Police found 30 pounds of marijuana and $33,000 in cash.
Why Cashless Solutions Reduce Security Risks
Preview: Many businesses experience security risks, but with cashless solutions, these risks can be mitigated.
Burglars are stealing from marijuana dispensaries
In 2016 alone, approximately nine percent of small businesses experienced burglary or theft, and on average, such incidents cost business owners a staggering $8,000.
Consider the following example: just four months ago in Washington, Oregon, officers arrested burglars who were stealing from marijuana businesses in the area. When caught, police found six pounds of butane honey oil (BTO), 16 firearms, 30 pounds of marijuana and $33,000 in cash.
Many employees face significant trauma after experiencing a burglary.
Crimes like these affect businesses in ways that extend beyond finances; many employees face significant trauma after experiencing a burglary. Most individuals no longer feel safe in the workplace — according to a study, following a theft, 43 percent of people felt violated and 44 percent feared of a repeated incident. Additionally, 1 in 8 individuals never emotionally recover from it. This contributes to high employee turnover rates and decreased employee productivity.
Given that safety is one of humanity’s most basic needs, companies must implement solutions to reduce such security risks in order to protect their employees.
To solve this issue
To solve this issue, companies are installing innovative financial technologies into their store locations. Among these, cashless solutions, such as Paybotic, Dama Financial, Hypur, Glory”s Cash recyclers and our Flagship cash handling processes in self-ordering kiosks, specifically increase the security of companies.
How do Cashless Solutions Reduce Security Risks?
1.Decrease Crime Rates
Burglars are attracted to cash — individuals who carry it are easy targets. This is because, not only is the asset liquid but also, once cash is stolen, it is difficult to track. Additionally, it can be challenging to prove the original owner of stolen money, making the likelihood of a successful cash theft extremely high.
With cashless solutions, businesses eliminate the presence of in-store cash and in effect decrease the probability of crime occurrence. In fact, when Missouri replaced cash welfare benefits with Electronic Benefit Transfer (EBT) cards, researchers found that the state’s crime rates dropped by approximately 10 percent.
Cashless technologies can also be left unsupervised at times because there is no risk of someone stealing cash — simply put, there is no money to take.
2. Create Paper Trails
Illegal transactions tend to use cash to facilitate the incident, since there’s no record of the cash.
Cashless solutions resolve this problem by recording each transaction, which creates a paper trail. By securing funds, businesses can easily identify every party involved in a transaction, making it significantly harder for money laundering and tax evasion to occur. These records serve as evidence that can include more identifiable factors of the transaction process to further protect and secure a business’s finances.
Such paper trails also decrease the likelihood of employee theft, which costs businesses $50 billion yearly. Staff can no longer create false returns or purchases to steal from a company. Since every transaction is recorded, business owners can easily identify and flag such alarming actions.
Essentially, cashless solutions are the key to increase a business’s security. Such technological innovations ensure that both employees and outside parties can no longer take advantage of a business.