There are all kinds of businesses that accept various payment forms. They take cash, credit/debit cards, checks, and online payments. Whenever money is exchanging hands, unfortunately, employee theft can occur. Of course, most business owners like to think that they hire honest, hard-working, and respectable workers, but sometimes, a rotten egg can slip through the hiring process here or there. They steal a few bills from time to time as they feel as if the organization owes them. These instances should not be taken lightly. They can cost the establishment loads of money in the long run if left unchecked. According to an article published in Security Magazine, in 2016, U.S. businesses that experienced employee theft lost an average of $1.13 million. This figure is nothing to shake a stick at as numbers like these can cause a company to have to shut their doors for good in a hurry. So, sole-proprietors, partnerships, and corporations need to take certain precautionary measures to ensure they don't fall victim to such a scheme.
1. Voids, Refunds, And No Sales
If the POS system shows instances of refunds, voids, or no sales time after time, employee theft could be the problem. For one, the worker could be pocketing the cash. Then again, he or she could also be giving discounts to friends, family members, and co-workers. Check to see if these issues are happening more when a particular cashier is on the schedule. Then, the culprit is likely him or her. Also, if your company has invested in a security system, review the security camera footage to see if you can catch them in the act.
2. Be Mindful That Money Is Not The Only Thing People Steal
In accessing the inventory control module of your POS system, you will quickly be able to observe what products have needed to be purchased as of late. It is possible that the store could have has a sale, and consumers bought the items. However, if the numbers don't add up, you may have an employee theft problem on your hands. So, use your terminal for more than just accepting transactions and nip worker fraud in the bud early on.
Posted in Payment Processing on Aug 22, 2019