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Cash Handling Money Mishandling, Customer Complaints, Payment Methods

"cash handling" refers to the process of receiving and giving money in a business. In a bank, this includes teller transactions and ATMs, just to name a couple of examples. In retail, cash handling ranges from the point of sale to the behind-the-scenes money management during the day

Incorporate these basic but effective operational standards into your store's cash-related procedures to ensure accurate and precise cash handling.

Train staff to reduce the risk of error. ...

Instill processes for safe and bank deposits. ...

Specify processes for cash discrepancies. ...

Invest in automated tools to reduce error.

Mishandling of Money

Bad cash handling practices can take place on the individual transaction level, as well. When employees are handling cash, they should be not be allowed to handle multiple transactions at the same time. Always require that employees handle only one transaction so that they don't make mistakes. They also should be required to make change the correct way, by taking the customer's money, acknowledging the amount and counting the change back before placing the customer's money in the drawer.

Another bad cash handling procedure is having only one person control the money. The cash handling process can be a complex one with several steps along the way. Having one person in charge of all those steps may prove to be confusing, overwhelming or concealing. Instead, have one person handle only one or two steps along the way. This eliminates the potential for mishandling the money and provides a checks and balances system, since the money will need to be accounted for as it transitions from one set of hands to the next.

Not properly documenting all financial transactions also can prove to be problematic and cause an accounting nightmare in the long run if you're not careful. Periodic review of financial transactions including the register tapes and daily cash-out procedures can help to ensure that the money is properly controlled and recorded. Not documenting your transactions is a surefire recipe for losing your hard-earned money.

A consumer complaint or customer complaint is "an expression of dissatisfaction on a consumer's behalf to a responsible party" (London, 1980). ... It can also be described in a positive sense as a report from a consumer providing documentation about a problem with a product or service.

The term complaint management describes the handling of customer complaints within a company. Criticism is supposed to be evaluated in a way that is systematic and orderly, and used to create a positive impact. It is also supposed to resolve the issue that prompted the customer's criticism.

Process

Stay Calm. It might be extremely difficult to do, but it's imperative that you stay calm when handling a customer complaint. ...

Listen. ...

Be Kind. ...

Acknowledge the Issue. ...

Apologize and Thank Them. ...

Ask Questions. ...

Make It Speedy. ...

Follow Up.

Payment Methods

Credit card, debit card, cheque, money transfers, and recurring cash or ACH (Automated Clearing House) disbursements are all electronic payments methods. Electronic payments technologies include magnetic stripe cards, smart cards, contactless cards, and mobile payments.

CASH

A cash payment is bills or coins paid by the recipient of goods or services to the provider. It can also involve a payment within a business to employees in compensation for their hours worked, or to repay them for minor expenditures that are too small to be routed through the accounts payable system.

CARDS

Payment cards are part of a payment system issued by financial institutions, such as a bank, to a customer that enables its owner (the cardholder) to access the funds in the customer's designated bank accounts, or through a credit account and make payments by electronic funds transfer and access automated teller machines (ATMs). Such cards are known by a variety of names including bank cards, ATM cards, MAC (money access cards), client cards, key cards or cash cards.

There are a number of types of payment cards, the most common being credit cards, debit cards, charge cards, and prepaid cards. Most commonly, a payment card is electronically linked to an account or accounts belonging to the cardholder. These accounts may be deposit accounts or loan or credit accounts, and the card is a means of authenticating the cardholder. However, stored-value cards store money on the card itself and are not necessarily linked to an account at a financial institution.

DEMAND DRAFT / CHEQUE

Demand Draft: DD is a prepaid instrument drawn on in the name of the bank by an individual who wishes to make a transfer payment from one bank account to another. “DD is a preferred mode over the cheques as its payment can't be denied as in case of cheques due to insufficient funds.

A demand draft is a method used by an individual to make a transfer payment from one bank account to another. Demand drafts differ from regular normal checks in that they do not require signatures to be cashed

A banker's draft (also called a bank cheque, bank draft in Canada or, in the US, a teller's check) is a cheque (or check) provided to a customer of a bank or acquired from a bank for remittance purposes, that is drawn by the bank, and drawn on another bank or payable through or at a bank.

ONLINE PAYMENT

Online payment refers to money that is exchanged electronically. Typically, this involves use of computer networks, the internet and digital stored value systems. ... Online payment usually is the transaction that results in transfer of monetary funds from the customer bank or credit card account to your bank account

Here’s how online payment processing works:

The customer picks up an item and pulls out their card

The merchant submits a transaction

The payment gateway securely sends the transaction to the processor

The processor verifies and approves the transaction

The customer’s bank sends money to the processor

The processor sends money to the merchant’s bank

The processor sends the status of the transaction to the gateway – either approved or denied

The merchant receives the message of approval or denial

The merchant receives the money for the sold item

Created By
Parle Kalyan Chakravarty
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Credits:

Created with images by Macau Photo Agency - "Money" • Omid Armin - "untitled image" • Gabriel Gonzalez - "untitled image" • Christiann Koepke - "untitled image"