If businesses handle bank notes then it is now time critical to ensure all tills and other machines are ready for a major change.

What 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.

Why?

The Bank of England is introducing the new polymer notes because they offer a more secure, clean and environmentally friendly alternative to our current bank notes.

Another positive for polymer bank notes is that they are tougher and able to last longer than the current paper banknotes, up to two and a half times as long, so they will prove to be a more cost effective option in the long run.

What do resellers need to do?

Resellers can advise businesses that handle cash through any kind of machine to check whether these machines can be updated to accept the new polymer notes. Whether it is a machine that weighs, sorts or counts notes, or if it is a business with tills or ATMs, machines must be able to handle the new polymer notes, and if not, customers 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.

Will we still have the old notes?

The old bank notes will be gradually withdrawn over a 12 month period after its equivalent polymer version is launched. In other words, the old and new £5 notes will be in circulation together from September 2016, but after that the old notes will be withdrawn from circulation in May 2017.

For resellers who are advising their customers, there are a number of Safescan cash handling machines that are polymer ready. Please contact your VOW account manager or email marketing@voweurope.com.

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Useful links and guidance:

http://www.thenewfiver.co.uk/
http://www.bankofengland.co.uk/banknotes/polymer/Documents/gettingyourbusinessready_april2015.pdf

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