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Cash on the premises equates to high risk

15 May 2015

Businesses should make use of new and advanced solutions to protect themselves when handling cash as they are increasingly exposed to risks, leading to the need for comprehensive insurance cover that consumes a sizeable amount of business profits.

Kabir Dhupelia

Even though there has been a universal drive to encourage the use alternatives payment methods, the reality is that cash is still a predominant form of payment. The prevalent use of cash places greater responsibility on businesses to safeguard the money against common risks such as business robberies.

Cash related risks remain a challenge for businesses whether big or small, hence we are advising our clients to adopt some of the following advanced cash management solutions.

Safety measures

Use bank guaranteed cash management solutions
- Instead of storing cash at your premises, arrange for your cash to be collected frequently from your premises and delivered to your bank's cash centres, where it will be counted and credited to your account immediately.
Use SmartBOX solution
- If you require a more advanced approach to your cash management offering and immediate deposits into account, you could go for a SmartBOX - which is a highly secure, cash-accepting device. If a business uses a SmartBOX, its cash is guaranteed by the bank even in the event of theft. Furthermore, your cash will be accessible via your bank account as soon as cash in transit collection occurs, so you do not have to wait for the cash in transit vehicle to arrive at your bank's cash centre before you have access to your money.
Make use of Automated Depositor Terminals (ADT)
- Should you feel the need to physically deposit money into your account and receive immediate value, you could deposit your cash into one of the advanced ATMs that are available across many branches. You save time, because you are no longer confined to the ordinary business hours of a branch, and you save money because cash deposit fees are cheaper in the advanced ATMs than when depositing inside a branch.
By using some of these channels, you can mitigate risk, can save money, and improve efficiency. Cash related crime is a global problem and South Africa is not immune, however, the responsibility remains with businesses to minimise the cash-related risks by adopting safer cash management solution.