How Businesses Can Navigate Coin Shortage Challenges

In the light of the ongoing coin shortage in the United States, it’s essential for businesses to understand the impact and take steps to address the situation. Learn tips from the #GetCoinMoving campaign on how you can engage both employees and consumers regarding the challenges related to coin circulation.

The Challenge:

The shortage of coins is attributed to several factors, including the impact of the COVID-19 pandemic. Business closures have limited cash and coin transactions, and people are opting for digital payments. The U.S. Mint reduced coin production due to safety measures for its staff. Additionally, the Federal Reserve reports a decrease in consumer coin deposits at financial institutions. As a result, U.S. retailers are having trouble making change for customers paying with cash.

How to Go Forward:

If your business doesn’t have enough coins to make change, you can't take cash payments. This is especially tough for people who rely on cash to pay for things. Here is what your business can do,

1. Educate Your Employees
   

   Start by ensuring that your employees are well-informed about the coin shortage and its impact on your business. Provide them with clear explanations and guidelines to effectively communicate the situation to customers.
   
   To help your employees communicate to customers better, check out a sample customer script from the Get Coin Moving Campaign.

2. Payment Options
   

   To help the impact of the coin shortage, consider implementing adjustments to your payment methods.
• Encourage Electronic Payments: Promote the use of digital payment methods, such as credit cards, mobile wallets, or online transfers, to reduce reliance on cash transactions.
• Encourage Exact Change: Encourage your customers paying with cash to use exact change.
• Offer Incentives: Consider providing incentives for customers who choose digital payment options such as discounts or loyalty rewards, to encourage the adoption of alternative payment methods.

3. Communicate with Customers

   Clear and transparent communication with your customers is crucial. By keeping them informed, you can manage their expectations and maintain positive relationships.

• • Display Signs: Place visible signs at payment areas or near cash registers to inform customers about the coin shortage and any temporary changes to cash transactions.
  • Provide Payment Options: Clearly communicate alternative payment options available at your business, such as electronic methods or accepting larger bills to minimize the need for coins.
  • Update Online Platforms: Update your website, social media platforms, and any other online channels to provide information about the coin shortage and promote digital payment options.

What To Avoid:

1. Don’t Keep Coins

   Try to avoid keeping more coins than necessary. Keeping coins will not help the coin shortage problem and the overall circulation process.

2. Don’t Block or Restrict Access

   Avoid blocking or restricting access to coin aggregators that support your area. Collaborate with these aggregators to ensure a smooth flow of coins in the community. By working together, you can contribute to resolving the coin circulation challenge.

3. Always Accept Cash

   Do not stop accepting cash payments. While it may be challenging to witness coins leaving your store, it is important to maintain cash transactions to promote better circulation overall.