According to the latest industry research, South Africa has approximately 75 000 formal and informal retailers. These traders contribute significantly to our GDP, yet they sadly remain victims of the brutal cash crime reality that sees at least 57 armed retail robberies in our country every day.
Richard Phillips, joint CEO of Cash Connect and an expert in cash management and logistics, shares five practical tips which retailers can apply to reduce their risk for a cash robbery.
Research has shown that more than 90% of business robberies are executed with insider-participation, and that the multitude of hands involved in manual cash processes create additional risks such as theft and cash losses.
Cash Connect’s cash vault technology has proven to be the most effective deterrent to cash crime in South Africa’s retail market. “Over the past eleven years, the number of attacks in pursuit of cash against our clients have annually amounted to less than 2% of our base. 87% of those attacks were successfully defended”, says Phillips.
Phillips suggests retailers who have opted for this technology should use it to their advantage. “Blatantly emphasise to staff that it would be a waste of time to try and access the cash in the Cash Connect vault”, he advises.
Stop old school cash processes
Retailers who continue to use manual cash handling processes are probably not aware of how much time they spend counting cash, or how much money they are losing, or how much risk they are creating for themselves. Thousands of retailers still prefer to count, re-count and reconcile their cash and then drive to the bank to deposit large sums of money, mainly because they think it is cheaper to do so. That is not true. Automating with a leading service provider like Cash Connect can save you money in the long run.
Automate your cash management
There is no question that automated cash management improves business efficiency. It is fast, accurate and not subject to human error. It is difficult to imagine a safer solution that eliminates the manual cash handling process altogether, not to mention the risk of a robbery in store and /or en route to the bank.
Steven Heilbron, also joint CEO of Cash Connect, challenges any of these retailers to automate with one of Cash Connect’s robust cash vaults and the proof will be in the pudding. He says, “Besides saving money, retailers will also have a host of added benefits that will enhance their business efficiency and allow them to focus on their business.”
Use a cash vault that really protects your cash
Retailers who accumulate large sums of cash on their business premises are the primary target for armed robberies. For them the smart move would be to invest in a secure cash vault that is built to minimum SABS Category 4 standards. These robust cash vaults are designed locally, and act as an effective deterrent to the brutal cash crime attacks in South Africa.
Partner with experts for peace of mind
As the leader in automated cash management and payment solutions, Cash Connect processes over R60 billion a year on behalf of thousands of retailers, including blue-chip customers such as Spar, Shell, Engen, Pick ‘n Pay and OK.
With Cash Connect retailers can rest assured that their cash is guaranteed, from the moment it is deposited into the cash vault until it reflects in the retailer’s bank account.
The Global Cash Index report that was released in June 2017, indicates that cash remains the preferred payment method for the majority of transactions. Given that South Africa has close to R140 billion in circulation at any given time, it comes as no surprise that criminals remain tempted. The good news is that criminals don’t have to win the jackpot all the time.
Cash Connect enables a safe and secure trading environment and empowers retailers with services that create greater efficiency, improve cash flow and offer quick access to capital with which to grow.
Established in 2006 Cash Connect is one of the largest suppliers of cash to the banking system and boasts in excess of R60 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 including the Spar Group, Shell, Engen, Pick ‘n Pay and OK.
The executive management team – led by joint CEOs Steven Heilbron and Richard Phillips – has an unrivalled pool of specialised cash logistics, security and banking experience. The board of directors is chaired by Ivan Epstein, former CEO of Softline and Sage International.
Cash Connect is a private company, with Old Mutual’s specialist fund, Futuregrowth Asset Management, as its largest institutional shareholder.
Cash Connect provides more than just robust cash vaults: it is the key to a successful retail store strives to make a unique contribution to South Africa’s growing entrepreneurial SMME community – Beyond Safe.