Getting your business ready for the new £10 note
As with any change in banknote design, all businesses that handle cash need to plan and prepare for the introduction of the new notes. Over 30 countries currently use polymer banknotes including Australia, Canada and Mexico.
The Bank of England have devised a simple checklist to ensure all businesses are ready for when the new £10 notes go into circulation on 14th September 2017.
- 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 manufacturer or supplier of your machines to discuss what adaptations will be required for withdrawal of the paper £5 and issuance of the new £10 note, and when they will be available. For most machines, a software update will be needed.
- Aim to implement adaptations to your machines before any new note is issued.
- After 5 May 2017, you are no longer obliged to accept paper £5 notes. Some retailers, banks and building societies may continue to accept paper £5 notes for a short period of time after withdrawal; however this is at the discretion of the individual organisation. You should not continue to dispense paper £5 notes after the 5 May 2017.
- Train your staff. A range of materials to support staff training on issue and withdrawal are available at http://www.bankofengland.co.uk/banknotes/Pages/educational.aspx.
- Keep up to date with the latest information about polymer banknotes, and other banknote news, by registering at: www.bankofengland.co.uk/banknotes/Pages/subscribe.
Info via TheNewTen