Casinos experience smooth transition to new $100 bill
When the federal government updates existing currency with advanced anti-counterfeit measures, businesses in a variety of industries must take special preparation measures to ensure existing operations run smoothly. Organizations that already depend heavily on cash transactions may also want to consider investing in money counters that make it easier to handle backroom processes in the most cost-efficient way possible.
Casinos represent one particular business model that has benefited from taking unique preparation measures in anticipation of the recent release of the new $100 bill. When the U.S. Department of the Treasury released the new design last month, casino managers had to make sure slot machines and other automated gambling services were able to successfully handle the bill without interruption. According to Vegas Inc, an online publication covering the gaming industry in Las Vegas, operators from the some of the largest businesses have reported a relatively smooth transition process over the past month.
Carol Riggs, a spokesperson for the Bureau of Engraving and Printing, told Fast Company the U.S. periodically redesigns its currency to stay ahead of counterfeiters, which represent a frequent problem - especially in the casino industry. Las Vegas Inc said the Treasury Department gives casino owners plenty of time to ensure all money-taking machines are able to accept new bill designs. In fact, David Kubajak, the senior director of operations at JCM Global, a transaction security company, told the source he first got word from the federal government about a new $100 bill five years ago.
In addition to making sure slot machines are able to accept new currency designs, casinos can benefit from investing in cash counters and other similar tools. Rather than manually counting large amounts of money at the end of the day, an automated machine can save time and ultimately allow managers to devote more time to customer service and other important operations.