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.
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!