The Ohio Bankers League shared information on what small business owners, particularly merchants and retailers, need to know about the penny phase out.

For business customers:

• Cash-handling implications: consider how your register software, pricing displays, and change-giving policies will adapt if pennies become scarce.
• Evaluate rounding policy: decide in advance how you will handle case transactions that end in pennies. Will you round up? Round to the nearest nickel? It’s best to have a clear policy and communicate it to your customers.
• POS and accounting updates: ensure your point-of-sale and accounting system can support a rounding approach (if you plan to adopt it). Test the change ahead of time.
• Communicating it to customers: let customers know if and when you will begin rounding, how it will work, and why you are doing it. Transparent communication reduces confusion and complaints.
• Coin-order planning: if you order penny rolls or bags, monitor your bank/coin-vault supply. You may need to reduce dependence on large penny orders or shift to other coin denominations/tracking.
• Staff training: train cashiers and front-line staff to explain rounding and handle customer questions.
• Deposit strategy: if you accumulate large quantities of pennies from change machines, etc., deposit them while banks are still actively accepting and processing them as usual.

View the Ohio Bankers League’s full comprehensive guide here.