Whether you’re in the financial services industry or help run another business or organization that frequently handles cash transactions, you may find yourself overwhelmed by the burden of managing cash logistics, from front-facing cash handling to secure cash transportation. While more and more transactions go digital, physical currencies are still an integral part of commerce and banking, requiring adequate attention and commitment.
So how can you reduce cash handling pain points while maintaining the security and integrity of your operations? In this post we’ll explore the top reasons why partnering with a trustworthy cash-in-transit service company can provide major benefits to your institution or organization, enhancing security and efficiency while minimizing errors and downtime. Keep reading to learn more!
Fortunately, bank robberies have fallen dramatically over the years, with a shift to online banking and increasingly cash-less systems, as well as the continued evolution of anti-theft solutions. According to the FBI, in less than twenty years robberies have dropped from nearly 8,000 per year in 2003 to fewer than 2,000 per year in 2021. But despite these major technological advances and massive decreases in theft, banks and credit unions in the US still lose millions of dollars each year to robbery.
Transporting cash may seem like the routine banking activity that would be most vulnerable to theft, but theft from professional cash-in-transit services in account for only a very small percentage of robberies, burglaries, and larcenies. In 2021, out of those nearly 2,000 bank robberies, only 2—that’s .01%—involved cash-in-transit services, per the FBI’s Bank Crime Statistics report. With highly skilled professional drivers, strict protocols, and vehicles and transit equipment specially engineered to withstand robbery attempts, today’s cash-in-transit services, like those from Shields Business Solutions, are exceptionally secure.
Secure Cash-In-Transit Services are Critical for Today’s Financial Institutions
Cash is Still an Essential Form of Currency
While the bulk of transactions in many establishments are now cashless, using digital platforms to transfer funds, we are far from living in a cashless society, with over 2 trillion dollars in circulation at any given time. Large swathes of our population still rely upon cash to make a significant portion of their transactions. According to a recent Gallup poll, 22% percent of adults with annual incomes below $40,000, 14% of those whose annual household income is between $40,000 and $99,999, and 5% of households with annual incomes over $100,000 use cash for all or most of their purchases.
Many businesses also rely on cash as a dominant payment method, from laundromats to P2P vendors. More importantly, very few businesses are entirely cash-free. In the US, only about 15% of businesses are effectively cashless, using digital and card payments for the vast majority of their transactions. The remaining 85% continue to accept and use cash, requiring effective cash management.
To truly reach and serve all members of a community, financial institutions need to provide options for a diverse range of financial needs and preferences, ensuring the security of these services. Utilizing professional Cash-In-Transit and other cash management services can alleviate the burden of handling a decreasing percentage of cash bank transactions, while providing assurances of security to those who still rely heavily on currency usage.
What do Cash-In-Transit Services include?
More than just moving cash, Cash-In-Transit services offer a variety of secure cash handling options for financial institutions and cash-based businesses. At Shields, these include:
- ATM Cash Replenishment: Industry-experienced guards safely and efficiently restock cash in ATMs, as needed.
- Vault Services: Cash can be transferred from financial institutions, businesses, and ATMs to be stored in a Shields vault where trained staff of vault personnel can account for every dollar at any moment.
- Coin Wrapping: Standard or customized coin wrapping services are available upon request.
- Cash Deposit Pick-Up Service: Secure scheduled pick-up and delivery of cash deposits and clients’ daily receipts to a designated financial institution.
- Change Orders: Delivery of specific coin and currency orders in requested amounts.
With Shields, we pride ourselves on our 99% on-time delivery rate for cash-in-transit, which is much higher than the national armored transit providers. All the above services and more can be managed easily through our web portal—and if there is ever a question or concern, local assistance is just a phone call away.
Other Benefits of Using a Reliable Cash-In-Transit Provider
In addition to increasing security and consumer/customer confidence, Cash-in-transit services can provide a variety of benefits to both financial institutions and businesses.
- Increase operational efficiency. Time spent on cash management tasks from cash-counting to managing deliveries and ATM replenishment can be greatly reduced or eliminated when using professional secure cash management and transportation services. Reduces the amount of time spent tracking down vendors for bank and branch personnel.
- Reduce errors and interruptions. Decrease ATM downtimes and other interruptions in service through integrated cash monitoring and replenishment services, backed by state-of-the-art cash counting and storage equipment.
- Save money. Effective outsourcing of cash management and armored transport can not only reduce trips to the bank for retail establishments, it can also reduce dedicated employee time for all businesses and financial institutions—in turn decreasing your in-house costs (while reallocating valuable employee resources to more vital tasks like customer relations).
Why choose Shields for your institution’s Cash-In-Transit Services?
With a longstanding reputation in the Northeast and variable service areas spanning New Jersey, New York, Pennsylvania, and Delaware, we are the regional authority on secure cash transit:
- Proven results: With 99% on-time deliveries, we are not only #1 in the region, but our delivery success rates also far outpace the national competition.
- Satisfied customers: Our regional customers can vouch for our helpfulness, responsiveness, and dedication to getting a job done right.
- Top-tier staffing: Employees include highly trained former military and law-enforcement.
- State-of-the-art technologies to ensure maximum security, efficiency, and compliance.
- Compliance know-how: We are exceptionally experienced and knowledgeable in meeting legal and industry compliance standards for cash-in-transit services.
Partner with Shields Business Solutions and Secure Your Valuable Cash
Having the right partner for your cash transportation needs can make all the difference. At Shields Business Solutions, we are a proud leader in providing secure and efficient Cash-In-Transit and Cash Management services with an industry-leading 99% on-time delivery rate for cash transit. Our services effectively helping to thwart theft, loss, and fraud every day, while saving our clients time and money.
To learn more about how Shields can safeguard your cash operations, schedule a free consultation with one of our staff. For more valuable industry insights, subscribe to our blog.
