The Bank of England has issued a new £20 note featuring King Charles III, marking a significant update in the nation’s currency. As with the previous launches of the polymer £5, £10 and £20 notes, businesses must now prepare for this transition. The new £20 note has been introduced, so now is the time to get update the machines.
While all business owners face a responsibility to understand the new currency, ventures that use fruit machines and other cash-operated machines must take even greater care. Here’s all you need to know.
How will the new £20 differ from the old currency?
The new £20 note maintains the familiar purple color scheme and will continue to be the largest note in general circulation, though it remains smaller than the £50 note. However, this new version includes some key changes:
The new £20 note incorporates a number of updates and upgrades from the old one, with the most notable features being;
- Material: Like the new £5 and £10 notes, the new £20 note is made of durable polymer instead of paper.
- Design: The new note features King Charles III’s portrait on the front. The reverse still showcases the artwork of JMW Turner’s The Fighting Temeraire alongside Turner’s quote, “Light is therefore colour.
- Size: The dimensions have been slightly altered, measuring 139mm x 73mm.
- Security Features: Enhanced security features include a hologram that alternates between the words ‘Twenty’ and ‘Pounds’, see-through windows, a silver foil patch, and a purple foil patch.
How can your venue prepare for the currency change?
Whether you have previously experienced the evolution to the new £5, £10 and £20 notes within recent years or this will be your first time of witnessing the change of currency, the immediate future of your business relies heavily on your willingness to promote a smooth transition.
When venues such as arcades need to change up notes to coins for fruit machines and arcade machines, it’s vital for all staff to familiarise themselves with the new £20 note to prevent fraudulent activities.
However, a number of machines accept £20 notes as payment for games or to provide a combination of game credits and change. In these cases, it’s necessary to update machines with new payment processing facilities. You can either fit a new note recycler or get an expert to update the machinery to ‘read’ the new material and weight. This can cover change machines, fruit machines, and more.
The old £20 note won’t go out of circulation just yet, though, so it’s important to ensure that all fruit machines, change machines, quiz machines and other facilities can still handle the old notes for a little while longer. When you get this right, it will provide customers with the convenient service they deserve while still protecting your business from fraudsters.
To ensure that your machines are ready for the transition to the new £20 is as smooth as possible, get in touch with Diamond Leisure on 01253 845835 or info@diamondleisure.co.uk today.