Securing the Cash on Your Campus
Automating the cash management process at your institution can reduce the risk of theft, robbery and human error.
There are a number of threats to look out for when large amounts of cash are being handled on your campus.
Threat 3: Major Events
Student life on many campuses revolves around sports, concerts, shows and other major events. These crowded environments present a challenge for the university’s cash flow, as all the ticket offices and concession stands represent vulnerable points. It’s not only necessary to ensure the whole event and its surroundings are secure, but each of these points of sale needs to be secured as well, just as they are in the everyday campus processes.
Due to the fact that these environments are so large and often chaotic, they require much more intensive special processes. While it is ideal to have an automated process at every point of sale, this may not be able to be a reality for many schools due to its high cost.
One of the main ways to mitigate the risks with lower costs is to have multiple cash pickups during the largest events, especially those that last multiple days – such as festivals or spring weekends hosted by many universities – rather than waiting until the event is over.
Many Young Adults Still Prefer Using Cash
Although it may seem or be assumed that the use of credit/debit cards and online payments is increasing rapidly, cash is still prominent on campuses.
More cash is in circulation today than ever before, with young people’s use growing greatly. In fact, the Cash Product Office of the Federal Reserve System found that 38 percent of consumers age 18 to 24 prefer cash as their method of payment.
This was the largest group, with only a quarter of other age groups stating cash as their primary preference. While cash seems low tech, high-tech ways to protect it have never been more abundant and necessary.
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Gradual investments in automated processing equipment – like smart safes or cash recyclers, rather than one large campus overhaul – are good options for any university trying to update their cash handling, even if there is a concern about cost.
To avoid negative attention and keep parent and student worries at bay, safe cash handling should not be an afterthought. It must be a part of a school’s overall crime deterrence plan.
There is no prescriptive plan of action that all schools should follow, but each school should develop its own measures tailored to its security needs. To begin this planning process, university administrators should first assess their institution’s exposure to these threats. The first steps to mapping out where a school’s vulnerabilities lie involve reflecting on whe
re all points of sale are and what security is at those locations, how prepared its employees are to handle cash and what type of events the school hosts.
Robert J. Dunbar is the senior director of cash management products at Dunbar Armored.
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