Hoteliers and the new $5 note
The new $5 note issued by the Reserve Bank has had a lot of attention.
Part of the existing design like colour and size have been retained, so it stays the old “fiver”, but the new notes have key security features to stop counterfeiting.
The general public has not been that keen about it. People have taken to social media, describing it as “ugly” and “comparable to vomit”.
The hotel industry may or may not like it. But one thing for sure, it means a lot of extra work for hoteliers.
Their cash management systems will have to be upgraded.
“It is important to note that if your cash handling equipment has not been upgraded throughout your venue, the new banknote release will not work in your equipment.” Richard Soussa, the managing director of ecash, told The Shout.
“Over the last several years the RBA has worked very closely with a range of stakeholders to ensure that when the new banknotes are issued, key equipment that accepts or dispenses banknotes will work effectively with the new banknotes.
“For the Hotel industry this may include any self-service equipment such as cash redemption terminals on the gaming floor and importantly bank note acceptors that accept both money and tickets into a gaming machine and cash redemption terminals.
“Other equipment that will require consideration includes the cashier-assisted products that are situated behind the cashier station in most hotels.”
Equipment needing to be upgraded would include ecash self service products, cash redemption terminals (CRT) EzyChange (Change Machines), ecash cashier-assisted products, PubPay, MiniCashier, PosPoint and gaming machine equipment.
The new notes come into circulation from September.
The RBA says the current $5 notes can continue to be used after that.
The RBA also expects to introduce new $10 in 2016/17. So far, no dates have been announced for any other note denominations.
by Leon Gettler, April 15th 2016
