Phillips, joint CEO of Cash Connect and an expert in cash management and
logistics, shares five practical tips which retailers can apply to reduce their
risk for a cash robbery.
has shown that more than 90% of business robberies are executed with insider-participation,
and that the multitude of hands involved in manual cash processes create
additional risks such as theft and cash losses.
Connect’s cash vault technology has proven to be the most effective deterrent to
cash crime in South Africa’s retail market. “Over the past eleven years, the
number of attacks in pursuit of cash against our clients have annually amounted
to less than 2% of our base. 87% of those attacks were successfully defended”,
suggests retailers who have opted for this technology should use it to their
advantage. “Blatantly emphasise to staff that it would be a waste of time to
try and access the cash in the Cash Connect vault”, he advises.
Stop old school cash processes
who continue to use manual cash handling processes are probably not aware of how
much time they spend counting cash, or how much money they are losing, or how
much risk they are creating for themselves. Thousands of retailers still prefer
to count, re-count and reconcile their cash and then drive to the bank to
deposit large sums of money, mainly because they think it is cheaper to do so. That
is not true. Automating with a leading
service provider like Cash Connect can save you money in the long run.
3) Automate your cash management
There is no question that automated cash management
improves business efficiency. It is fast, accurate and not subject to human error.
It is difficult to imagine a safer solution that eliminates the manual cash
handling process altogether, not to mention the risk of a robbery in store and /or
en route to the bank.
Heilbron, also joint CEO of Cash Connect, challenges any of these retailers to
automate with one of Cash Connect’s robust cash vaults and the proof will be in
the pudding. He says, “Besides saving
money, retailers will also have a host of added benefits that will enhance
their business efficiency and allow them to focus on their business.”
Use a cash vault that really protects
who accumulate large sums of cash on their business premises are the primary
target for armed robberies. For them the smart move would be to invest in a
secure cash vault that is built to minimum SABS Category 4 standards. These
robust cash vaults are designed locally, and act as an effective deterrent to
the brutal cash crime attacks in South Africa.
Partner with experts for peace
the leader in automated cash management and payment solutions, Cash Connect processes over
R60 billion a year on behalf of thousands of retailers, including blue-chip
customers such as Spar, Shell, Engen, Pick ‘n Pay and OK.
With Cash Connect
retailers can rest assured that their cash is guaranteed, from the moment it is
deposited into the cash vault until it reflects in the retailer’s bank
Global Cash Index report that was released in June 2017, indicates that cash
remains the preferred payment method for the majority of transactions. Given
that South Africa has close to R140 billion in circulation at any given time,
it comes as no surprise that criminals remain tempted. The good news is that
criminals don’t have to win the jackpot all the time.
ABOUT CASH CONNECT
Connect enables a safe and secure trading environment and empowers retailers
with services that create greater efficiency, improve cash flow and offer quick
access to capital with which to grow.
Established in 2006, our goal is
to move businesses from a place of safety to a place of growth.
Cash Connect is one of the
largest suppliers of cash to the banking system and boasts in excess of R60 billion a year that it manages
on behalf of its diversified client base across the country. It is an approved
service provider to blue-chip companies including Spar Group, Shell, Engen,
Pick ‘n Pay and OK.
The executive management team –
led by joint CEOs Steven Heilbron and Richard Phillips – has an unrivalled pool
of specialised cash logistics, security and banking experience. The board of
directors is chaired by Ivan Epstein, former CEO of Softline and Sage
Cash Connect is a private
company, with Old Mutual’s specialist fund, Futuregrowth Asset Management, as
its largest institutional shareholder.
At Cash Connect, we provide more
than just robust cash vaults. We are the key to a successful retail store, and we
strive to make a unique contribution to South Africa’s growing entrepreneurial
SMME community – Beyond Safe.
Idea Engineers on behalf of
Sumay Herbst: Cash Connect Management Solutions
Tel: +27 11 010 4300 / 083 286
You Tube: https://www.youtube.com/user/cashvaults