that will best suit your stores’ needs. Contact CONTROLTEK for more information.

How to Ship Bulk Coin With Peace of Mind

Tough plastic deposit and transfer bags withstand transit handling

How do you transport 50 pounds of quarters? Or dimes? Or nickels?

With a very strong, see-through, tamper-resistant plastic money deposit bag. But not just any bag will do. The movement of coin from one location to another is such an important undertaking that it has spawned the need for special products. CONTROLTEK’s CoinLOK® tamper evident coin bags are among them.

These bags were developed to meet strict standards, including the elimination of breakage. The weight of loose coins can add up. Bags can hold 25 pounds or 50 pounds and are intended for one-time use. Custom sizes and imprints also are available. The bags also feature reinforced, die-cut triple-ply handles molded into their construction for easier and safer bulk transport.

Anyone who has tried to lift a 50-pound bag of potting soil, mortar cement or rock salt will appreciate the option of a 50 pound coin bag having two handles, top and bottom, so that two people can assist each other during transport.

The CoinLOK® bags get loaded with loose coin, and then processed and sorted. Barcodes are positioned on the bags as easy targets for handheld scanners, and numbering on bag labels is large enough to be read by security cameras for an audit trail. These bags also have dual write-on receipts, as well as a write-on bag-shipment information panel.

Major armored couriers prefer the CoinLOK®  brand of deposit bags and endorse them.