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.
Easter: Smart Retailers Gear Themselves Up for a Busy Weekend
Warm weather and the later date for Easter this year are expected to boost high street spending.
Retail analyst Springboard predicts a 5.4 percent increase in footfall to all outlets, compared to a 1.9 percent drop last year. Easter falls after the national payday too, which indicates that more shoppers will visit retail destinations this weekend.
Springboard said the prediction about high streets reflected their resilience, adaptability and diverse hospitality, allowing them to adapt more quickly than retail parks. It is estimated that 15 percent of Easter sales will take place in food and drink places, up from previous years’ 10 percent. The good weather forecast will no doubt make a difference to entertainment outlets, such as theme parks and those offering family fun.
Smart retailers will be gearing themselves up for a busy weekend.
Asahi Seiko offers state of the art technology and high-quality coin and card handling products for toll systems, parking, e-commerce, amusements and more.
‘Recycle, Recycle, Recycle’ – Q&A with Paco Terrasa-Been, Capstone
As a result of the recent growth in smaller retailers adopting cash management technology, we spoke with Paco Terrasa-Been of Capstone, a cash management solutions specialist, to see what the situation is with this technology.
Q. From your point of view what are the reasons your customers want to buy the recycling systems?
A. Most of the retailers are looking for Enhanced cash management, reducing the necessary time to prepare cash floats for point of sale equipment. They are also trying to achieve greater control in terms of reducing fraud. Other key issues are Hygiene, Security, Transaction processing time.
Q. What is the biggest unexpected benefit to them?
A. The majority of users see tangible cost reductions and are pleased that the ROI really can be achieved in 1 to 1.5 years.
Q. What key feedback have you had after a customer starts to use the system?
A. When you speak with customers after installation the cashiers love the system because they have far less stress about taking care of giving proper change and the Managers/store owners love the system because the time taken to administer cash is greatly reduced.
Q. When customers first approach you about cash management systems what fears do they have?
A. The biggest fear is the expected cost of implementing such systems, it seems that many customer assume that it would not be viable for the smaller retailer. I am pleased to say that for the main part we can put their mind at rest about this.
Q. And finally, do Capstone have any upcoming events where we can see this technology in action?
A. Yes we will have the systems at the upcoming Euroshop, Saveur et Metiers and Internorga shows.
If you would like any further information on any of our coin handling products, feel free to contact our team for an initial discussion. Tel: 01892 518173 Email: email@example.com or check out Capstones website www.capstone.works
Is bulk entry the future?
Do you stand aimlessly at various types of payment machines rummaging for the exact change, only to then spend more time inserting individual coins one by one?
Yes. Us too! Annoying isn’t it… and not ideal if you’re in a rush.
So what do you think about bulk entry? Wouldn’t it be wonderful if you could throw in all of your coins at once.
Bulk entry as it is known has been around for a while but is mainly seen at the self service checkout at the supermarket. Have you seen it, have you used it?
What is it? Well as its name suggests you enter coins in bulk, you can throw in a handful of coins and they will be accepted and checked. In a full recycling system if you overpay the required amount then the overpayment can be returned automatically.
The systems are fast and accurate but is bulk the future? Do you trust the technology?
Tweet us your thoughts at @AsahiSeiko
The new 12-sided £1 coin – Is your business ready?
With less then six months to go, the race against time to make sure everything from vending machines to shopping trolleys work with the new £1 coin is on.
The new 12-sided £1 coin’s dimensions are obviously different from the current round £1 coin, but other changes include;
Thickness: 2.8mm – it is thinner than the round £1 coin.
Weight: 8.75g – it is lighter than the round £1 coin.
Diameter: 23.43mm – it is slightly larger than the round £1 coin, the maximum diameter (point to point) is 23.43mm.
So what affect will this have on your vending machines?
The simple answer… It’s difficult to tell without knowing your exact application. You may need adaptations or replacements to your coin handling equipment. Operators of coin handling equipment should contact us as early as possible to identify if any upgrades are necessary.
Important dates to remember:
October 2016 to March 2017 – Preparing for the new £1 coin.
Check whether you operate equipment that handles the £1 coin.
March 2017 to September 2017 – Co-circulation period.
You can accept both coins from your customers.
Autumn 2017 – Demonetisation.
All your coin handling equipment should be able to accept the new £1 coin.
For further info visit: http://www.thenewpoundcoin.com/
Forget one to one meetings – Asahi Seiko now offer personalised product video presentations
No time for meetings?
Whilst we at Asahi Seiko are more than happy to visit you to show you our latest products first hand, we also understand that you may not have time for a formal meeting.
With that in mind, we have created a series of personalised product video presentations. Each individually tailored to your specific needs and requirements.
You can see view almost anything in 360 degree format online these days, from iPhones to Houses – so why not Coin Handling! We want to take to make the ‘enquiry to sales’ process as easy as possible for our customers, and we think our personalised presentations help us to do that.
Interested? Email us at: firstname.lastname@example.org or tweet us your details @AsahiSeiko to request your personalised presentation today.
Just tell us which products/services you’re interested in and we’ll aim to have your video over to you within 24hrs.