Cash banking: Doing it right

Cash banking: Doing it right

Eftpos, debit cards and now smartphone-enabled payments are helping to make transactions safer for businesses across Australia - but cash is still king.

In a number of industries, from retail to hospitality, cash transactions are easy - but they can also open your business up to security risk. There's of course the onsite storage issue, when storing cash in tills and safes can invite theft, but there's also the problem of transporting cash to a bank. Unlike internet-based transactions, you have to physically take cash from the business to a bank in order to safely deposit it.

In this article, we'll take a closer look at the risks of cash, and how an appropriate security solution could help.

Understanding the risk

Handling cash invites risk. Take your staff, for example. If they need to transport your cash to the bank, are they insured against a robbery? What happens if they're injured as a result of an altercation?

Consider the thievery angle: do you have any processes in place to prevent staff stealing cash? What will you do if staff do steal cash?

A cash banking service could provide an appropriate solution.

Utilising a security offering that works

Also known as Cash in Transit, this system involves NSR Security personnel coming to your business during the day, picking up cash and then taking it to the bank. It's easy to see why this is preferable to having your staff transport the cash - there's no Workplace Health and Safety risk. What's more, our staff are also insured while transporting your cash, and we can bring back any change or deposit books.

How it works

Cash banking is quite simple; it essentially involves security guards placing cash in tamper-evident bags in front your employees and then filling out a collection receipt. Then, the guards and your staff will sign the receipt and take the bag to the bank. The bank teller can check the seal on the bag as well as the information on the receipt.

To ensure maximum security, our guards do not wear typical uniforms, but instead carry identification. This helps to further alleviate risk by reducing the chance of theft.

If your business still handles cash, but you're concerned about the security implications of transporting it to a bank, it may be time to consider a more secure approach. Would you like to learn more about the benefits of a secure cash banking service? Get in touch with us today.

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