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Penny’s end poses rounding challenge

Retailers press for passage of a bill to enact rounding standards as cash-handling businesses grapple with the cent’s gradual demise.

Businesses would gain new guidelines for rounding transactions if the government gradually phases out the U.S. penny under legislation Congress is considering.

The Common Cents Act, which passed the House of Representatives on Tuesday, enacts formal guidelines for businesses to round tabs to the nearest 5 cents as the U.S. gradually retires the penny.

“We need a clear standard from Congress allowing businesses to round cash transaction amounts and a safe harbor from liability in doing so fairly,” wrote the groups, which included the National Restaurant Association and the National Association of Convenience Stores.

Penny’s end poses rounding challenge | Retail Dive

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