Is your business ready for the New ‘Plastic’ Fiver Banknotes?

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The new Bank of England Polymer Fiver

Is your business ready for the New Fiver ‘Plastic’ banknotes which will be in your customer’s hands this September?

The latest banknote is Great Britain’s first polymer note, offering more enhanced security features, durability and cleanliness than any other bank note which has hit the UK streets previously.

The move to polymer notes is estimated to cost up to £236m to shops and banks due to the cost of upgrading and replacing self-service machines,  ATMs, and bank note validators.

In this Blog we look at the benefits to the banks and the implications to retailers  . . . .

Within the next couple of years, new Polymer notes will eventually replace paper money which has been in circulation for more than 300 years in Great Britain.

Clydesdale bank polymer £5
The Clydesdale Bank Polymer Fiver

The banks say there will be number of benefits for everyone with the new thin, flexible plastic note:

  • Polymer notes last at least 2.5 times longer than paper notes, reducing replacement costs.
  • Lower environmental impact because they last longer and fewer will need printed.
  • Completely waterproof.
  • Cleaner because they are resistant to dirt and moisture.
  • Enhanced security features.

Despite the New Fiver having the above benefits and a number of security features which make it difficult to counterfeit, the introduction of it will generate some consternation amongst retailers and the public when it is issued on 13 September 2016.

As with any change in banknote design, all businesses that handle cash need to plan and prepare for handling them.

Verus H note validator
Verus H Polymer banknote validator

RMS now have a range of polymer banknote validators available, including the Verus H Handheld Polymer banknote reader.

This validator product has been designed and produced by Innovia Systems, who manufacture the Polymer for the banknotes, specifically to validate the polymer banknote by detecting the unique physical and visual features of the banknote.

This makes them an indispensable piece of equipment that can be used at your till point or in your back office to check bank notes, and make sure they are not counterfeit.

The Innovia validators are unique to this market as they measure the unique thickness of the polymer banknotes in order to validate them. This is the only product of its kind, and is sure to make your business as safe as possible against counterfeit notes.

The low cost, easy to use Innovia Validators are designed to:

  • Check the authenticity of the currency.
  • Identify suspicious banknotes at the earliest transaction point.
  • Build confidence in the banknotes and their widespread deployment.
  • Provide comfort for new polymer users and support national education and communication strategy about new notes and materials.
  • Combat the threat of counterfeiting at all levels.

So why wouldn’t you get them for your organisation today?

For more information, read – HERE

Contact RMS today on 01750 700 525 or via our on-line enquiry form to learn how we can help your business reach its online potential.

We’ll work with you to build your brand and improve back office performance, leading to increased profits for your business across all your sales channels.

We look forward to helping you with the EPoS needs of your growing business.

You can also follow RMS on Social Media for all the latest information on the great benefits, features and deals on EPoS Hardware.

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