Retail spending is slated to grow between 3.6 and 4 percent this holiday season according to the National Retail Federation. And it’s not just online spending that will experience a sales increase: a staggering 90 percent of holiday shoppers will visit brick and mortar locations through December.
As cash has continued to remain the most frequently used consumer payment method*, these forecasts mean two things for store owners: increased foot traffic and, along with that traffic, increased cash transactions.
This seasonal increase in store activity brings with it the number one cash handling risk retailers are all too familiar with—shrinkage due to internal and external theft. Fortunately, retailers looking to protect themselves from holiday losses do not need to look further than contacting a cash management service provider to mitigate that risk.
HOW CASH MANAGEMENT SERVICES PREVENT LOSS
Cash-storing smart safes such as Dunbar’s Cash Manager Safes securely accept and store cash until it is ready to be taken to the bank, out of the line of sight of both employees and customers. Employee identification numbers required for cash drops into the safe increase accountability and discourage the likelihood of employees skimming off the tops of transactions. Plus, real-time reporting features give managers and store owners the ability to see exactly how much money is placed in every safe, in all locations at any time of day. This capability arms upper management with in depth knowledge of their cash activity, providing the data to immediately identify any potentially suspicious behavior.
Armored services prevent loss by further reducing the exposure of cash in a retail establishment. With this type of cash management service, retailers no longer need to entrust managers or employees with carrying bags of cash out in the open for bank deposit. Instead, professionally trained and armed guards come directly inside stores to pick up cash and then securely deliver it to the desired banking institution. With services like Dunbar Armored, retailers do not need to worry about employees or external sources stealing their cash when it is en route to the bank. Instead, store owners can rest assured that their cash deposits will be delivered to the bank in full.
Dunbar’s cash management solutions are customizable and scalable to fit retailers of all industries and sizes. Complete the form below to start improving your loss protection for the holidays and New Year.