Small to medium sized businesses are the backbone of the U.S. economy. Entrepreneurs put their passions and ideas into action and create new business ideas every single day. Many pour their life savings into opening that new restaurant or service center or gift shop. Small to medium sized businesses also know how hard it is to turn a profit and maintain sustainable margins. Between business taxes and employee turnover, and shifts in product costs and monies going to City, County, State and Federal operating fees, profits can seemingly evaporate overnight.
Every business consultant will talk with new business owners about lowering operating expenses and growing their businesses through investing in technology and highly trained personnel and using solid best practices to run their new enterprise, but few consultants want to talk about theft, loss and fraud.
TouchSuite’s products and services do consider theft, fraud and loss in the design features we offer.
Theft – One way to cut down on theft is to use a Point of Sale system (POS). POS systems can track inventory and provide instant reports showing what should be in stock. It’s an unfortunate reality that most theft is employee based, rather than customer based. Being able to track which employee sold which products or services can help curtail sticky fingers. In restaurant settings, the addition of cameras that synch up with the POS and register systems can greatly reduce shrinkage due to employee theft.
Credit Card Fraud – Unfortunately, most credit card fraud happens in the United States. A 2015 study conducted by Barclays suggested that the U.S. marketplace accounts for 47 percent of the world’s credit card fraud. Nearly 32 million U.S. credit card holders had their cards stolen or were involved in a credit card security breach 2014. TouchSuite provides state of the art technology to prevent credit card fraud. TouchSuite products are PCI and DSS compliant (industry security standards) and many of TouchSuite’s programs offer built in EMV (chip card) acceptance. EMV security is currently the best method to protecting card holders and merchants from credit card fraud.
Loss – Loss is a harder category to pin down. Losses can result from theft of products, poor inventory controls, a lack of critical data showing top selling and slow moving items, slow-pay or no-pay clients that are on credit terms like Net 30 or Net 60 and time-clock theft. TouchSuite provides solutions to combat loss in every department. POS systems track time and attendance. EMV terminals prevent credit card fraud. TouchSuite’s exclusive SurfSocial program prevents data loss as well as promoting free, secure internet use for customers.