The pace of business within the hospitality industry is fast-moving, especially when it comes to restaurants and bars. Customers demand quick service and make frequent transactions; it can be hard to keep up.
Add to this the threat of your own employees’ theft activity at the point of sales (POS), which, I’m sorry to say, is frequent. But, loss prevention solutions and exception-based reporting can make a world of difference.
Statistics show that fraudulent POS activity can account for an average of up to 4% of sales. That means that one in every 25 transactions per point of sale could prove costly to your business.
Large hotels, restaurants or entertainment venues usually have numerous POS terminals within a facility, which could translate into a huge number of fraudulent transactions every day.
Even more startling, it is estimated that 60% of losses can be tied to employee theft. Fraudulent activity is nothing new; in fact, we’ve been in the business of preventing it for almost 20 years. However, the tools for tracking and preventing these fraudulent incidents are better than they’ve ever been.
We work on analysing data from a completely different angle, which can lead to huge savings. Losses in the food industry can be particularly hard to detect, with a fast-paced environment, which can lead to mistakes, misallocations or outright theft.
Exception-based reporting has proven itself in the hospitality and retail industries, reducing loss, increasing productivity and improving food cost.
Fraudulent transactions can take many forms in the industry, from line-voids, negative checks or returns, tip fraud, under-ringing, zero amount transactions and more. The reasons for these occurrences vary and can be caused by anything from training or compliance issues to employee fraud.
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