What is your policy regarding loose coins?
You’ve probably read articles online or seen television news accounts of irate customers protesting a bill by paying entirely with coins. If you haven’t, just Google “coins as payment protest.” There’s even this story about a Michigan woman paying her entire $569.81 adjusted water bill with coins!
A post from earlier this summer in a listserv I follow inquired if others in the listserv had policies prohibiting customers from paying with an excessive amount of coins. Apparently, the poster has experienced this problem, or is at least interested in not experiencing it in the future!
Are you prepared to keep it from happening?
In an earlier Utility Information Pipeline, I wrote about a utility that doesn’t accept cash at all, so for them this wouldn’t be an issue. However, if your utility is like most I’m familiar with, you still accept cash and, without a policy to stop it, could be susceptible to an angry customer trying to pay with all coins.
Most banks won’t accept an excessive amount of coins for deposit unless they are rolled. So, requiring any payment in coins (in excess of the amount of a roll of that denomination) to be rolled does not seem unreasonable. Also, entirely reasonable in my opinion, would be a limit to how much in rolled coins can be tendered for a single transaction.
Are your payment policies up-to-date?
If your payment policies are outdated, or if you think you could improve on how you take payments, give me a call at 919-232-2320 or e-mail me at email@example.com to learn how a business review could help improve your operation.