Published on September 12th, 2016 | by Michelle Roper-Shaw0
Is Your Business Polymer Note Ready?
Does your business handle cash? If so, you need to check that your business has all the necessary measures in place to recognise the new polymer £5 note that will start entering circulation from tomorrow, Tuesday 13th September. Polymer notes are new to the Bank of England, however more than 30 countries already issue polymer notes, including Australia, New Zealand, Mexico, Singapore and Canada.
The launch of the new “fiver” by the Bank of England will be followed by a new £10 polymer note in 2017 and the new £20 polymer note in 2020. It is estimated that The Bank of England will print 440 million of the new £5 notes which can last around five years longer than the current paper note which is being phased out.
The current paper £5 note features prison reformer Elizabeth Fry and can still be used in shops until it is withdrawn from circulation next May. This means that the old and new notes of each type will be in circulation at the same time for around 12 months. The new polymer £5 note features legendary former Prime Minister Winston Churchill.
Advantages of Polymer Notes
Research by the Bank of England has shown that polymer notes are cleaner, more environmentally friendly and more secure as they have enhanced counterfeit resilience. Polymer notes are also more durable than paper banknotes. It is estimated that the new polymer banknotes will remain in circulation for two and a half times longer than the current paper notes, so they will prove cheaper in the long term than paper banknotes.
To get ready for the changes, businesses that handle cash, whether through self-service check-outs, ATMs, ticket machines or any other machine that weighs, counts, sorts, accepts, dispenses or recycles banknotes, need to consider the following:
Who is responsible for cash handling in the business?
What preparations have already been made for the introduction of polymer notes?
Do current machines accept and count polymer notes?
Has current equipment been checked to see if it can be updated for polymer?
If machines can be updated, who is responsible for this and when is it to be completed?
Has a time-line been established for becoming ‘polymer ready’?
There are said to be a high number of machines that are unable to accommodate polymer notes, which means that time is now of the essence in identifying whether your machines can be upgraded or will need to be replaced.
Safescan Guards Against Counterfeits
Machines that can handle the new polymer notes include the Safescan range of counterfeit detector, money counting scale and banknote counting machines. You can find them all here at the Post Office Shop, with the option of next working day delivery.