Cash security is a major concern for many business owners and logistics managers. Armored car services are a common way that companies transport cash between brick-and-mortar businesses and banks, but there may be better options.

You have probably seen an armored cash truck before, likely near a bank or in the financial district of a city. However, most people don’t know how these bank trucks and other cash-in-transit services work. Below, we break down the pros and cons of armored cash transport and alternative options for businesses.

armored truck

Integrated Cash Logistics does more to keep your cash secure without provisional credit.

How Armored Car Services Work

Banks and businesses rely on armored truck services to move money between locations. However, in the United States, a company such as Loomis typically owns and operates armored vehicles, not the bank.

Trucks to transport money safely and securely are available for hire by other types of businesses such as retail stores and restaurants to deliver cash when needed and regularly pick up deposits and take them to the bank. This keeps staff and managers on-site rather than them having to go to the bank themselves, and makes the cash management process more secure.

Armored transportation services work with businesses that accept cash or have ATMs, and with banks to safely transport money back and forth between them. These money trucks are made from galvanized stainless steel with bullet resistant windows. Top-of-the-line security features protect them, along with trained staff who are armed to prevent any potential theft attempts. Armored trucks are extremely heavy and designed to withstand all types of weaponized attacks.

6 Common Problems With Armored Car Services

Armored bank cars have been around for over a hundred years, and while they have improved significantly with technological advancements, they are not without issues that can negatively impact business operations.

One of the most common complaints that business owners and managers have about cash-in-transit companies is the trucks not arriving on time. This can cause shortages in cash on hand or delays in bank deposits that are needed to cover utility and payroll costs. When issues occur, it’s also extremely time consuming for managers to track down their money and communicate with the cash-in-transit company. Working with an armored truck company adds another bill to business operating costs and all of these issues combined can lead to bigger logistical and communication issues.

Timeliness and Scheduling Conflicts

With armored car services, companies have to adhere to a strict timetable. Delays or scheduling mishaps can disrupt business operations. Severe storms or unscheduled road closures can cause unavoidable delays, leaving businesses waiting for money to reach their accounts.

Even when using a money transport company, businesses may need to send someone to the bank occasionally or have another contingency plan in place. Instead, a service that offers tracking for your bank truck can reduce some risks and provide peace of mind to get an accurate ETA.

High Costs and Unclear Billing

Well-known services like Loomis armored trucks and Brinks armored transport are somewhat reliable, usually. However, these companies come with a high price tag. These costs are on top of the bank and cash deposit fees businesses are already paying.

Armored car services all have different rates and billing structures that vary depending on the full extent of your needs. They can often get quite complicated and may lack transparency. Without a clear understanding of cost, companies may struggle to properly manage their budgets when working with an armored truck service.

Hand with money at cash desk. Currency exchange concept.

Contact Integrated Cash Logistics to learn why outsourcing armored car services can keep managers where they’re needed most to grow sales for your business.

Communication Gaps

Poor communication and customer service often cause issues with scheduling and billing. Most often, businesses may be communicating with staff members at the armored truck company and at the bank to understand where their money is and who is responsible for any discrepancies.

This leads to a lack of consistency and potential operational disruptions that can put your business behind on bills, sales, or other needs. In addition to using a trusted armored car service, it can be helpful to have a designated manager for all cash pick-up services. Even better, Integrated Cash Logistics manages all logistics and any complications that could arise when you use CashSimple™.

Financial Security Concerns

An armored car protects cash during transport, but it also requires you to wait until the money is deposited into the bank before access is available. This increases the amount of time money is not secured in a safe and the number of hands that transfer it. Security and efficiency can fall short of business needs, increasing potential risks. Immediate cash processing technologies, such as cash capture technology and smart safes offer a more secure alternative.

Handling of Liability and Insurance Issues

Insurance companies sometimes write policies with a lot of legal jargon making them difficult to understand. When choosing an armored car service, review their insurance policy to ensure that it covers cash assets in case of an accident or theft. If a company does not share its liability and insurance policies up front, that may be a red flag.

Lack of Customization

The location of a business and financial institution will affect when and how often armored money trucks are available. Since armored vehicle services have to optimize their routes and often make multiple stops in one day, businesses may not get their desired schedule. If cash flow varies by season or day of the week, adjusting the pick-up schedule may be necessary. Some companies may not offer this flexibility.

The bottom line is that a one-size-fits-all approach in armored car services doesn’t meet the needs of all businesses. Finding a company that provides customization will lead to a better experience for you and improved operational efficiency.

person using a money counting machine for dollar bills

ICL’s software-first CashSimple™ solution streamlines everything from change orders to tracking deposits.

Benefits of Consolidating Your Armored Car Services

An armored car, bank deposit, and cash delivery used to be the only method for secure transport of cash between your business and its bank account. Handling multiple points of contact, schedules, and fees often negatively impacts business operations.

However, inclusive cash management services like Integrated Cash Logistics (ICL) can handle cash transportation for you. Our cash management automation saves time that can instead be spent on improving the business in other ways. Working with ICL avoids common challenges of cash management and armored car services:

  • Enhanced Financial Security: Cash deposited in smart safes is purchased in real time and available in your bank account within 24 hours.
  • Reduced Financial Liability: There’s no need for provisional credit with CashSimple™ from ICL. Once cash is deposited, we purchase it and it becomes our responsibility.
  • Streamlined Operations: Enjoy the ease of having one single point of contact and one bill for all cash management needs.
  • Dedicated Support: Phone support is available 24/7 to answer any questions or address any issues that may arise.

Trust Integrated Cash Logistics to Manage Your Armored Car Service Needs

CashSimple™ solution by Integrated Cash Logistics’ holistic business approach manages all relationships related to cash handling so your only point of contact is ICL. Our cash handling service reduces the numerous fees you pay for armored car services, bank deposits, and more into one daily flat rate that covers all cash management needs.

Learn more about the benefits of choosing ICL as your cash management service. When you’re ready, you can schedule a free demo to discover how our CashSimple™ solution works to keep cash secure and deposit it into your account.