Does Your Bank Have Its Own Self-Service Coin Counter Yet?
Now is the time for banks to put in place self-service coin counters. Why?
In the US, coin-counting machines have become a regular feature. They make the process of trading coins for cash (or depositing them) much easier, doing away with the time and cost of counting coins by hand. It’s as simple as pouring the coins into the machine.
While the number of bank branches in the UK continues to decrease, savvy banks looking to offer that little bit more to customers would do well to invest in coin counters. It gives customers – and particularly business customers – yet another reason to choose your bank branch over another one. Many banks now require customers to count their coins by hand before they deposit them. Who has the time?
Coin-counting machines can prevent queue build-ups in branches and save employees’ time. They are a win-win purchase for your branch.
Choose a machine with a high accuracy rating to ensure your customers get the correct exchange.
New Pound Coin – Effects on Businesses So Far
What effect has the new £1 coin had on businesses so far? The new coin is billed as the most secure coin in the world. It was brought in because the old coin was vulnerable to counterfeiting and there were thought to be some 45 million fakes ones in circulation.
The new coin is modelled on the old threepenny bit, a coin that disappeared after decimalisation was brought in during the early 1970s. It is two-colour, and it incorporates state-of-the-art technology so that it can be checked at all points of the cash cycle.
The old ‘round pound’ ceases as legal tender in October this year. Businesses and customers have been urged to start taking their coins to the bank for exchange. There are some banks and building societies that have said they will accept the old pound coins after October, but only from existing customers. The Royal Mint’s advice for businesses includes making certain coin receiving equipment can take the new pound coin, though the co-circulation of pound coins might make that tricky.
The Independent reports that the change is a difficult one for SMEs, as they have already taken on burdens such as pension auto-enrolment and have the prospect of quarterly tax returns to consider. The head of enterprise at the Institute of Chartered Accountants (England & Wales), Clive Lewis, told the paper that the new pound coin only added to the financial hit that SMEs have taken.
Councils have also expressed their concern, as they will need to adapt parking meters.
Please see our website for our range of Coin Handling products and contact us if you would like to discuss your business requirements.