Stop by a cash point today and you’re likely to be confronted with a message informing you, ‘this machine charges for cash withdrawals’. The accompanying price tag can range from a minimum of 95p to an eye-watering £5; today’s high fee to access your own cash.
Pricey cash withdrawals are on the rise. According to consumer group Which?, nearly 1,700 charge machines were launched between January and March 2019. And, as free cash machines disappear from our high streets, so too, do bank branches; the UK has lost nearly two-thirds of its bank and building society branches over the past 30 years. However, in light of closures and a decline in free cash, consumers and businesses aren’t grinding to a halt. Instead, we’re welcoming a new cashless era with open arms, smartphones in hand.
The online bank
Today, 22 million people across the UK are using mobile banking apps to manage their accounts, and, by 2023, this number is expected to rise to 35 million – a huge 60% of all current account holders.
With the likes of contemporary online-only banks as Monzo entering the market, banks are placing greater emphasis on user-friendly, reliable apps and a convenient mobile banking experience. In fact, even online banking trends are changing to reflect our preference to smartphone tech; this year, mobile banking is expected to surpass internet banking as the most popular digital channel.
The bank of mum and dad
Most tech-savvy millennial parents keep a close eye on the digital purse-strings. Stopping by cash points and finding loose change for dinner money isn’t on the to-do list for the busy school drop-off.
Mobile apps provide a new level of convenience for busy mums and dads, enabling them to easily check finances while out and about. When it comes to security, too, mobile banking offers privacy settings and fingerprint logins. The dangers of ATM fraud are well known, and even inputting our pin in public can prove risky.
Today, we don’t think twice before paying for every day and extravagant items via mobile apps – holidays, travel fares, clothing and the weekly shop. As a result, parents are fast coming to expect the same level of ease and reliability for school payments and dinner money.
The solution for secondary schools
Convenience, reliability, security – these same cash-related issues spread as far as the school office. Every year, secondary schools process thousands of pounds for dinners, uniforms, clubs, trips and more, and the associated problems can be a real headache for staff; busy teams spend hours chasing, processing and banking money. Cash kept on-site results in security risks, and cash-related costs are high, particularly for schools relying on paper communications to contact parents. Lunch money debt is a regular hot topic in the media, with schools shouldering the burden of over-due dinner payments.
Fortunately, online payments are bridging the gap between home and school when it comes to finances. +Pay utilises a user-friendly platform and free mobile app to meet the needs of both schools and parents with innovative, convenient, cashless technology.
With Advance Booking functionality on its way, parents will soon be able to make selections and pay for items in advance, enabling schools to efficiently manage suppliers, reducing waste and debt. Multiple registers functionality collects payments for dinner, afterschool and breakfast clubs, with payments landing straight in the school bank account. Low-balance reminders and push notifications alert parents to payments that are due, allowing them to pay in seconds using a variety of flexible methods, including PayPal, debit/credit card and PayPoint.
+Pay delivers informative payment reports and integrates seamlessly with your school’s MIS. Our dedicated +Pay Support Team is on hand to offer help, if and when you need it. Whether you’re introducing online payments for the first time or switching provider, launching +Pay is easy; the online, automated process means no printed letters and codes.
We’ve designed the +Pay platform with secondary schools in mind; no stress, no complicated implementation process and no unhappy parents. The era of cash payments is quickly coming to a close, and for schools, the benefits are huge. Get in touch to find out more about +Pay and or book a free demo here.