Business is booming. Your employees are selling products and accepting cash non-stop. Customers are waiting in line to pay. Maybe they’re getting a little frustrated at the wait. Your employees are doing the best they can to speed up the line. Chances are, they are not checking each and every bill they handle to detect counterfeit money. Even if they know which security features to look for, they simply do not have the time.
When your employees are manually checking every bill to detect counterfeit money, they are spending less time ensuring that your customers are happy. What’s more, this old-age counterfeit detection system is prone to mistakes. Many counterfeit bills can slip through the cracks, leading to profit losses that could be easily avoided.
Although there are security features on currency to help you detect fraudulent bills, some of these features are undetectable without technology. When your business accepts hard currency as payment, it’s inevitable that you might come across fake bills. So, how do you protect your business from counterfeit? It’s simply—implement one of these three easy solutions and save yourself some money.
Automate Your Cash Management System
Are you still using a calculator to process change? Did you buy your integrated cash management system ages ago? If you answered yes to either question, you probably need to update your cash management system. In fact, new automated cash management systems like currency recyclers now include bill authenticators to make it easy to detect counterfeit money. These systems detect and reject counterfeit bills, making the process of identifying fraudulent notes quick and easy.
These automated systems eliminate the risk and guesswork out of manually checking for counterfeit bills. The systems are fast, reliable, and accurate to ensure you never accept counterfeit notes again. Your employees will feel confident that the machine is doing its job.
Buy a Bill Authenticator to Check Notes Quickly and Efficiently
Is integrating an automated cash management system just a little out of your budget right now? A simpler and more affordable solution may be to buy a bill authenticator to detect counterfeit money. You can easily find a model that fits your needs. Bill detectors sit on your counter and use myriad identification and detection technology to ensure authenticity. They are simple to use and make identifying fraudulent bills quicker and easier.
Train Your Staff to Detect Counterfeit Money
If technology isn’t your thing, you don’t handle enough hard currency to make the cost worth your while, or you can’t afford to integrate the above two solutions into your cash management system, then it is important to train your staff to properly detect counterfeit money. Ensure your employees know how to check the security features that are present on genuine banknotes; after all, that’s exactly what they are there for.
If your staff knows what to look for—metallic and transparent features, hidden numbers, and raised and infrared ink—they will more easily be able to detect counterfeit money at a glance. If you are not sure exactly what to look for, or how to train your staff when it comes to identifying fraudulent money, you can find resources at the Bank of Canada website. There, you will have access to seminars and materials related to detecting counterfeit money.
When you implement solutions to detect counterfeit money effectively, you’ll have more of your hard-earned money in your pocket and less headaches to deal with.