Each year authorities in the United States remove tens of millions of dollars in fake bills from circulation. As a result of these counterfeit bills, businesses suffer significant losses. While quick bill check pens have helped make it easier for cashiers to detect fake cash, vending machines, coin changers, and the laundry equipment in your laundromat may still be fooled by criminals who know how to cheat these machines or unknowing members of the public who have been given bad bills. The good news is that keeping your business protected from fake bills is easier than you may think. If you need laundromat equipment, Maytag dealers in South Carolina can only help you so much. That's why you should call the pros at T & L Laundry Equipment today.
Refuse Large Bills
Large denomination notes are most often the ones that are fake. Refusing to accept bills larger than $20 can help eliminate the hassle of dealing with counterfeit money. Clearly post your cash policy and offer your customers alternative ways to pay for their large wash, dry, fold orders. Having a good point of sale system in your business that allows customers to pay online or with their credit or debit card at the register can make the refusal of large bills easier for customers to deal with. Need help choosing a point of sale platform for your business? See our previous post for tips on some of the best platforms available.
Train Your Staff
The attendants in your laundromat are your first line of defense against counterfeit cash. By empowering your staff with the knowledge about what fake bills look and feel like, and what the hallmarks of real currency are, you can help limit the number of counterfeit bills your business accepts. While it is nearly impossible to catch all the worthless bills, educating staff members who handle money on the watermarks in larger bills, the paper makeup of real bills, the security threads embedded in bills, color shifting ink, and authentic Federal Reserve and Treasury seals are ways that your staff can quickly and easily determine if the bill is real.
Create a Cash Policy
Criminals don't always look like criminals. Stress the importance of not profiling customers to your employees. By creating a cash acceptance policy in your laundromat, you require your staff to handle all transactions in the same way. Bill verification markers may be required for purchases over a certain amount or when the customer pays with a bill denomination larger than $10. Ensure that your staff members are checking each bill that they accept and stress the importance of maintaining a 100% check policy for cash transactions. Many criminals will target small businesses specifically because employees are usually busy with numerous tasks and are more likely to be distracted.
Put Technology to Work for You
Many bill and coin counting machines are available on the market today. Among the features that small business owners should look for are ones that detect counterfeit money. Choosing the best device for your business can be confusing. However, the number of bills or coins your business typically handles along with a list of nice to have features can help you narrow down the choices. For more on selecting the right cash counting machine for your laundromat, see our previous posts.
Alternative Maytag Dealers in South Carolina
T & L Laundry Equipment has been bringing laundromat and commercial laundry owners valuable information, industry insights, and the best in equipment selection and service for more than 40 years. We are your area's trusted partner for commercial and vended laundromat equipment and service. Experience the T & L difference for yourself and schedule your complimentary onsite equipment evaluation today!
