For retail stores and financial institutions, cash is king, and there are few resources as important as a high-quality cash-in-transit (CIT) service. From moving paper currency and coins to cards and other valuables between locations, almost everything that occurs in a business setting is layered on top of the foundation of a trusted and reliable cash-in-transit provider relationship.
On a practical level, cash transportation for banks or retail establishments involves the use of armored vehicles, secure cases, and other security measures, as well as highly trained personnel to keep everyone safe and funds and business flowing.
Continuity and comfort with your provider can make this task effortless, allowing you to focus your attention and energy in other areas.
Signs Of Trouble
Squealing brakes. A leaky faucet. Your computer crashing. Sometimes the things in our lives that we rely on most let us know when they are about to break or fail, but it’s not always that easy—especially when it comes to our business vendor partnerships.
So how do you know when it is time to change your cash-in-transit provider? Let’s walk through some issues commonly faced by customers of the national armored service providers and how encountering these and other pain points may be a sign it’s time to seek out a new provider.
Late Deliveries Or No Shows
On the most basic level, delivering cash seems a given. It is in the name of the service after all, and so not doing so would seem like a sign that something needs to be addressed. Even a late delivery can significantly impact the smooth operation of your branch or business. From delaying opening or full operations to causing an increase in employee hours because dual control or other specific safety protocols need to be followed. Quite literally, when it comes to cash-in-transit services, time is money.
Of course, some factors are out of human control. Severe weather, accidents, and emergencies can be legitimate reasons for delays and possibly even a no-show. Your cash-in-transit provider should have procedures in place to ensure you and your business are not significantly impacted by these rare events. It’s always best to know this in advance, versus in the moment when the ramifications of the situation are creating challenges in your typical operations.
At Shields Business Solutions, we take reliability seriously. We are the leading provider of cash-in-transit services in the Northeast, with an industry-leading on-time delivery rate of 99% (that’s higher than the national providers).
The local nature of our business means we can re-allocate resources to address situations that do arise, limiting any potential impact on your business. Knowing your cash will be delivered or picked up exactly as scheduled frees up your time to focus on your clients and the day-to-day realities of your business.
Money Not Getting Deposited
Delays in deposits can have an outsized impact on your operations. From not knowing with confidence the state of your account balances to potentially overdrawing your accounts or even impacting debt payments, when your funds aren’t deposited, all sorts of bad things can happen—and fast—and issues with money not getting deposited are reasons for alarm and attention.
At Shields, we offer online cash management tools that provide real peace of mind. You’ll know that your deposits have been made and also have easy access to scheduling and customer service tools.
Missing Cash/Missing Funds
While shrinkage is an accepted reality when it comes to inventory in a retail store, it is never considered acceptable when it comes to cash and coins. Thoroughly investigating the situation to eliminate the possibility of human error should be the first step, but if that is found not to be the issue, you should move towards escalating the issue and terminating your contract with your CIT vendor.
Wild stories of large, national, and international armored truck firms losing millions of dollars paint a stark picture of the chaos that can be caused by mishandling funds and a lack of accountability.
At Shields, our focus is local. We are the region’s number 1 provider of cash-in-transit services, and we are always modernizing our cash replenishment services, breaking new ground with innovative approaches to delivery and cash management.
Poor customer Service
We mentioned above that disruptions in service can cause big ripples through your business processes. Issues, of course, are inevitable, but how your cash-in-transit provider handles them is key. When things go wrong, you want to know that someone is addressing the situation—with urgency.
Is someone easily accessible to communicate your concerns to and keep you up to date with the progress of a solution? Are they empathetic to your situation and understanding of how significant the impact of an issue may be to your operations? If not, it may be time to look elsewhere.
At Shields, our friendly, reachable staff are quick to address your concerns. Local assistance is just a phone call away, and online tools are available for those who prefer that approach.
Fee Increases
While cash-in-transit services are often considered a ‘cost of doing business,’ it’s crucial to approach them with the same attention to expense management as any other area. Identifying opportunities to optimize these costs can have a significant impact on your bottom line.
Fees seem to be on the rise everywhere we turn, and staying on top of what you are actually paying is key. Especially for longer-term partners, it is very easy to underestimate where your fees are currently compared to where they were when your relationship with the vendor started. Be sure to review fees at least once a year to ensure they are competitive and align with the services you receive and your budget.
We Get It, Change Isn’t Easy
Change is often difficult for humans, even when situations are unfavorable, because familiar patterns offer a sense of comfort and control, making it hard to let go despite the challenges. As authors James Belasco and Ralph Stayer put it, ‘Change is hard because people overestimate the value of what they have and underestimate the value of what they may gain by giving that up,’ highlighting the tension between clinging to the familiar and embracing the unknown.
Key Traits to Look for In A New Armored Cash Truck Company
When seeking peace of mind and reliability in a new cash-in-transit (CIT) partner, here are some qualities to look for:
- A modern fleet of vehicles with advanced security features to protect cash during transit.
- Well-trained, licensed security guards who are personable and professional.
- Online cash management tools that enable quick and complete accounting for deposits as well as easy scheduling of pick-ups.
- A highly responsive support team that is local and empowered to quickly make decisions to address issues if and when they arise.
If you are ready to say goodbye to the excuses and aggravation that the national armored cash transport companies can’t seem to avoid, let a community-focused company like Shields show you how timeliness and flexibility combined with a local, reachable staff can simplify your life.
Trust Shields with Your Cash-In-Transit Needs
Serving Harrisburg, Allentown, Bethlehem, Wilkes-Barre, Greater Philadelphia, New Jersey, Delaware, New York City, Long Island, and Suffolk County, Shields Business Solutions’ Security Division has evolved to be a leader in the cash management industry. We understand the importance of security and timeliness and are proud of our track record when it comes to cash-in-transit services. Our success and customer satisfaction speaks for itself!
Schedule a consultation with our team of experts to learn more about our entire suite of solutions, from Cash-In-Transit and Cash Vault Services to ATM/ITM Managed Services. Subscribe to our blog for more industry-related news.
