Money counters are an important tool retailers can use to identify counterfeit money. Fake bills can have a great impact on a business, as it translates to stolen sales revenue. They can hamper the local economy, since a series of fraudulent transactions can end up having ripple effects elsewhere. More importantly, fraudulent transactions hurt consumers, since they bring the implicit trust between merchant and customer into question unnecessarily. For instance, rule changes designed to prevent criminal activity limiting their ability to make legitimate payments. With these machines, stores can mitigate the effects of counterfeit money, if not stem them entirely.
The relationship between merchant and customer must be trustworthy for mutual benefit and success. While limiting what types of cash are accepted can help business mitigate the effects of potential counterfeiters who tend to use large bills, consumers will feel like they're not respected. However, it's far worse when a business receives a fake bill, only to then pass it to another customer when he or she legitimately pays for their goods and receives change. That harms the reputation of the store and can even lead to a false accusation towards an innocent person of using counterfeits. The effects over time can sour how customers feel about a local retailer.
Such a situation recently occurred in Hillsborough, North Carolina. According to 11 Eyewitness News, a woman bought some items and requested $100 back through a debit charge at a local Wal-Mart. The clerk handed a $100 bill to the customer and then closed his till. The customer, thinking nothing of it, only found out later at an Efland supermarket that the bill was fake.
The woman contacted the police, who would later not only confirm the passing of the fake $100 bill, but also found out that the store did not have or use any measures to detect counterfeit bills. The customer left without the real $100 despite her efforts. Thanks to an investigation by the news site, the woman eventually received the money as well as a $50 gift card for the inconvenience.
When businesses pass off fake bills as real, they inadvertently betray the trust of their customers. The damage control required was significant, and the report indicated that the woman still wasn't happy with the result. With this in mind, it's a good idea to consider cash counters as a preventative measure. Considering they possess various means of detecting counterfeit money in diverse ways, these machines can quickly identify bills as false and prevent them from getting into the hands of innocent people.
October 6, 2015