With cash volumes expected to rise significantly across the country, criminals certainly won’t be putting their feet up over this long weekend. On average, as many as 57 business armed robberies are carried out in South Africa every day – a number that shoots up over holidays and long weekends.
This week, South Africans will enjoy an extra long weekend and with all this leisure time and payday cash available, retailers can expect business to boom as consumers flock to shops and spend their cash. Fuel stations will also do brisk business as thousands of motorists will be on the move.
Public holidays not only increase trade turnover, they also disrupt the normal cash handling schedules. As a result, many retailers end up with large amounts of cash in their stores, says Richard Phillips, joint CEO of Cash Connect. “The best advice we can give store owners is to confirm their cash collection services for the long weekend in advance. It is also a good idea to schedule an ad hoc cash collection on the Saturday or Sunday.”
The Global Cash Index report released in June 2017 confirms that cash is used in the majority of retail transactions – and retailers who persist with manual cash handling practices, leave criminals spoiled for choice as far as targets are concerned. The situation is aggravated by the fact that, in most cases, criminals receive inside information and help.
“We urge retailers to not be naïve and irresponsible,” says Phillips. “Understand that the danger is real and ever-present retail cash crime trends continue to demonstrate that significant value can be realised from investing in cash management automation technology designed to enhance the safety of your business, your staff and your cash.”
Phillips stresses that there are many benefits of automated cash management solutions and businesses should take advantage of these:
- Robust cash vaults deter criminals and deflect them to softer targets. In the case of a determined attack, the device will at least provide a significant level of defence.
- The regular removal of cash from tills limits losses in spontaneous, opportunist robberies.
- The cash vault assigns accountability to cashiers, which eliminates the opportunity for shrinkage. No third parties are involved and everyone who handles the cash is identified at every step of the cash handling process.
- When cash is deposited at a bank, it can take up to three days for the value to reflect in your account. Automated cash management and payment solutions provide improved cash flow as value reflects in your bank account on the same day and allows retailers to pay suppliers straight from the cash vault, eliminating the need (and risk) of keeping cash onsite for COD payments.
“Today we have developed cash automation to such an advanced level of sophistication, that it delivers efficiencies and savings of both time and money integral to a successful retail business, over and above its tried and tested safety benefits,” says Phillips. “But arguably the biggest win of cash automation, is the peace of mind you give yourself, your clients and your staff.
Phillips adds that retailers can suffer for up to 6 months trying to catch up with revenue shortfalls that inevitably arise after an armed attack. He stresses that automation reduces the risk significantly, and the people you serve will thank you for it.”