Running a physical store comes with its own unique set of challenges. Between managing inventory, ensuring great customer service, and staying on top of sales, there’s already a lot to juggle. But when employee theft enters the picture? Things become even more complicated and costly.
Unfortunately, this isn’t a rare issue. Research shows that up to 67% of employees have stolen from their employer at least once. And theft doesn’t always look like a dramatic scene from a crime movie. It can be quietly pocketing small items like pens, issuing fake refunds, or underreporting sales. Over time, these seemingly minor actions can lead to serious losses.
One of the most effective ways to prevent these issues is to set up an account with a reliable all-in-one financial partner like Maya Business. We offer business banking and payment solutions that provide greater transparency and control over transactions, helping reduce opportunities for employee theft and eliminate cash-handling problems. This not only makes it easier to accept payments but also provides transaction tracking and accountability.
Still, tools are only part of the overall solution. To truly protect your business, you’ll need a full strategy
that covers hiring, training, and everyday operations. Below are five helpful tips to prevent employee
theft and better manage cash handling in your store.
1. Set Clear Rules and Expectations
Sometimes, theft happens not out of malice but because policies were vague or misunderstood. Therefore, once hired, employees should receive a clear, written outline of your store’s rules and expectations. This handbook doesn’t need to be complicated. It can cover topics such as the proper use of store supplies, handling discounts, and managing refunds with real-life examples.
And as part of the onboarding process, have every employee read and sign an acknowledgment form of the handbook. This reinforces accountability and serves as formal documentation should any issues arise.
2. Use Technology That Tracks and Protects
You can protect your business while streamlining operations with a payment tool like Maya Terminal. More than just a traditional credit card terminal, Maya Terminal is a versatile in-store payment solution that accepts a wide range of popular cashless payments, including credit and debit cards, e-wallets, and QR Ph. By processing payments electronically, you can significantly reduce the risks of theft and fraud because you minimize the chances of cash skimming or your funds being replaced by counterfeit bills. On top of that, you reduce the security concerns that come with managing large sums of money on-site.
It also has a built-in transaction history feature that tracks every sale in real-time. And since each transaction is logged with a digital receipt, you’ll be making it harder for dishonest actions to go unnoticed.
You can even integrate Maya Terminal into your inventory tracking system so you sync stock levels with sales data in real time. Fewer loopholes mean fewer opportunities for theft or “missing” items. The added bonus? Maya’s instant setup means you can use the system right away without disrupting your operations.
3. Conduct Surprise Audits Regularly
Even with a strong tech system in place, it’s still wise to perform regular checks of your cash handling processes. In particular, surprise audits are an effective way to discourage theft. You can check the cash register mid-shift, review refund logs at random, or examine a few days’ worth of transactions against the inventory. The key is unpredictability. Moreover, with Maya Business, you can easily pull up real-time transaction reports and detect inconsistencies without disrupting daily operations.
4. Secure Petty Cash and Limit Access
Petty cash might seem small, but it’s often one of the most vulnerable areas for internal theft. So, assign a dedicated custodian to oversee it, set usage limits, and require receipts for every transaction. Furthermore, reconcile petty cash weekly at a minimum. After all, early detection of inconsistencies prevents losses from piling up. Better yet, go digital with Maya QR in tandem with Maya Terminal. You simplify payments by letting your customers just #ScanToPay. No physical cash, no paper trail to fake. Just clear, accountable transactions.
5. Build a Culture That Discourages Theft
An equally important and powerful theft prevention strategy is creating a workplace culture where employees feel valued and supported. Because while systems and audits matter, employees who feel trusted, fairly treated, and appreciated are less likely to steal. So, offer praise, provide room for growth, and be open to their feedback.
Paying employees promptly is also crucial when creating a culture that discourages internal theft. When employees are paid on time and reliably, they're less likely to experience financial stress that could lead to desperate measures.
In this regard, Maya Business Deposit is another excellent solution for you to explore. It has a disbursement feature that lets you process employee or vendor payments in just a few clicks. This leads to fast, reliable, and secure payouts. This way, you not only keep your business running smoothly but also foster a more secure and trustworthy work environment.
Protect Your Store with Maya Business
Every peso you lose to theft is a peso that could have been reinvested in your team, inventory, or business growth. So, sign up for Maya Business and proactively protect your store’s bottom line and operations.
Setting up a Maya Business account lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. Furthermore, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, letting you save more.
Signing up also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further develop your business. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business today to enjoy the benefits of Maya Business solutions.
