Yahoo Finance Coles’ warning on cash shortage
A leaked memo has revealed Coles staff are being prepared for the possibility of needing to convert registers to “card only” sales this Easter, as the nation’s key cash distribution company teeters on the brink of collapse.
The “cash process update” memo sent to Coles staff and shared to social media comes amid “industry-wide challenges with cash movements” and could mean staff will experience shortages of change in their registers.
The memo was sent to Coles liquor stores including Liquorland, Vintage Cellars and First Choice stores across the country, in response to fears a rescue deal for Armaguard, which delivers cash to its stores, could fall apart, leaving money trapped on its trucks.
NCA NewsWire understands Coles does not expect entire stores to run out of cash entirely, but anticipates some registers will need to move to card only transactions.
In the case of change shortages, the notification instructs Coles employees to convert the store to “card only” by printing and displaying notices at open registers and to remind customers that it is a “card only” register prior to starting the transaction.
If a customer questions why cash is no longer being accepted, staff members were told to say: “Our change reserves have been impacted by a decline in cash transactions, along with industry wide challenges with cash movement services. All card purchases are still accepted.”
A spokesman for Coles told NCA NewsWire stores are “not transitioning to cashless transactions”.
“Due to industry wide challenges with cash movements, we are taking some temporary steps to prepare for disruption to Armaguard services. Cash transactions continue to be available in all Coles supermarkets and Coles Liquor stores,” he said.
The memo to staff noted that all cash collections from Armaguard between Wednesday and April 5 would be paused.
