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Cash counters protect small businesses from fraud

Cash counters protect small businesses from fraud

Cash counters are a valuable tool for business owners to fight against fraud.

Instances of counterfeit money getting used at small businesses  is more common than you might think. A woman from Kalispell, Montana, was charged with a felony for using counterfeit money to purchase gasoline for her vehicle and pizza on Nov. 18, Daily Inter Lake reported. But that is far from the only recent incident of counterfeiting in the U.S.

On Nov. 28, an Idaho Falls, Idaho, man was in possession of two counterfeit bills at the time of his arrest, according to Idaho ABC 8 News. And Sand Springs, Oklahoma, police arrested a man accused of using fake money at two gas stations in the area, according to Oklahoma Fox 23 News.

One way business owners can work to protect themselves against this crime is to integrate cash counters into their daily workflow. Despite an economy that is increasingly relying on credit and debit card transactions, cash still makes up 40 percent of transactions in the U.S., meaning small-business owners need to remain vigilant about the threat of counterfeit money.

Money counters give businesses a tool to detect counterfeit money as soon as possible. Cummins Allison's money counters scan serial numbers and use counterfeit detection technology to alert entrepreneurs to any counterfeit transactions as soon as they are found. This is important because if counterfeit money is not detected right away, it will continue to circulate, and businesses could potentially find themselves in legal trouble for possessing fake currency.

Cash counters also free up employees to perform  tasks other than tediously counting profits from the day. Certain money counters can process up to 1,600 bills per minute, condensing a task that might take nearly an hour into only a few minutes. Implementing cash counters also  reduces the risk for human error by recording everything electronically as it is counted.

February 2, 2017