Managing Your Cash Flow
Barclays Collect cash courier service merges tradition with fintech for UK businesses
2 min read
18 January 2016
A new service called Barclays Collect has been launched to speed up banking processes for small businesses, merging tradition with fintech by allowing companies to book collection and delivery of cash deposits via an online platform.
In December it was reported that many small companies ran the risk of losing sales by not supporting card transactions. The EE report followed an earlier study in autumn that revealed Brits spent £2.5bn on contactless cards alone in the first half of 2015.
“Contactless payments are fast, easy and secure. With more contactless cards in wallets than ever before and a growing number of retailers accepting contactless payments, we have seen a huge rise in the number of payments being made,” said Graham Peacop, CEO of The UK Cards Association.
However, despite the widespread card adoption among consumers, Barclays has launched a new service called Collect, which is designed to support business customers experiencing high levels of cash-based sales.
Bolstering tradition with fintech, the digital service runs across mobile and PCs and allows users to book a Barclays security vehicle to collect and deliver deposits directly to the bank.
The idea is that it will enhance convenience for business customers, especially small ones, as the banking task can be replaced in favour of other pressing tasks.
Any cash collection of £5,000 or over is free, while the bank will issue a charge of £7.50 plus VAT for anything between £2,500-£4,999.99, and £15 plus VAT for anything under £2,500. Collections can be scheduled for regular times or as a one-off.
Gavin Isle, head of Business and Corporate Banking at Barclays, said: “Traditionally small businesses have had to take precious time out of their working day to travel to a branch and make their cash deposits.
“The new Barclays Collect service is a solution that will enable customers to book a collection quickly and securely, providing businesses with a simple and convenient service that works around them. This service will also support larger businesses with their cash management needs.”
Collect is running as a pilot in Birmingham, Manchester, Enfield, Leeds and Bradford at present, with the results to determine whether a nationwide launch in 2016 will go ahead as planned.
Isle claimed the bank’s “investment in digital banking means leaving no business behind.”