Since the dawn of currency as a medium of exchange, theft has been an issue. Obviously, this issue is a key security concern for all retailers. The use of smart safes and cash in transit (CIT) services can help alleviate some of the anxiety associated with the handling of cash.
For example, the Fireking Summit Series line of deposit smart safes validate notes as they are inserted, immediately identifying potential counterfeits. The Smart Safe automatically counts the currency and stores until collection – an added bonus for loss protection as totals can be tabulated instantly.
Smart Safes significantly reduce the chance of cash discrepancies while simultaneously reducing time and costs as a result of a simplified and efficient cash-handling process. Easy-to-use configuration and a simple installation process allow you to introduce a secure smart safe solution to any business, large or small, with zero down time. Near real-time web-based monitoring of cash levels via the Summit Control View software offers immediate detailed reports, accessible from any PC or mobile device. Manage employee access and monitor trends over time to better operate and understand your overall cash flow.
For additional security, we are partnered with CIT logistics providers (like Cash Connect) with the ability to provide provisional credit to your choice of financial institution(s), as well as armored car pickup throughout the Country. Provisional credit is attained through automatic daily ACH transfer, and is bank-agnostic, allowing you to work with your existing banking partner. CIT logistics are fully managed with zero customer involvement. Armored vehicles arrive on a weekly or bi-weekly schedule determined by your cash volume to collect the cash that has already been deposited into your account through the ACH transfer. Additional services such as change orders can be negotiated and handled through the same logistics partners as well.
Using Cash in Transit Services eliminates risk and exposure to yourself, staff, customers, and general public. It saves time and allows staff to concentrate on core business.
Let us help you reduce opportunities for theft, robbery, and/or diversion. Call us today to start the conversation!
Information has been gathered from sources deemed reliable but not guaranteed and is subject to change without notice. The information contained in this site is provided for informational purposes only.
“Oklahoma is the fastest-growing medical marijuana market in the average number of daily patient increases, and MMJ patients represent 4.1% of the state’s total population – one of the highest rates in the nation.” [1]
Who would have thought? Oklahoma is the fastest growing market for medical marijuana sales. Their legislation, whether consciously or not, is set up to do primarily just this. The barriers to entry for cannabis businesses are fairly easy and obtainable (as far as marijuana establishment regulations go). The license application is a mere $2,500 for medical marijuana dispensaries, commercial growers, and processors (Okl. Title 63, Ch. 15, Medical Marijuana). This should make it possible for smaller mom and pop retail dispensary, grower or cash in transit (Oklahoma legislation also dictates that a separate ‘transportation’ license must be obtained to “to transport marijuana from an Oklahoma licensed medical marijuana retailer, licensed growing Facility, or licensed processor Facility to an Oklahoma licensed medical marijuana retailer, licensed growing Facility, or licensed processing Facility.” Okla Stat tit. 63, 424) establishments to do business in the marketplace. Also, there’s no list of required medical conditions for patients to suffer from prior to obtaining their medical license; it would appear that if an Oklahoman ‘patient’ applies for a medical marijuana license for use, they will probably be approved.
This is all great news for Oklahoman entrepreneurs planning to set up shop and open legal cannabis establishments. Millions of dollars will be pouring in to these establishments from card carrying patients, but these patients will be paying in cash. Marijuana is still considered an illegal drug as per Federal law. Most credit card companies will not allow transactions at marijuana establishments, Visa has explicitly stated they will not permit any transactions involving marijuana on their credit network [2]. This means Oklahoman businesses are going to be faced with the challenge of handling mass amounts of cash.
SSPOS Smart Safe point-of-sale-– The SecureCash smart safes are a state-of-the-art solution designed specifically for cannabis dispensary cash management. Focused on simplicity and security, the unit is ideal for cannabis point-of-sale and under-counter installations. Retail businesses experience up to 55% savings in time spent on cash counting, tills & daily cash deposits with Smart Cash Safes
The marijuana industry is estimated at nearly $9 billion in sales, and “…expected to grow to $50 billion in just a few years…” [3] most of those sales being completed in cash. The amount of cash exchanging hands presents abundant opportunities for security issues. A standard old-fashioned till is not going to suffice in a successful Oklahoma cannabis dispensary.
In addition to security concerns, business owners must adhere to state regulations. The state of Oklahoma requires all marijuana establishments to keep business records (including those pertaining to cash transactions) for seven years for auditing purposes (2018 OK Regulation Text 19159). Cash management software will be the easiest way to meet this requirement.
When properly implemented, a cannabis security plan utilizing SSPOS and intelligent video surveillance can help drive revenue and create opportunities for a cannabis dispensary to become more profitable. As a premier partner of Total Harvest Coverage, we help cannabis growers, processors, transportation and dispensaries with integrated security that maintains compliance.
Cash levels can be monitored in real time and end-of-day accounting is performed automatically without the need for employees to manually count cash. Retailers can even monitor the amount of cash collected by CIT across a chain of stores. CashControl’s reporting tools help optimize performance and ensure that in-store security routines are being followed. In addition, technicians can use the application to remotely maintain, update and service SafeCash Retail machines, which means increased uptime and a more reliable closed cash handling process.
When you’re ready to begin the process of securing your facility, the consultants at KL Security are available to assist. Well versed in government regulations and recent legal mandates, we are prepared to ensure your business will pass requirements for DEA federal guidelines for Vaults, Safes and retail cash management.
Information has been gathered from sources deemed reliable but not guaranteed and is subject to change without notice. All license information and security measures taken directly from Oklahoma legislation: OAC 310:681 & Okl. Title 63, Ch. 15, Medical Marijuana & Okla Stat tit. 63, 424.
Sources:
[1] Cowee, Maggie. (2019, August 13). Marijuana Business Daily. Medical marijuana markets expanding at varying rates, with Oklahoma, Florida setting the pace.
