This conversation between a business owner and me happened about a week ago:
“You’re welcome. What are you thanking me for?”
“You know your book you made us read, The Ugly Truth about Cash?”
“You saved me thousands of dollars.”
“One of my technicians signed up for Square in our company name. When the customers paid their bills, he swiped the card using his personal square. The customer got a receipt showing that she had paid our company and the money went into his account.”
“I looked at the receivable list like you told me to and found that, according to the list, we hadn’t been paid. I called the customers who said they had paid. They sent me their receipts. I found that this technician had stolen between $4,000 and $5,000.
I called the police. He is being charged with 7 counts including fraud and identity theft. Thank you for making me do this. It could have been a lot worse.”
Don’t let this happen to you. If you take payments in your customers’ homes or offices or at trade shows and speaking engagements, make sure they are going in to YOUR checking account.