VOW Advises Resellers to Prepare for the New £5 Polymer Note
VOW is advising resellers to plan ahead for the new £5 note, which will be introduced from September 2016 as any business that handles bank notes will need to ensure its tills and other machines are ready for the major change.
From 13th September 2016, the new £5 polymer notes are set to start dispensing through bank machines, with a new £10 polymer note due to start arriving in 2017 and a new £20 note in 2020. The Bank of England is introducing the new polymer notes because they offer a more secure, clean and environmentally friendly alternative to current bank notes.
Polymer bank notes are also tougher and more durable than the current paper banknotes and will prove to be a more cost effective option in the long run.
Debbie Nice, VOW’s FS Category Director, explains: “Businesses that handle cash through any kind of machine, whether it is one that weighs, sorts or counts notes, or if they operate with tills or ATMs, they will need to check whether these machines are suitable for the new polymer notes. If they are unable to handle these notes, they will need to start introducing suitable machines in time for September.”
“Business owners will also need to ensure that their staff members are trained, confident and up to speed with using the new machines. For resellers who are advising their customers, there are a number of Safescan cash handling machines that are polymer ready.”
The old bank notes will be gradually withdrawn over a 12 month period after its equivalent polymer version is launched, with the old £5 notes scheduled to be withdrawn from circulation in May 2017.