According to the latest crime statistics, there has been an increase of 52,5% in robberies against business premises year-on-year.
Operating a retail outlet in South Africa means dealing in cash and cash is the most attractive target of armed robbery. Not only does crime affect businesses when cash is stolen, but there are staff and customer wellbeing issues that also have an effect on the store to be considered.
Cash Connect Management Solutions has come up with its SMARTsafe automated, retail cash management service, a way in which retailers can improve the safety of their cash and discourage robberies.
Cash Connect is part of Transaction Capital Payment Services (TCPS), a company with the largest independent payment management systems infrastructure in South Africa. TCPS already has a countrywide network of 3500 ATMs, its own same-day treasury, a national technical support infrastructure and access to a national CIT logistics network.
Richard Phillips, MD of Cash Connect Management Solutions says the system is not merely a physically secure solution, but it also guarantees the client value once it has been deposited into the safe. In fact, Cash Connect is so sure of its product, it will transfer the value of the cash in the safe to the client’s bank account before counting the money.
The solution on offer is a Chubb safe, rated category 3 or 4 by the SABS with a single note validator attached to the top and a self-sealing tamper-evident bag with a 2500 note capacity inside. This device weighs over 650 kg and is bolted to the ground in the retailer’s premises. It is connected to a computer on which Cash Connect installs its AIMS cash management software. The system communicates with Cash Connect via a GPRS connection.
The safe is secured by a dual electronic and key lock to further ensure safety. Tellers and management are issued with electronic tags that identify themselves to the system. Once identified the validator is activated and notes can be fed into the system.
The currency is automatically electronically identified and dropped into the bag, safe from any unexpected visitors. Fake notes are automatically detected and rejected. Once a teller is finished inserting the notes, the thermal printer on the Smartsafe prints a record of who the teller is and the exact notes entered. There is no need for further checking and no way in which anyone can argue about the money entered. These details are also transferred to the computer.
The AIMS software is a complete cash management system that allows management to monitor cashier activity, consolidate values according to cashier, bag or shift, and it generates a CIT report and receipt according to the electronically verified notes fed into the safe. Reports can also be generated as needed to assist the retailer in gaining a better overview of the store’s cash business.
Guaranteed money in the bank
The system goes further, however, than merely securing cash in that once the money has been fed into the safe and the bag sealed, Cash Connect guarantees it. Clients can choose to have the value in their safe deposited electronically on the same day or the following day. When the money arrives at the bank and is verified, Cash Connect handles any discrepancies and deals with the bank. The client keeps the amount the system initially verified.
Phillips says this solution can save at least 17 in-store, cash counting hours per week due to the fact that managers are no longer required to check and double-check the cash. Shortages in deposits are eliminated and counterfeit notes rejected on site. Management also has realtime access to cash reports.
Cash Connect offers a national 7x365 support for the system with a maximum callout time of four hours. It also provides four free annual preventative maintenance visits to swap out the validator and ensure the system is running optimally and a further four technical callouts a year.
The most important aspect of this offering is that once guaranteed, the retailer transfers the risk of securing the cash to someone else. The store is guaranteed to get its money, hence the slogan 'cash in the safe is value in the bank'.
The solution is available now and costs below R3000 per month, which includes the safe and validator, software, consumables, GPRS communication and maintenance. A further cash management fee is calculated against the volume of cash to be processed.
For more information contact Cash Connect, 0861 MYRAND (679 263), [email protected], www.cashconnect.co.za
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