As a business owner, it is important that you are making enough profit to keep your business afloat. There are many ways that assets can be compromised, and it is important that you take steps to make them less vulnerable. Unfortunately, people are not always as trustworthy as they should be, and you have to watch out for fraud or sabotage to your business. Consider these ways that you can protect your business’ assets.
Monitor Credit Card Activity
There is a scam that some customers participate in, which is chargeback fraud. Essentially, they tell their credit card company that the purchase they truly made is fraudulent. They get their money back, and you receive a charge from the credit card company for fraud. To stop this from happening to your business, you can invest in chargeback fraud protection for merchants. These services help you monitor your valuable assets so that you will not be at risk of friendly fraud.
Never Leave a Single Employee in Charge
You should be able to trust the people that work for you, and after months or years of employment, you likely have a good idea about the character of your employees. However, you can never be too careful with new hires, and even existing employees can get into desperate situations at times. It is important that you do not put an employee in a situation in which they could steal money from the business. You can do this by making sure that there are always two people on a shift. That way, you will have witnesses to anything that goes on.
Do Not Keep Large Amounts of Cash on Hand
Keeping a lot of cash on hand is asking for trouble. Once it is gone, it is very hard to recover it. If a customer comes in and makes a large purchase in cash, try to get the money to the bank as soon as possible. You can send an employee to the bank with the money, and make sure that they bring back the correct deposit slip. Alternatively, you can choose to transport all of the money to and from the bank yourself.
Being a business owner comes with its fair share of stress, and it is important that you take steps to protect your assets. After all, you have worked hard to build this business, and you need to do what it takes to keep it going strong.