{"id":10343,"date":"2015-11-06T09:09:01","date_gmt":"2015-11-06T09:09:01","guid":{"rendered":"https:\/\/bigredcloud.com\/?p=10343"},"modified":"2022-03-24T12:01:01","modified_gmt":"2022-03-24T12:01:01","slug":"what-cash-rounding-will-mean-for-your-small-business","status":"publish","type":"post","link":"https:\/\/bigredcloud.com\/en\/what-cash-rounding-will-mean-for-your-small-business\/","title":{"rendered":"What cash rounding will mean for your small business"},"content":{"rendered":"

Cash rounding is here! As of October 28 The Central Bank of Ireland decided that 1c and 2c coins are to be scrapped<\/a> at the request of the Department of Finance. At present there are 19 countries participating in cash rounding, many of whom are EU Members (Belgium, Denmark, Finland, Hungary, The Netherlands, Sweden, and Republic of Ireland).<\/p>\n

This decision comes following a 1 and 2 cent Rounding Trial in Wexford Town conducted by the Central Bank for two months in 2013. The trial was a success with 85% of consumers and 100% of retailers welcoming the national cash rounding of cent coins in Ireland.<\/p>\n

But what is cash rounding?<\/strong><\/p>\n

Cash rounding is when the total amount of a bill is rounded up or down to the nearest 5 cent. It is important to note that it only applies to cash payments and not to electronic methods of payments. It also applies to the total amount of a purchase, not on each individual price of an item. The aim of rounding is to reduce the use of 1 and 2 cent coins as often they\u2019re not actively used by consumers and they are costly to mint.<\/p>\n

For total amounts ending in 1 and 2, the amount should be rounded down to zero; those ending in 3 and 4 should be rounded up to 5; those ending in 6 and 7 should be rounded down to 5; those ending in 8 and 9 should be rounded up to 10.<\/p>\n

Here are a few examples to help you grasp the idea.<\/p>\n