Having previously launched the new £5 note in 2016 and the new £10 note in 2017, the Bank of England will begin to issue the new £20 from Thursday 20th February 2020. So, if you’re not ready for the update, now is the time to put those preparations in place.
While all business owners face a responsibility to understand the new currency, ventures that use pool tables 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?
Like the £5 and £10 notes before it, the new incarnation of the £20 note will retain the general look of its predecessor, including the purple colour scheme. Similarly, it will remain the largest of the three notes to be updated – although still smaller than the new £50 note that’s due for release in 2021.
However, the new £20 note incorporates a number of updates and upgrades from the old one, with the most notable features being;
- The material changes from paper to a plastic polymer that matches the current £5 and £10 notes,
- The size will be reduced from 149mm x 80mm to 139mm x 73mm while the size is reduced by a few grams too.
- The artwork depicts the Fighting Temeraire by JMW Turner, along with his quote “light is therefore colour”.
Vendors should also note a range of security features including the hologram’s text change between ‘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 or £10 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 pool tables 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 boxing 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, pool tables, 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.
