How to Look after your Cash when Generating Large Volumes

Anyone who has ever run a retail outfit or some kind of venture that involves holding or collecting cash will tell you how nerve-wracking it can be. Cash is a real tricky thing to hold as it can easily be stolen or lost and simply disappear without a trace. And when the bulk of your income, and therefore your profits, are tied up in cash, being robbed is an absolute disaster. Unlike online transactions or credit cards where there is a very good paper trail of what has been received, with cash there is no proof that the money ever existed, and you are very unlikely to be paid out or compensated for your loss. The question is, how do you ensure that there is no scope for any cash to disappear? Here are a few thoughts and ideas.

cash security

Don’t move it yourself

If you regularly need to move large sums of cash, then it is best not to do it yourself. Potential robbers will quickly pick up on the fact that you regularly travel to the bank with large amounts of cash and they will target you. Rather look to make use of specialists who offer cash security services. These are firms with guards and armoured trucks whose primary business purpose is to move large amounts of money. They are insured and they have excellent security protocols in place. That means that from the time the cash leaves your premises to the time that it arrives at the bank, that it is safe and insured and not your responsibility to protect.

Be alert to the small losses

When talking about cash security the tendency is to focus on the big hits. The cash in transit heists and the major armed robberies. But that is not the only place where you stand to be robbed. Till point security and small amounts that are pilfered by your staff who handle the cash can also add up quickly. It is essential that the tills balance to the cent daily. If there are problems or trends that you spot, then you need to act quickly. Cameras erected at the tills is an option, but that often makes for unhappy staff. Rather just make sure that everything balances and that there is no scope for being short.

Discounts

Traditionally businesses would offer discounts to customers who paid with cash. In many instances, this was done because the transaction could be kept off the record and tax would not be declared. But now, in an era where many banks are charging fees for cash deposits, it can be a good idea to offer discounts to clients who do cashless payments. You avoid the deposit fee and the need to transport large amounts of cash to the bank and the client enjoys an incentive for helping. This is a space where you can be creative. Find the solution that offers you the best rates and prices – it might be an online wallet or just a simple EFT. Whatever it is, let your clients know about it and make it in their interests to pay you via that method.

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

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