Inventory loss (also known as inventory shrinkage or shrinkage) is a big problem for any hire business that carries physical goods. Inventory loss (also known as inventory shrinkage or shrinkage) is a significant problem for any rental business that carries physical goods. Tracing the root causes of your industry’s shrinkage becomes possible with adequate controls and monitoring. This blog outlines some practical tips to help eliminate the loss or theft of your inventory. It highlights how CloudRent, a cutting-edge rental management software, can assist in combating inventory theft.

Preventing Theft

• Two Forms of ID: Require a valid driver’s license and credit card as identification, and verify the hirer’s expiry dates and mobile phone number.
• Confirm Hirer’s Identity: Always ask for a photo ID, such as a current driver’s license, and verify the mobile number when hiring. Alternatively, take a photo of the hirer on the hiring day and fill the picture with the hire agreement.
• Vehicle Registration Verification: Visually confirm the registration of the hirer’s vehicle, even though establishing a link between the hirer and vehicle registration may be challenging.
• Collaborate with Local Hire Companies: If you have encountered theft, let other hire companies in your area know so they can look for the same individual attempting to hire from their depots.
• Serial Numbers: Engrave serial numbers onto your inventory items to deter removal.
• CCTV Cameras: Install cameras at the sales counter to capture clear images of customers’ faces for identity confirmation.
• Fraudulent Transactions: Make it difficult for offenders to commit fraud. It is best to avoid hiring them if they seem dubious regarding identification.

After- Theft Actions

• Determining a Theft: If a customer fails to return the equipment within the stipulated time and is uncontactable, document all attempts made to recover the items before declaring it a theft after a reasonable time.
• Police Procedures: Provide all collected information, including identification and serial numbers, to the police for their investigation.
• Crime Report: Register the serial numbers of all your rental equipment in the original crime report’s property section. For larger items, police often send out KALOF with descriptions and serial numbers, which can be shared interstate.
• Theft from Yard vs. Inside a Building: The hiring company treats theft from a yard differently when establishing an agreement with the hirer and receiving payment. Police involvement only happens once the hirer breaches the contract.

Capture Signatures, License, and Headshots with CloudRent

Using your iPad or iPhone on CloudRent, you can take pictures of damages (appended to damage invoices), capture signatures, face shots, and license shots of the person renting your inventory. If your merchandise doesn’t return, you’ll need this information for the police. CloudRent’s software helps reduce theft! For more information, click here.

CloudRent software offers a comprehensive solution for preventing and handling inventory theft. It makes rental management and inventory tracking efficient and secure. Stay ahead in the competitive landscape by partnering with CloudRent, a future-proof rental management solution.

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