Financial losses due to theft, fraud and inventory shrinkage is something that business owners often fear. In the age of advanced technology, criminals have found numerous creative ways to manipulate financial systems or workaround normal business processes. It is vital for business owners to be aware of the multitude of security threats that can harm their business and how they can combat these threats. Financial losses are often due to internal threats and these often happen at the point of sale. However, mordern Point of Sales systems have many features which can help to combat these finanical losses.
Point of Sales systems have Online Reporting features that allow business owners to monitor the operations of their business and spot any discrepancies in normal operations faster. For example, business owners can consult cash drawer balance reports daily to confirm employee handling of money. If the register activity and the daily cash up balance doesn’t match, a theft may have occurred.
Inventory and Sales Monitoring
Real-time inventory visibility can also be used to verify sales. POS systems allow you to compare the POS inventory reports with actual inventory in your business. Using your POS data, you can also track stock movements to stop shoplifting or prevent staff from stealing stock. This kind of internal theft can happen if you don’t have an automated inventory system. These kinds of systems can track item barcodes and ensure that all your stock is where it needs to be.
Monitor Access to the System
Point of Sale system can ensure that all your employees get a specific clearance and access to the system. This prevents unauthorized access and system changes. This kind of POS clearance also means that you can select what kind of access you give to certain staff members. Therefore, only selected group staff members can do certain actions on the system. For example, only managers or supervisors can approve of voids or discounts.
These systems, therefore, hold staff accountable and can track which staff members were logged in when a theft or cash discrepancy occurred. Specific access ensures only supervisors or managers can make important system changes. You can check shift reports to see who was working when there was a discrepancy in the records.
Credit card fraud prevention
POS systems prevent credit card fraud by allowing safer payment methods such as NFC. This ensures that your business doesn’t suffer chargebacks or lawsuits due to fraud. Protect your business by using POS data to keep a record of all transactions made, including customer signatures and proof of credit card authorisations. A quality and reliable POS system can accumulate all the needed data to ensure that you have all the proof of the corresponding transaction.
Integrated retail POS systems now have built-in and user-friendly features for fraud detection and prevention, which can help reduce shrink from theft and fraud significantly. Business owners need to instill strong security protocols to protect both company and customer data.
As mentioned, as technology evolves criminals find more and more ways to manipulate systems and take advantage of hard-working business owners. It is vital for business owners to educate themselves about the possible threats. Armed with this kind of information they can prevent possible security breaches and protect their data and finances.