What does the new fiver mean for business?

The new fiver is the first of the Bank of England’s new series of polymer notes, with the £10 (2017) and £20 (by 2020) notes to be replaced with polymer designs over the coming years.

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The polymer banknote hits businesses on the  13th September 2016.

To those of us who do not use cash in our day to day operations it may seem irrelevant. But for the many of us who do and the larger number of retail shops, we need to be prepared! So we’ve broken down what you need to know:

  • Polymer banknotes are cleaner, more secure, and more durable than paper banknotes. They will provide enhanced counterfeit resilience, and increase the quality of banknotes in circulation.
  • The paper £5 notes will probably disappear from circulation rapidly later this year, and after May 2017 will no longer be legal tender. All withdrawn Bank of England notes will remain payable at face value for all time.
  • Ensure you know which cash handling machines are being operated by your business. These machines include self-service check-outs, desktop counters, ATMs, ticket machines, and any other machine that weighs, counts, sorts, accepts, dispenses or recycles banknotes.
  • Contact the supplier of your machines to discuss what adaptations will be required for the new £5 note, and when they will be available. For most machines, a software update will be needed.
  • Implement adaptations to your machines before 13 September 2016, when the new £5 will be issued.
  • Train your staff. The full design and security features of the new £5 were unveiled on 2 June 2016, and a range of materials to support staff training are available here.
  • Keep up to date with the latest information about polymer banknotes, and other banknote news, by registering here.

Take a look at the Bank of Enland Banknotes app to know more about your banknotes.

App store

Google Play

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The introduction of the new £5 note is a massive change for both our society and our small businesses. On the one hand it confirms the continued existence of cash in our increasingly cashless world, and on the other it brings the technology of cash firmly into the 21st century. Be prepared for these changes so that there is no business interruption as a result of them!

Need to know more? View the bank of England’s fact sheets here.

If you are worried about counterfeit notes or need to upgrade your detectors, we offer a compremensive range of money handling & dection machines. Call now to get your safescan machines today on 01269 842242

Sources:

http://www.bankofengland.co.uk/banknotes/polymer/Pages/default.aspx

http://www.thenewfiver.co.uk/

http://www.bankofengland.co.uk/banknotes/polymer/Documents/gettingyourbusinessready_april2015.pdf

https://www.fairfinance.org.uk/blog/cash-goes-plastic/