We have already seen some of the changes to the nation’s currency over the last few years including the new £5 banknote and the 12-sided £1 coin. Take a look at how you can prepare for the changes to come.
How to Prepare for the Redesigned Currency
We have already seen some of the changes to the nation’s currency over the last few years including the new £5 banknote and the 12-sided £1 coin. These changes might seem insignificant, but if your business is not made aware, it might cause you a problem! Take a look at the brief piece of guidance below and which might shed some light on what could impact your business and what you can do to prepare.
The two main risks that the redesigned currency could expose your business to are:
- Your cash-handling machines might recognise the redesigned currency, which includes self-service checkouts, ticket machines and any other machine that weighs, counts, sorts, accepts, dispenses or recycles currency.
- Your employees might not be able to be able to identify and authenticate the redesigned currency, leaving your business exposed to counterfeiters.
To mitigate these risks, the following best practices should be considered:
- Provide all of your employees that handle money with training on how to properly identify and authenticate the redesigned currency. In addition, all new hires should also receive this training if they handle money.
- Purchase high-quality UV lamps that emit light at around 365 nanometres in order to test the redesigned banknotes for authenticity.
- Adapt your cash-handling machines to effectively recognise and handle the new coins and polymer banknotes. To find out what adjustments need to be made to the machines, contact the manufacturer or supplier. In most instances, the machines will need a software update.
- If you purchase a new cash-handling machine in the future, be sure to ask whether the machine is already calibrated for the redesigned currency.
- Calibrate your weighing scales in order to accurately weigh the lighter polymer banknotes. To find out what specifications you will need to adjust your scale to, contact the machine manufacturer or supplier.
- Adapt the cash machines at your business that are filled with takings from the till to dispense the new polymer banknotes. Your cash machine supplier will contact you to schedule the maintenance for the machines. Alternatively, if your business hosts a cash machine that is filled by a cash-in-transit company, you do not need to do anything. The cash machine operator and cash-in-transit company will be responsible for those machines’ maintenance.
- Adapt your business’ self-service tills to accept payment from the redesigned currency. To do so, contact the machine manufacturer or supplier. In general, the machine will need a software update and the dispensing cassette will need to be adjusted for the new banknote size.
- Take a look at our checklist of the changes to the £5, £10 & £20 banknotes to help you spot the counterfeit cash – click here.
Make Changes with Confidence
The redesigned currency should block counterfeiters’ efforts to produce fraudulent banknotes and coins. However, while the transition should not be invasive or disruptive, it could nevertheless negatively affect your business. For that reason, you should prepare by training your staff and renovating any cash-handling machines.
For all other enquiries about how you can bolster and protect your business, contact our team today on 01202 754900.