It’s 5 p.m. Do you know where your deposits are?


 

Deposit tracking sounds simple, right? Your stores send deposits to the bank, and the funds show up in your account. Unfortunately, there’s a lot of ways your deposit process can go awry.

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What’s your cost of accepting cash?

 

When I talk to retailers about their challenges, the cost of accepting cash doesn’t usually top their list of concerns.  Typically, it’s for one of two reasons: either they don’t realize how the cost snowballs based on a wide variety of factors, or they’ve simply decided that there’s nothing they can do about it. Most retailers I speak with aren’t even sure what their cost of cash is in the first place. But in some retail verticals, the cost of cash is higher than the cost of accepting credit.

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Drive employee engagement to lower loss

 

It’s well established that engaged employees perform better. In retail, the impact of an employee who’s invested in their work is easy to see – it results in greater productivity, more customer satisfaction and a better bottom line.

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Ask the Retail Experts: Better LP investigations and tighter policies

 

Dear Experts,

A former Chipotle employee was just awarded $8 million after she was accused of stealing $636. How can I protect my company from this kind of situation?

— Regional Director, Audit

 

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NRF Protect 2018: What to look for

 

When I go to NRF Protect, I’m always struck by the wide swath of challenges LP professionals face each day. From ORC to data breaches to inventory shrink to cash loss – there’s a lot on your plate.

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3 ways to tackle retail compliance issues

 

An excerpt from Bad Stores and How to Fix Them

 

Lack of compliance with currency management procedures is a natural consequence of the industry’s high turnover — if staff is always changing, procedures get sloppy. But even without an ever-changing team, procedures and the ability to govern how and when they’re executed can suffer without the proper tools.

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Digging into retail deposit options

 

Shoppers making in-person purchases in 2018 have more payment choices at the register than ever before. They can pay with check, debit or credit, or by scanning their phone or watch. Or they can pull out their wallets and pay with cash — and despite convenient advances in payment technology, many do.

 

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It’s official: The cost of cash is more than you think

  


Get 10 retailers in a room and ask them what their most expensive form of payment is. What do you think they’ll say? I’d wager most of them would say credit – but they’d be wrong.


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3 next-level store audit tips to optimize your retail business

 

A colleague asked me recently what I’d tell someone just starting out in retail loss prevention or audit. While much has changed since I started as a store auditor, I still see one mistake again and again – treating audits as “gotcha” moments.

 

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11 important things retailers could be doing instead of managing store reports

 

When I was a district coordinator in a major retail chain, I was — as all retail leaders are  slammed. All the time. If I wasn’t forecasting sales or monitoring operational results, I was managing vendors and department heads. My favorite part of the job was being in stores and seeing how things were going day to day, but it felt like I was only there if there was a problem to solve. And, of course, I only heard about these problems when I’d spot them in the daily and weekly data deluges that flooded my email.

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