04 Aug How to Make Sure Cash You Receive is not Counterfeit
If you accept lots of cash at your place of business, you may have accepted a counterfeit bill on occasion. Not only does this cut down on your profits, but it makes your business a target for those passing the bills. Additionally, it can cause banking issues for a merchant account if too many counterfeit bills are deposited. Luckily, there are several methods you can use to make sure every bill you accept is genuine.
Available at any office supply store, there markers leave a yellow streak on genuine bills. The ink turns black on counterfeit bills and any other paper on which they are used. This is a quick and easy way to determine whether or not a bill is real. However, this might not be a good solution for all businesses. For example, some convenience stores handle huge amounts of small bills and may not want to take the time to mark each and every bill. Also, the ink can cause allergic reactions in people who are sensitive to it and cashiers are notorious for losing the somewhat-pricey pens.
Checking for Watermarks
Now that credit card processing is so popular, many people are unaware that bills carry watermarks to help safeguard against counterfeiting. Raising the bill up to a high-powered lamp can help you see these watermarks without defacing the bills or dealing with ink, and the process is quite fast once you know where to look. The downside to this process is that some scam artists have resorted to counterfeiting the old style of bill that did not include these marks.
Texture and Ink
Some people who deal with large amounts of cash all day can tell if a bill just doesn’t feel right to the touch. As money is made out of a special type of linen rather than paper, it has a specific feel to it. Along with feeling the bill, many cashiers will swipe the ball of their thumb over the printing on the bill. If it smudges or smears, the bill is likely fake.
In business, ensuring that all of the money you receive is genuine is a big concern. By practicing these methods, you can protect your income and not be fooled by fake currency.