Etini
Valued Contributor
With the rise of electronic payment systems, there has been a new service business opened up and that business is Agency Banking. An agency banking business is a small business that accepts cash deposits to your account or a third party account for a fee in lieu of you going to the bank. They also give cash withdrawals using ATM cards processed through Point Of Sale machines.
For this kind of small business that handles cash and operates on the street without any security, theft and robbery are the greatest risks they might have to face. And one way to mitigate these risks is through drastic reduction of cash handling at the agency banking operational point.
Set limits for the amount of cash that can be held per time. It must be at par with projected transfer volume. Anything above that should be sent to the bank. Arrange with your account officer so that he or she can always come pick up cash to deposit in your account when you call.
For this kind of small business that handles cash and operates on the street without any security, theft and robbery are the greatest risks they might have to face. And one way to mitigate these risks is through drastic reduction of cash handling at the agency banking operational point.
Set limits for the amount of cash that can be held per time. It must be at par with projected transfer volume. Anything above that should be sent to the bank. Arrange with your account officer so that he or she can always come pick up cash to deposit in your account when you call.
