Business

Procedures when dealing with cash in transit

By December 22, 2015 No Comments

Previously we looked at cash handling procedures on your retail business premises but these procedures will not be the same outside of your premises. Very strict guidelines should be put in place for you and your staff when it comes to cash in transit.

  • Cash brought outside of the premises should be kept to a minimum. This can be achieved by banking regularly and not just waiting for it to build up on your premises.
  • Staff should be well trained and are aware of the precautions to take when transporting large sums of cash. It is also important when it comes to cash in transit that staff are versed in what to do during an emergency situation.
  • There should not be a specific routine followed, a different route and time of day to visit the bank should be implemented. The person dealing with cash in transit should not wear anything that makes them stand out or identifies them with the company.
  • A car or reputable taxi firm should be used to complete the journey to the bank unless it’s located within a few metres of your premises. It is not advisable to go by foot and especially not when there will be few people around. Cycling may be a safe option also as it will help in keeping a low profile.
  • The bank should be rung in advance of your arrival and another member of staff should be informed when you are due to return.
  • The cash in transit should be kept in a security bag if you have one available, otherwise you should use a discreet bag to transport it.
  • In the worst-case scenario if you are confronted by a robber you shouldn’t be a hero as the money will most likely be insured. It’s not worth suffering an injury or possible death trying to prevent a robbery.

Alternatively if your company decides to use a security firm for cash in transit you should choose a reputable firm and work with them to complete a risk assessment. The route and collection times should be varied and the security staff should identify themselves.  You should also know in advance of the named personnel responsible for a particular week or month.

If you are interested in reading more cash handling procedures we have written a guide covering a wide range of information relating to it.