LYV187: 💵 Cash or Card: 💳 Protecting Your Business from 🧐Counterfeit Money | @chilled.coco | chilledcoco.com | x: chilled_coco

Ever been handed a counterfeit bill? That sinking feeling when you realize you've exchanged valuable products or services for worthless paper is something no business owner wants to experience. This candid discussion dives into the very real challenge of counterfeit money that businesses face today.

The modern business landscape has evolved dramatically when it comes to payment methods. With approximately 90% of transactions now happening through cards and digital transfers, many micro-businesses are making the strategic decision to go completely cashless. They prominently display signs stating "cashless business" or "no cash accepted," effectively eliminating the counterfeit risk altogether. But is losing that potential 10% of cash-paying customers worth the peace of mind?

For those who decide that cash remains essential to their business model, proper preparation is non-negotiable. This means understanding the telltale signs of fake currency - from the missing holograms visible when held to light, to the distinctive texture that genuine bills have compared to regular paper. While counterfeit detection pens can be helpful tools, savvy counterfeiters sometimes use paper that bypasses this test. The story shared about personally receiving a fake bill that "looked fake, smelled fake" and failed bank authentication highlights how important it is to have multiple verification methods in place. Whether it's employee training, UV scanners, or simply knowing what authentic money should feel like, the key is implementing these systems before you start accepting cash payments.

Have you considered whether going cashless is right for your business? Or if you accept cash, what detection methods do you rely on to protect yourself? Share your experiences and subscribe for more practical business insights that help you navigate these everyday challenges entrepreneurs face.

Transcript

Counterfeit Bills in Business

Speaker 1 0:01

hey , what's up guys . So I want to talk about um how you can mediate um fake bills . Right , collecting fake or counterfeit bills is you decide to go to business or you have a business or anything related to um selling a product or selling a service and then you um decided to collect a service and then you decided to collect or receive payment via cash , then you have to be aware of , if you're collecting cash , that you can receive

Cashless Business Benefits

Speaker 1 0:33

freight bills . So a lot of businesses , especially micro businesses , they prefer not to work with cash . They actually only work via Wire or Zelle you know Vimo or they only receive payment through card , so they get some kind of card gateway to collect card payments and they stay away from receiving cash just because of the same reasons right , that I'm just talking about , that you can have to deal with receiving fake , so they are cashless business . And most businesses that don't receive cash don't have a sign , especially in the food truck . They'll have a sign saying this is a cashless business , or we don't have cash , or we don't have change or whatever the case is right . So it is very important that you guys be aware of , like if you decided to do a business with cash

Examining a Fake Bill

Speaker 1 1:28

or no cash . If you decided to go with cash , then you have to put in place some kind of mechanism to detect fake bills , if that's the case , right . So some of the business decided to say , well , we're not going to say anything bigger than I don't know , $20 or $10 , something around that line . Okay , that could potentially work , but that doesn't mean that you cannot get a $20 , right ? So here's a fake bill . I received this bill when I was collecting cash and I was able to showcase or detect that the bill was fake . Actually , I took this to a bank and I asked the bank can they please scan it and make sure that this is a fake bill ? And they said , oh yeah , it didn't pass any of the standards . So if you look at this bill , it looks fake , smells fake . I mean , everything about it is fake . Right , looks fake , smells fake , smells fake . Yeah . So you don't want to win .

Speaker 1 2:47

Whenever you see a bill that's kind of funky , especially like this one , you want to make sure that you you have all the measurements of all the necessary systems in place to detect those . A lot of business , like I said , they go with cashless or they receive no cash , and then that's fine . And then there's a small percentage , from a business standpoint , of transactions that are done with cash . So let's say , 90% of your transactions , from a business standpoint , are going to be any type of card , right , and then it's a small 10% transaction . So some businesses they rather lose that 10 percent .

Speaker 1 3:28

All right , then deal with , you know , um , dealing with fake bill . If you decide to have a business or some kind of service and then you decided to go with cash , then you got to make sure that you have all necessary measurements to detect

Methods to Detect Counterfeits

Speaker 1 3:44

fake bills in . The situations is right . So you got to be prepared . So it better be prepared . So I'm telling you , just better be ready .

Speaker 1 3:50

If you're going to be ready , you can know that you know some of the things that you can find on an actual bill from a fake deal like this bill . They usually have a hologram in the inside you can't see . That's another way to see it . Like you go see through this bill , you can't see the hologram . So business has a scanner and you can scan it . So finish the way you feel and touch the bill . Well , have a different feeling , taste and touch . Right . This one feels like I use a regular paper also some . Sometimes you can use this pen right , and then you can . You can . You can go ahead and mark the bill and it's a change color and it tells you this is fake . But that now was work , because some papers that are so good that they bypass the pen . But you can try that as well in different things . So what I'm saying with that is , like it's very important that you take the measurements or be we're the local for ice , things like that .

Speaker 1 4:50

There's not always going to be people that have the best interest on your end . It happens to me , it happens to you and I don't want that to happen to you anymore . Right , I don't have . I don't want that to happen to any friend of mine , to any business of mine , to anyone . So you always want to be on the lookout . So if you ever , um , just still be bothered . I want to do bad things for others , right , and if that's the case , you got to take precautions .

Speaker 1 5:15

So , like I said , to sum up , if you decided to have a business or any type of service and you're collecting cash , make sure that you have all the different methods that you can use , from your personal training to your employees training to be able to collect cash and at the same time , you have all the different type of of of either hardware or things that requires to be able to check bills to make sure those bills

Cash vs. Cashless Decision

Speaker 1 5:44

are not counterfeit . Right , if you decided to go with no cash , there's just a small percentage there could be a 10 , between a 10 to a 5 percent that you might lose of sales in because you're not taking cash , and that's if you're fine with that and um , and then go go with that route as well and then just focusing on doing um car only business , you know , car only transactions , and it's that's fine with you , and then you avoid collecting cash and you have to deal with the whole cash situation . So that's my advice . I just wanted to share um that with you guys

Personal Experience & Final Advice

Speaker 1 6:16

.

Speaker 1 6:16

Uh and there's a quick little story there at the end also that I wanted to share before I let this let let it go or end the video is that there was situation where I was confronted with people , uh , trying to pay for products using fake bills , right , and I didn't have the system in place . So it's very important for you guys when you um , when you start in a business or service , like I say , make sure you have all these things in place before you start . That way you don't get caught up in that same situation . All right , my friends , so love you guys , see you guys in the next time , and that's it . Yeah , bye .