Although Cash Connect does not advocate manual cash management practices in store, it is a reality that many business owners are still making use of these traditional ways to manage their cash.
With this in mind, Richard Phillips (Joint CEO at Cash Connect) recommends the following tips for business owners to avoid being a victim of cash robberies:
- Alternate the days and times on which you deposit cash.
- Never make your bank or ATM visits public, even to people close to you.
- 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.
- It’s advisable to identify another branch or ATM nearby that you can visit to ensure that your banking pattern is not easily recognisable or detected.
- Refrain from driving to the bank in your company branded vehicle on a typical ‘pay day’.
- Avoid paying wages in cash to your staff. Instead arrange electronic transfers for wages to your contract or casual labourers’ personal bank accounts.
- Take the time to investigate converting to an automated cash management service and take away all of the risk inherent in the above.
