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2018-05-15 06:01
PHOTO: suppliedRichard Phillips - joint CEO Cash Connect.

PHOTO: suppliedRichard Phillips - joint CEO Cash Connect.

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WITH over 20,000 armed robberies against businesses in the past year, South African retailers have a one in four chance of being hit. This reality for vulnerable retail cash targets, begs the question - not if, but when?

According to the Global Cash Index report released in June 2017, cash remains the preferred method for the majority of payment transactions.

“The prevalence of retail armed robberies, burglaries and cash in transit robberies is a clear indicator that highly organised criminals are aware of the large volumes of cash moving around,” says Richard Phillips, joint CEO of Cash Connect.

They also know that around 72% of retailers, deal with their cash takings in a traditionally manual way. These retailers present easy and lucrative targets to criminals who have sophisticated resources at their disposal.

With 57 armed attacks a day, retailers should not accumulate large volumes of cash in store, but rather opt for automated cash management solutions.

Phillips says that Cash Connect’s cash vaults are locally designed and built to a minimum SABS Category 4 standard, proven to be the most effective deterrent to cash crime in the market.

Steven Heilbron, also joint CEO, says that Cash Connect processes over R60 billion a year on behalf of retailers, including blue-chip customers such as Spar, Shell, Engen, Pick ‘n Pay and OK. “With Cash Connect retailers can rest assured that their cash is guaranteed,” adds Heilbron.

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