The Ohio Bankers League has issued guidance for small business owners regarding the upcoming phase out of the penny. The organization highlights several steps that merchants and retailers should consider to prepare for changes in cash transactions.
Businesses are advised to review how their register software, pricing displays, and change-giving policies will adjust as pennies become less available. Owners should also decide on a rounding policy for cash transactions that do not total an even nickel amount, such as whether to round up or round to the nearest nickel. Clear communication of this policy to customers is recommended to avoid confusion.
Updating point-of-sale and accounting systems is another important step. Businesses should ensure these systems can accommodate any new rounding procedures and test them before implementation.
The Ohio Bankers League also suggests monitoring penny supplies if businesses regularly order coin rolls or bags from banks or coin vaults. Reducing reliance on large penny orders and shifting to other denominations may be necessary as supply diminishes.
Training staff is emphasized so that cashiers can effectively explain rounding policies and address customer questions. For businesses that accumulate significant quantities of pennies through change machines or similar means, depositing them at banks while they are still being accepted is encouraged.
A comprehensive guide with more details from the Ohio Bankers League is available online.
