For criminals the Easter holidays is good for business. It is their time to be jolly, as they take advantage of the significant increase of cash in circulation. While our retail sector might be reaping the benefits of the Easter cheer, it’s over this period that they stand a greater chance of being victim of an armed robbery.
According to Richard Phillips, Joint CEO of Cash Connect Management Solutions, businesses that still use manual cash processing methods are most vulnerable during this time. The reality is that in South Africa there is already an average of 52 armed robberies against businesses each day and while we don’t have pinpoint statistics, we anticipate that this number will dramatically increase over Easter.
“During this holiday period, business and retail owners should be extra vigilant as criminals execute their attacks using sophisticated and organised methods - making this holiday period prime time for syndicates and gangs. Their hit and run type armed robberies not only threaten the safety of customers and staff, but it is common knowledge that the targeted store can experience a significant drop in turnover for as much as six months after an attack of this kind, not to mention the possible loss of life or limb” says Phillips.
Fortunately, with the latest technological advances made in the cash management industry, cash handling for businesses which make use of cash vaults that are built to SABS CAT 4 standards offers peace of mind, especially during holiday periods when there is an increased cash flow on site.
“Our cash vault technology has been vigorously tested on numerous occasions over the past few years by determined criminals using every kind of tool from explosives to sledge hammers. It has undeniably delivered on the level of deterrence and defence necessary to discourage a repetitive continuance of the scourge of violent crime. This enables businesses to operate more efficiently and securely, but it’s now up to the business owner to take advantage of this technology,” adds Phillips.
While there are various cash management service providers, business owners should make sure to choose one that has the capacity to remove the risk of an armed robbery. A credible and reputable cash management service provider should therefore offer the following:
- The use of a robust cash vault that is built to a minimum of SABS Cat 4 standards. Criminals are quickly reaching the conclusion that they will either fail to gain entry to such a device or, in the case of the use of explosives the force of the blast will in all likelihood destroy the cash it protects.
- Has a reliable and audited risk record that it is confident to publish.
- Provide same-day value in the bank. Your cash will reflect in your bank account on the same banking day as you have dropped the cash into the cash vault.
- Guaranteed capacity to accommodate the cash demand with a range of products to cater for your business needs and can scale according to the growth of your business.
- Take the risk for the cash from the moment it is deposited into the device. If it does somehow happen that the cash is stolen, you will still enjoy the value in the bank by the next day.
- Uses dual networks for data communication to ensure continued uninterrupted connectivity.
- Provide unlimited in-field technical support.
- Include consumables, communications and maintenance in the price.
- Provide 24/7 access to a professional 1st line customer support call centre.
- Offer a one price fits all rate, no hidden additional costs.
- Delivers an easy to use, real-time, administrative record of all transactions via a user-friendly web based information portal, allowing you to track your cash every step of the way.
Although Cash Connect does not advocate traditional or manual cash management systems, the reality is that many businesses owners still resort to using such methods. While the cash vault that is built to SABS Cat 4 standards is the preferred deterrent for an armed attack, here are a few generic tips that can guide business owners in an attempt to reduce their chances of being a soft target for cash crime:
- Avoid broadcasting when cash will manually be taken to the bank for deposit.
- Do not openly display the money you are depositing while you are standing at an ATM or in a bank queue.
- Avoid carrying money bags or briefcases when approaching an ATM or when standing in a bank queue.
- Alternate the days and times on which you deposit cash.
- Make use of electronic transfers to avoid paying wages in cash to your staff.
- Alternate between bank branches or ATMs so your banking pattern is not easily recognisable.
- Refrain from driving to the bank in your company branded vehicle on a typical ‘pay day’.
Take the time to investigate converting to an automated cash management service and take away all of the cash risk inherent in the above.
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About Cash Connect
Cash Connect Management Solutions offers an end-to-end cash management solution that encompasses cash in transit logistics, security management and cash processing. Established in 2006, Cash Connect’s specialist solutions for retailers remove risk and maximise cash flow through swift settlements.
Cash Connect is one of the largest suppliers of cash to the banking system and boasts close on R40 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 such as Spar Group, Shell, Engen, Pick ‘n Pay and OK to name but a few.
The executive management team - led by joint CEOs Richard Phillips and Steven Heilbron - has an unrivalled pool of specialised cash logistics, security and banking experience. The board of directors is chaired by Ivan Epstein, CEO of the Sage Group AAMEA (Africa, Australia, Middle East and Asia).
Cash Connect is a private company, with Old Mutual’s specialist fund, Futuregrowth Asset Management, as its largest institutional shareholder.
Idea Engineers on behalf of Sumay Herbst: Cash Connect
Tel: +27 11 010 4300 / 083 286 2799
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