While it looks like we are moving towards a cashless society, currency redesigns can still have a huge impact on businesses. It’s essential to be prepared and work with organisations that have proven expertise and knowledge of currency changes. With the right technology and the right training, businesses can be ready to accept the changes the government introduces.
The new £20 note will be released into circulation on 20th February. SMEs should be well on their way to being ready to accept the new currency, yet it’s also worth remembering that there is a window of time once the new note is released, to ensure you have everything in order.
Being prepared all contributes to a seamless experience for the customer. Here’s some advice and tips ahead of the new note being released:
Exchanging old notes
You’ll still be able to use the paper £20 note until the Bank of England withdraws it. There hasn’t been a withdrawal date announced yet and we expect six months’ notice of this date, but it is worth starting to collect ahead of time. Many banks will continue to accept withdrawn notes, and the Post Office may also accept withdrawn notes as a deposit into any bank account you can access at the Post Office.
Ensure your tech is up to date
If you’re able to accept the polymer £5 and £10 notes, then there shouldn’t be an issue to begin accepting the new £20 note straight away. However, cash-handling businesses should check with their suppliers that banknote machines (e.g.: self-service checkouts, point-of-sale banknote authenticators, back office banknote authenticators/note counters) are updated and are ready for the new £20.
Prepare your staff
Make sure that all staff who handle cash are aware and know what to expect on 20 February. It is just like the £5 and £10 notes, and has the same security features.