How Retail Recycler fight cash skimming?
Despite a lot of technology, the “cash shrinkage” has grown in the US in 2017, by 1.44% (1). The “employee theft/internal” accounts for 30%, and “administrative and paperwork error” account for 21.3% of total shrinkage amount (1).
Let shortly analyze ways how “cash skimming” is possible in the shop?
Your employee working behind the counter decides whether the proceeds from a cash sale go into the register or his pockets. Skimming occurs when cash from a sale is not recorded in your accounting books. (2)
There are some well-documented ways, how the “cash skimming” is done:
Short-term skimming occurs when an employee takes cash from a sale with the intent of returning it later. (2)
With unrecorded sales skimming, your employee takes the money from a sale and gives your customer the merchandise free. The customer does not receive a receipt or an invoice for the transaction. (2)
Employees can misuse their employee discounts to skim cash off their business. Your customer pays full price for your merchandise and your employee collects the total amount. After the customer leaves, your employee swipes her employee discount card to lower the invoice amount. She keeps the price difference for herself. False discounts go undetected because the sale is entered into the accounting system. (2)
As we see here, the main reason why the “cash skimming” is possible for the simple reason: the cashiers have unrestricted access to the clients’ cash!
There is simple receipt how to fight the cash skimming by employee: let pay the bill by the customer himself, without letting the shop cashier even to touch the cash!
You will ask me, “how it can be possible”? The answer is simple – using Retail Recycler, integrated with an existing POS system!
Here the cashier scans goods, the due payment is transmitted to Retail Recycler, the customer pays the amount of entering notes and coins and get the change paid by the device in notes and coins.
No contact between cashier and cash – no (almost) cash skimming possible.
Just click on the link to learn more about Secure Cash Retail Recycler we are distributing in EU, USA, Mexico, and Russia.
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