Improved Visibility

For retailers that still deal with a lot of cash, a new product aims to reduce the unwanted “carry.” Sargent and Greenleaf’s Trak*iT intelligent safe locking system combines RFID technology with web-based, real-time information, meaning retailers can now track deposits from the POS register into the safe, as well as from the safe to the bank.

“We can all agree that missing deposits are a common problem for retailers,” says Phil Pitt, director of marketing for Sargent and Greenleaf, a Stanley Security Solutions company. Losses as a percentage of sales vary by store format, but industry estimates peg them at between 0.5 and 2 percent. “As you can imagine, those are big dollars,” Pitt says.

Available since June, Trak*iT is the result of several years of research and development. “One of our long-time customers came to us and said, ‘We’ve got a problem with deposits going missing,’” Pitt recalls. “’We suspect it’s internal theft, but we don’t have enough valid data to take definitive action. We don’t have any visibility to cash from the time it leaves the till until we see it deposited in our bank account.’”

When there was a discrepancy between what was deposited and what was received, the retailer had to commence a labor-intensive investigation, but could seldom find definitively where the loss occurred and who the culprit was. “‘Do you have any way to help us?’ they asked.”

Trak*iT is available in three models, making it fully scalable, Pitt says. Trak*iT BASIC, the “entry level” solution, is a connected information-based safe locking system. Like the others, it includes a PC with an intuitive color touch-screen. “It’s a step up from the traditional safe with a simple lock on it, and [retailers] get the added benefit of Internet-based, real-time information with our Trak*IT Data Manager service,” he says.

Embedded RFID tag
Trak*iT CUBE uses a tamper-evident deposit bag with an embedded RFID tag. It also features small depository cubes, each with an RFID antenna, that are inserted in the safe. Trak*iT CUBE also works in tandem with Data Manager, which helps the retailer monitor the disposition of each deposit. Data Manager is a web-based service that allows retailers 24/7 access to deposit and withdrawal information and provides exception-based alerts.

The third model is Trak*iT BV, which stands for bill validation. It targets retailers “who want a scalable intelligent safe locking system with the benefits that bill validation offers,” Pitt says. “Some may choose to put Trak*iT BV at their high-risk stores where … counterfeit bills are a concern, and Trak*iT CUBE in their other stores.”

Trak*iT has been in beta-testing with a large international fast-food company, and the product has received enthusiastic response when demonstrated at trade shows and conferences.

“Retailers get it,” Pitt says. “That’s the bottom line. When we show them this solution, they see the value in it, and quickly jump to the conclusion that if they can stop just a portion of the missing deposits in their company, Trak*iT can potentially pay for itself pretty quickly.” The system “is designed to deliver more visibility into the complete deposit cycle. The safe industry has seen nothing like it, and retailers have seen nothing like it.”