Retailers given preparation checklist ahead of paper 10 note withdrawal
?With just six weeks until the old paper 10 notes are withdrawn from circulation, the Bank of England has published guidance to help small business owners ensure a smooth transition.
Since the plastic fiver? was introduced in 2016, the Bank of England has been gearing the country for a full shift to polymer banknotes. A new 10 was introduced in September 2017, depicting Jane Austen, and the switch will be completed with a polymer 20 note in 2020.
Polymer bank notes are designed to be more durable than the paper predecessor and are produced with a series of new security features to prevent counterfeiting.
The latest deadline retail business owners need to be aware of is Thursday 1 March 2018, when the paper 10 note will be withdrawn from circulation.
The Bank of England has urged retailers to start preparing for the switch, offering guidance to ensure their business is ready.?
Any machines that weigh, count, sort or dispense banknotes need to be checked and will likely require a software update. Hardware upgrades could also be required due to the new banknote size.
Retailers have also been warned to manage customer expectations, and put in place processes if machines have not been upgraded in time.
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