Cash management is a challenge without smart technology to help countermand two problems that frequently occur – counterfeit money and human error.
Counterfeit currency is an enormous problem in the U.S. and abroad. It’s estimated that at any given time as much as $70 million in counterfeit money is circulating in this country. That’s a major problem for retailers and businesses dealing in cash. But there’s another element that plagues cash management in business and often occurs both innocently and blameworthy–human error.
Transactional errors are bound to occur and are often innocently done, but with a process of accountability built into your cash management procedures, the odds diminish greatly, whether unintentional or not. The lack of due diligence and process in cash handling means that problems with bookkeeping, fraud, theft, errors and cash flow are more likely to occur.
Fake Money Hurts Business
Any business can become a victim of counterfeit money, and there’s no easy remedy to finding funny money in your register. You report it to comply with the counterfeit money laws, but don’t expect the government to replace it with the real deal. It won’t happen.
Your best option to recover losses is insurance. Without an insurance policy to cover the receipt of counterfeit money, your business must suffer the loss. And while insurance is important and certainly smart to have, the advantages of the latest smart safe digital technology is even smarter.
Smart Security Pays
With an AMSEC Smart Safe you’re getting the advantages of the MEI SC Advance bill reader. The advanced recognition system with transmissive sensors sees all the way through each note contributing to a higher overall acceptance rate for legal notes while increasing security against fraud.
The sensor use a full spectral analysis with multiple wavelengths of light to look completely through each note and validate its authenticity. And even if the notes have been worn or damaged, these advanced recognition algorithms facilitate the industry’s highest acceptance rate.
Control the Human Error Conundrum
It’s easy to lose count, record numbers incorrectly, skip numbers, and mix up denominations when handling large volumes of cash, especially if your employees are tired or distracted after a long work day. When employees are counting and sorting money at the end of a shift, the risk of accounting errors increases.
Take human error out of the equation and the risk of errors goes down. How? By trusting AMSEC Smart Safe to ensure consistent accuracy in cash handling. You will know who has access and when, helping to prevent fraud, theft and breaches. Without AMSEC Smart Safe your business will be much more vulnerable, running the risk of painful financial loss.
Avoid the Obvious Dangers
Managing security, accounting, due diligence, and accountability are all part of a business manager’s job. But taking the added precaution of ensuring effective cash handling will have widespread benefits for your business, improving efficiency, security, and overall financial gain. AMSEC’s CashWizard Smart Safe is the answer to a safer, more streamlined way to manage cash.