May 2014

Four myths on cash-in-transit

  • Date: 07.05.2014
    Author: Peeter Torim

In the previous newsletter, we overruled the statement that cash is means of payment perishing before long. Statistics show that regardless of the prevalence of card payments, the use of cash has not decreased over the past few years and forecasts do not see it happening in the nearest future, either. So let us bust a few myths on cash-in-transit that might endanger the safety of companies when taken seriously. 

In cooperation with Swedbank, we have formulated some of the most well-known myths with the aim to raise the awareness of the clients of the bank. As it is an important issue, let us present these myths again here. There are probably entrepreneurs among our clients who still ignore the risks related to transporting cash or carrying a lot of cash on them. By doing that and relying on certain myths, they compromise the safety of the employees of the company and the cash itself.

Myth No. 1 – The cash-in-transit service is for large companies only
To have the cash deposited to the account conveniently and safely is important for companies of all sizes. Moreover, it is often small companies in particular that appreciate quick receipt of funds and regard it very important. Often, a small business does not have the means for depositing cash – in such a case, the cash-in-transit is the only choice.

Myth No. 2 – collecting agents only operate in larger towns and will not come to my store
The G4S Cash Solutions Division provides cash transport and processing service to almost 450 clients. Annually, our cash-in-transit vehicles cover more than half a million kilometres and we can assure you, so far, not one client has missed our services due to their location.
G4S provides the service all across Estonia.

Myth No. 3 – a small shopkeeper can very well take cash to a bank office on their own
Even a small shopkeeper must think about their own safety and that of their employees; an employee walking on the street with a roll of bills is an easy target for a robber. By trusting cash-in-transit to the hands of specialists, the owner of a business has one less thing to worry about and the employees definitely feel safer. Any cash shipment duly delivered to G4S is insured and the client's risk for own account is zero.

Myth No. 4 – the cash-in-transit service is very expensive
Cash-in-transit is not more expensive than riding a taxi or using a courier; also, the price of the transport includes counting of the cash and deposition to the account. In addition to all this, cash-in-transit works both ways, that is, it's very convenient to order coins and small notes for the cash register at the same time with the transport.

Peeter Torim

Director of Cash Solutions Division