Cash Security: How to Protect Your Business and Yourself During Uncertain Times
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No matter the size, scale, and reach of your business, cash security is paramount for any operation. From lessening the risk of human error to preventing more nefarious threats to your cash management ecosystem, businesses always need to remain proactive and stay aware of the dangers that threaten a key part of their operations.
Thankfully, as the threats to businesses have evolved, so have the tools and platforms they can use to secure their cash and protect themselves during uncertain times. In this article, we will point out a few of these key steps, developments, and principles that you should implement to stay ahead.
The growing need for cash security
A quick glance at the news headlines reveals plenty of new and evolving factors that contribute to an increasingly tense business environment. From identity theft to insider fraud, social unrest, and post-COVID-19 unpredictability, businesses have to constantly remain vigilant in order to navigate their operations through this time of uncertainty.
From retail shrinkage alone, the average business loses about 1.38 percent of their revenue, according to a National Retail Federation study, which translated to an estimated $50.6 billion hit to the retail industry in 2019. These typical retail revenue changes have bumped up against a very atypical 2020, which includes new, unusual concerns for many businesses. For example, while some businesses such as casinos, movie theaters, and dine-in restaurants saw dramatic drops in consumer spending, others such as online shopping and “essential” retailers saw increases. Combined with business owners’ concerns about their employees' personal safety and health, there are plenty of reasons to keep a closer eye on cash flows and find opportunities for enhanced automation.
How to protect your business
Fortunately, many of the tools and techniques businesses can implement to improve cash security have existing reputations in the cash management ecosystem. For example, smart safes bring together the traditional safety of physical security with enhanced software integration. That integration can perform everything from basic transaction validation and detecting counterfeit checks to enterprise-wide logging, auditing, and real-time reporting. These sorts of devices, including self-service kiosks, cash recyclers, and emerging forms of contactless transactions can help to limit physical interactions between employees and customers, reducing the risk of exposure to COVID-19.
Similarly, ensuring that customer ATMs are updated, patched, and serviced on schedule not only keeps customers engaged with the latest features and automated tools, but it decreases risk to cash security. Most notably, the industry-wide Windows 10 software update requirement came into effect earlier in 2020, forcing businesses to upgrade their fleet hardware and software to comply with the only operating system Microsoft supports—a requirement for Payment Card Industry Data Security Standard (PCI DSS) compliance.
Thinking holistically about their operations, business leaders can also take advantage of Device as a Service (DaaS) models that take all of the stress and unpredictability out of managing their cash management fleet. Burroughs TransacTecTM Device as a Service solution makes the latest payment and transaction devices available to financial and retail businesses, which also includes maintenance, upgrades, remote managed services, and 24/7 repairs. Not only that, as business needs change, TransacTecTM allows businesses to scale up or down, keeping them ahead of device obsolescence and flexible to changes in their market.
Keep your business safe
During this unpredictable year, there is no better time to begin to think proactively and holistically about your business’s cash security protocols. Fortunately, your business can have a partner with decades of experience, comprehensive proactive service, a nation-wide cadre of service technicians, dedicated project and account managers, and access to industry-leading tools and devices with just one call to Burroughs.
No matter the state of your business, your current cash management ecosystem, or your sophistication, Burroughs is ready to design a plan to prepare you for the next phase of your business and implement it from start to finish. Contact the Burroughs team or schedule a consultation today.