YumaPAY : Buggar the Fakes !

Business is hard enough without fake $50 and $100 notes

Since September 2019, the RBA reports it has detected 90,999 counterfeit notes. Mainly in $50 and $100 notes. **

What does a fake note really cost your business ?

The cost of training cashiers to detect fake notes ( hourly rate plus loadings and associated on-costs such as super annuation and other accruals )
Additional security measures such as Ultraviolet LEDs
Replacing fake notes that your business unknowingly gives as change
Issuing fake notes as change may have legal repercussions
The change you give back is a 100% loss
The raw cost of the good/service provided is a 100% loss
The labour cost ( and on-costs ) to provide the goods/services is a 100% loss
The cost to your business reputation can be severe

Can you tell the difference ?

Do you have to take cash ?

"Businesses can generally choose which payment types they accept. It is legal for a business to specify the terms and conditions that they will supply goods and services. In most cases, this includes whether they will accept cash payment. However, consumers must be made aware of these terms and conditions before they make a purchase.

Businesses should be clear and upfront about the types of payments they accept, and the total minimum price payable for their goods and services." ****

Of course there are exceptions !

Supermarkets and fuel retailers that meet certain criteria must accept cash between 7am and 9pm
Supermarkets and fuel retailers may be exempt where :
- they are earning less than $10 million per year
- they are a fuel retailer that doesn't regularly sell unleaded petrol

Follow the link in the footer to ACCC for a detailed discussion as well as an email address for further information.

Buggar the Fakes !

Switch to EFTPOS only !

Switching your business to EFTPOS only is not only secure, but can be cost effective and have some surprising benefits