Company News • 30.09.2013
New cash means new opportunities for retailers
Sweden is on the verge of introducing a new series of notes and coins
Two banknotes become invalid in December 2013, followed by the others until June 2017. New banknotes and coins will be introduced incrementally until October 2016.
The process of introducing new cash will impact on the retail industry in several ways. One being a surge in cash circulation as the public seeks to cash in their soon-to-be old cash.
For retailers that don’t yet have a cash management system this will be an excellent opportunity to get one.
“Handling large quantities of cash without a cash management system increases the margin of error, takes more time and increases the risk for robbery,” says Roine Gabrielsson, CashGuard CEO. “A CashGuard system helps with all those things.”
Roine Gabrielsson also points out that a CashGuard system at the register, gives the customers a more enjoyable shopping experience. It speeds up check-out time, and gives a professional and modern impression of the store.
Start preparing now
The process of introducing the new cash is led by the Swedish National Bank (Sveriges Riksbank). The new banknotes have improved security features and are easier to use. The coins are lighter and smaller. This will prevent forgeries, improve cash management and diminish environmental impact.
CashGuard, together with the Swedish partner PSI Antonson are well prepared to assist retailers during the introduction of new cash and phasing out of the old. For those that already have a CashGuard system, PSI Antonson has launched a campaign site where retailers can sign up for the necessary software and hardware adjustments to their systems to accept the new cash.
“We encourage all retailers with CashGuard systems to schedule the update as soon as possible,” Roine Gabrielsson said. “The sooner this is taken care of, the sooner retailers can go back to enjoying the security and efficiency of their CashGuard system.”
channels: cash management, cash handling systems
