Richard Phillips, MD of Cash Connect Management Solutions attended the breakfast event as both a speaker and an exhibitor. He says the event attracted a good number of professionals from the retail industry.
When asked about Cash Connect’s differentiator in the market where there are quite a few cash management offerings available, Phillips says the company’s unique proposition is “We Take the Risk”, without the small print found in many other contracts.
That means Cash Connect takes responsibility for its customers’ money from the time it enters the vault to the time it is removed at the bank. Phillips notes, however, that customers need to use SABS approved vaults as the cheaper products are easy to cut into or even steal. The products Cash Connect provides and manufactures locally meet the stringent standards of the SABS, allowing Cash Connect the confidence to provide its guarantee.
“We promote the use of a minimum SABS certified, Category 4 cash vault as a fundamental point of departure within the integrated solution we implement with our clients,” he explains. “Our belief is validated by the fact that over the past seven years we have not received one report of an armed robbery against one of our clients.”
Taking care of cash from the vault to the bank is a complex task that is bound to display cracks and vulnerabilities if the process is not properly planned and managed. Phillips adds that Cash Connect’s solutions have been developed from extensive experience in the cash logistics industry; the key individuals within the company have combined industry experience of over 100 years.
“We have designed efficient processes and a fast reactive capability that allows us to respond quickly and decisively.”
Summing up, Phillips says the following principles remain fundamental to efficient cash management:
* A minimum category 4 cash vault.
* Real-time GPRS communication to transmit all of the financial and technical activities at the cash vault to the central server.
* Same day settlement.
* An unequivocal contractual commitment by the supplier that the risk of the cash is transferred immediately upon it being deposited into the cash vault.
* The regular skimming of the points of sale.
* The elimination of any form of third-party intervention such as a back office supervisor.
* The use of a professional cash in transit company to collect the deposits from the business daily and transport them to the bank.
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