Retailers warned to watch their money
Published on Fri, 18/12/2009, 12:23:14
RACV Insurance says retailers need to be prepared for the cash handling risks posed by the shopping frenzy expected this Christmas and at the New Year sales.
RACV Business Insurance manager Peter Stanley says small businesses should review how they manage increased stock levels and extra cash through the registers to guard against theft.
“While this is a great time for retailers to boost their business, it comes with increased risks from holding more stock, opening longer hours and operating with a lot more customers in their shop,'' he said.
“During busy periods retailers are not able to get to the bank before closing time, leaving them with large amounts of money.
“This all adds to the risk. The money could be stolen during business hours, grabbed on the way to the bank, or even taken from the business owner’s home,'' he said.
Considering that this money may include takings, floats and casual staff wages, losing it could put the business seriously out of pocket."
Stanley said tips for retailers to protect their cash include:
• placing the cash register to ensure the drawer is both out of view and reach of potential thieves
• making sure you keep the level of cash in the till down by regularly depositing money into a time-delay safe
• leaving your tills open overnight so would-be thieves know there is no cash on the premises
• considering the installation of a duress alarm
• not counting your money in public view
• considering the use of a professional cash carrier