On 28 March the new one pound coin enters circulation. For owners or users of equipment that require one pound coins (vending machines, gaming machines, supermarket trolleys etc) this is business critical as they must ensure this equipment is updated in time to function with the new shape of the pound coin, or risk losing significant income and suffer considerable inconvenience if not.
Here are Fraser Brown’s top five tips to ensure you are ready for the new one pound coin.
1. Check your contracts for who is responsible for upgrading equipment - is it you or the equipment provider? Many vending machines are licensed equipment - ensure the ultimate proprietor is taking steps to upgrade machines in time
2. Repair or replace? Check if a replacement is necessary and at whose cost, or, whether you only have to upgrade.
3. Keep customers informed - if there is likely to be a delay in equipment being ready in time keeping your customers informed will help mitigate the inconvenience caused. Leaving it until the launch date to announce it won't be done in time could give your customers grounds to end their contracts with you.
4. Inform and train staff - staff must be informed of the change so they can correctly identify the new currency and manage issues as they arise.
5. Get some guidance - the Royal Mint has issued guidance relating to this change for affected businesses. This can be accessed here http://www.thenewpoundcoin.com
Word to the wise; it is key that affected businesses act quickly to avoid additional expense and potential customer claims.