Early 2013 Canadian Finance minister withdrew circulation of the Canadian penny, which had been facing impending doom for a very long time.
Canadians, as well as Americans, have put countless pennies in piggy banks or in the nooks and crannies of their homes. In effect, governments need to replenish idle coins.
Canada’s government enacted the discontinuance of the penny as part of the 2012 Economic Plan. According to the government is cost more to produce it than the actual worth. In the last quarter of 2012, the Royal Canadian Mint halted distribution. Subsequently, pennies are being melted for their valuable copper.
It is estimated that 2.25 seconds is wasted running transactions involving pennies adding up to $15 Billion man-hour loss per year.
This does not mean the penny would lose it value or cease as a legal tender. The ability to use pennies will remain permanently but the government will no longer provide the coin to banks.
Effect proceeding the discontinuation on retail and service providers were amending the manner in which cash transactions were processed. All other transactions including credit/debit, gift cards, and checks will continue to be computed to the penny. Unless the customer provides exact change, service providers are required to round to the nearest nickle. Rounding is done at the end of the sale not item by item.
Canadian Officials claimed ceasing use of the cent will have no effect on business or Point of Sale systems.
The best way to handle the change is rounding the change at the end of the transaction.
However, Sintel Systems Point of Sale software accommodates Canadian rounding requirements. Save yourself and employees the headache by letting Sintel System do the work for you.
Reconfiguring your cash drawers is simple. Six slot tills can easily be replaced to better suit your needs.
Sintel Systems is the only direct to end user full-service provider of tailored Point of Sale systems across retail, restaurant and service industries, including frozen yogurt shops, pizzerias, sushi restaurants, cafés and retail stores.
As a single source for business solutions, our experienced, knowledgeable team negotiates the complex POS landscape for you to enable you to find the right POS system for your business and budget. Hardware – Software – Support