Employee theft is increasing – the scope ranges from stealing inventory and padding time to taking money from the till. Many times, theft is a result of opportunity and incentive to steal. Employee theft can go unnoticed for years until your company hits a wall. Fortunately, early detection has never been easier with the convenience of a POS System (Point of Sale) and its many features.
A POS system allows your customer payments to be displayed and authorizes transactions to be executed. This compact system can also monitor employee engagements with your company. You will be able to use many of the numerous features such as…
- Managing your inventory
- Control inventory shrinkage
- Following company sales reports
- Outlining your best-selling products
- Determining customer buying habits
- Collecting customer data for future marketing
- Identifying your top performing employees
Smaller Companies Experience Larger Median Losses
Having access to the powerful business tools provided with a POS System can improve the security of your company by deterring employee theft, manage inventory losses and monitor employee time and productivity. Small businesses run a higher risk of falling victim to employee theft. Industries with over 100 employees have a median loss of $104,000, while industries with less than 100 employees have a median loss of $200,000. Smaller or mid-sized businesses often lack practices or systems designed to deter theft, making them a target. Here is an example:
Two Florida men working under a computer repair establishment were exposed for stealing inventory and skimming cash. Although both men had to repay their stolen expenses, many employees can carry out theft seamlessly and without a trace, costing U.S. businesses over $7 billion in total losses
Protect Your Business with a POS System
Employee theft is responsible for nearly 41% of all inventory shrinkage. A POS System can track inventory and sales, you will be able to recognize an imbalance in your inventory’s listed quantity and the actual physical count before it becomes a serious issue. Internal theft often occurs when an automated inventory system isn’t in place. Also, the easy to use POS system gives you the ability to accurately track and control product data such as pricing, stock counts and receipts.
The convenience and efficiency of a POS System will help reduce your exposure to employee theft, inventory losses, and unearned payroll which reduces costs and increases profits for your business. The price of investing in a POS System will be significantly less than the price of losing millions to theft.
Courtney Wells, a 49-year-old woman in Connecticut admitted to embezzling over a half a million dollars combined from her two positions as a trusted bookkeeper. Appearing as a trustworthy employee at her job as treasurer of the Southington Lacrosse Association, she gained exclusive access to the association’s debit cards and the bank account. Authorities believe she had stolen approximately $100,000 from this position to fund personal needs such as concerts, traveling, or shopping.
Additionally, Wells embezzled $375,000 from her other job working as a part-time bookkeeper at Jones Engineering. She put this money towards a partial refund of what she had stolen from The Lacrosse Association. Wells finally surrendered herself to authorities according to Southington, CT police. Her warrants included first-degree larceny, second-degree money laundering, and first-degree forgery. There are steps you can take to help secure the well-being of your company.
Article source: https://fox61.com/2019/01/10/woman-pleads-guilty-to-stealing-from-youth-sports-group/
5 ways to protect your company from employee fraud:
- Install a POS System for Accountability
- Monitor your company books and the back office of your POS System on a regular basis
- Sign up for bank and credit card alerts when purchases are made
- Perform thorough Background Checks on all employees and independent contractors
- If you become a victim, prosecute the employee!
A criminal background screening provides a thorough insight into a potential hire’s criminal history. Not only does PCI 12.7 warrant a background of employees dealing with multiple forms of payments, but also taking proactive steps to reduce your risk of employee theft and possible violence in the workplace makes good business sense. Your company’s future is in your hands and now more than ever we need to be watchful of who we are letting in the door.
According to PCI…that dreaded term…
12.7 Screen potential personnel prior to hire to minimize the risk of attacks from internal sources. (Examples of background checks include previous employment history, criminal record, credit history, and reference checks.)
Article source: https://fox61.com/2019/01/10/woman-pleads-guilty-to-stealing-from-youth-sports-group/
NEVER UNDERESTIMATE THE POWER OF A WOMAN
You may be stunned to learn just how much women’s economic power has increased in recent years. Their impact on the consumer economy and influence in decision-making has elevated them to account for 85% of all consumer purchases. Understanding the factors leading to related statistics and how to appeal to this gender is critical to capture their business.
Factors leading to this rise in power are:
- Women earn the majority of bachelor’s degrees (57%), master’s degrees (60%) and doctoral degrees (51%).
- Seventy percent of women with children under 18 are working at jobs and at home and 74.9% of women are the primary shoppers for the household.
- Women control 60%+ of all personal wealth in the U.S.
- Women are responsible for the purchase of over 61% of traditional male products, such as automobiles, home improvement products, and consumer electronics.
- Nearly 40% of U.S. working women earn more than their husbands.
This powerful force will continue to develop and dominate the marketplace for generations to come. Businesses must educate themselves on how to approach women and meet their purchasing needs. Research indicates “91% of women feel that advertisers don’t understand them.”
(For more Statistics on the Purchasing Power of Women, including Millennials, Gen-X women, Empty Nesters, and Boomer Women, see https://girlpowermarketing.com/statistics-purchasing-power-women/.)
How to appeal to this group:
Because women are sandwiched between raising children, working, caring for the home and caregiving for their elderly, their time is limited. Customer service and convenience are paramount to a good relationship and a satisfied shopper.
Training your sales and customer service staff to create a pleasant customer experience and recognize the importance of appealing to this shopper’s buying needs will help to increase sales and develop a repeat customer. To fail to acknowledge their presence or significance in the decision-making process will be a definite detriment to the ultimate sale of your product or service.
(www.forbes.com,2016/12/32, www.forbes.com, 2017/01/31)
More than 11 million businesses are owned by women who employ over 9 million people. Of that, 5.4 million firms are majority-owned by women of color employing over 2 million people.
Make your business run smoothly with online purchasing options, electronic billing, customer financing, and an efficient Point of Sale System. If these options are not available with your current vendor, call us for a free consultation at 866-207-3298 or go to www.cardsystems.com
We realize that your costs for accepting credit card payments increase regularly. As your source for Point of Sale, we can help by improving other aspects of your service that save you money and make you more profitable IN SPITE OF those rising costs.
There’s been a lot of confusion about surcharging in the past few years. Can you do it? Yes and no. They are specific rules and guidelines for each state regarding Cash Discounting and Surcharging.
For restaurants, the safest and most transparent method is to offer a cash discount for people paying with cash. Advertising the credit price throughout your restaurant with the expectation if they use credit, they pay that price. This should avoid confusion and keep your customers happy with a Cash Discount Program. In addition, you must notify patrons throughout your restaurant with a sign on the door, notification at a POS or cash register, and printed on the receipt. Make sure you are following your local state rules.
Upgrade your Point of Sale System – it will pay for itself so quickly you won’t even think of it as an expense. Our POS System will even automate the Cash Discount feature for you, so you don’t have to think twice about it!
For restaurateurs, the speed and efficiency of ordering alerts to kitchen staff, and payment processing will turn tables much, much faster in dine-in situations and faster yet for takeout. When customers key in their own orders – with descriptive, easy-to-use menu presentation and clearly stated instructions and payment options – it greatly reduces errors and streamlines the notifications along the order-fulfillment process that saves time. You and your customers will love that!
For other businesses, giving customers the ability to choose their items online saves clerks’ time (and prevents complaints about it taking too long to find a clerk!). Checkout is a breeze, and if there’s one thing everyone believes is in short supply today, it’s time.
Another great feature you should look for when choosing a new Point of Sale System is the ability to upload images and price changes instantly. This process should be as easy as putting a photo on Facebook.
So what are you waiting for? Call us today at (239) 549-5055 or check out our website www.cardsystems.com.
ATMs still Represent Easy Money for your Business, Restaurant or Store
With the rise of online shopping, brick-and-mortar businesses today need to do everything they can to stay competitive. Sometimes that means using a traditional, tried-and-true method of boosting traffic and earning some passive income.
We’re talking about the ATM machine.
Your store, restaurant or business just might need one.
Not everyone likes to swipe or dip the chip at a business. Credit and Debit card security concerns are causing some people to stick to the safety of cash. One-third of U.S. consumers (34 percent) say they are making more purchases in store with cash because of data breaches, according to ATM Marketplace.
Avoid card processing fees: Customers who use your ATM and then pay cash in your business save you in credit card processing fees.
Where’s my bank? In a tourist market, in particular, a customer’s regular bank may not be available or may be prohibitively far from his or her local destination. Your customer may want to withdraw money from or check his balance from an ATM before making a card transaction with you or another business.
“Now that I’m here”: Average 7-Eleven ATMs perform about 3,000 transactions per month, according to National Cash, an industry provider. That could be 3,000 times a customer visits your business just to use the ATM, and while there, they notice what else your business offers.
It’s a tax write-off: The ATM is a tangible personal property item which can be expensed. Your tax advisor can tell you about how the cost of an ATM machine can be depreciated or expensed beginning in the tax year that it is placed.
Earn income on surcharges: Talk about passive income! It’s the easiest way to make money on your money.
Operating an ATM is easy and a great way to drive more revenue and foot traffic into your establishment this year! Call or email us today to learn more.
Is Managing your POS System as Easy as Posting a Picture to Social Media? It Should be!
Imagine being able to upload an image of your daily specials or entrées as soon as they come out of your oven. Uploading an image to your menu is as simple as posting to your facebook page. Wow your customers and entice them into your restaurant or store today. The power of an image is incredible!
As a business owner or manager, can you edit and make modifications easily from wherever you are?
Envision being able to make real-time changes to your menu, manage your staff and keep an eye on your sales from anywhere in the world. Whether you are at home or on vacation the newer POS systems allow you to manage all of your operations in one place!
The newer POS systems are now state of the art, replacing the old legacy systems and improving your life as a restaurant or retail owner.
If your current POS system doesn’t have all these easy-to-use features, make the change and upgrade today!