Barclays to Launch Cash Collection Service

Barclays to Launch Cash Collection Service
18.01.2016 01:45 pm

Barclays to Launch Cash Collection Service

Payments , Banking , Infrastructure

Barclays is launching a new cash collection service ‘Barclays Collect’ for business customers and corporate clients which will save time for hard working businesses across the country, with the service collecting straight from their door.

The new service offers customers a security vehicle to transport their deposits for them and allows customers to book a collection time online from either their mobile or desktop, which is both convenient and saves time.

For each single cash collection of £5,000 and above the service will be free, while there will be a charge of £7.50 plus VAT for collections between £2,500-£4,999.99 and below £2,500 there will be a charge of £15 plus VAT per collection, in addition to cancellation charges and standard processing fees*.

The pilot is currently underway for Barclays business and corporate customers in Birmingham, Manchester, Enfield and Leeds Bradford, before the bank plans to roll it out to all UK regions in 2016 following the outcome of the pilot.

Customers can schedule a recurring time or schedule a one-off collection. An easy to follow security checklist guides customers through the collection requirements and gives them the confidence that their money will be delivered and processed safely.

Gavin Isle, Head of Business and Corporate Banking at Barclays commented: “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.

“We’re passionate about helping businesses and providing innovative solutions for our clients. In addition to time saved, this service provides security for business owners and their staff and with the peace of mind that takings will be in their account the next working day. We’re proud that our investment in digital banking means that we’re leaving no business behind.”

Business owner Ben Luk of New Harvest Wholesale LTD, commented: “The main benefit of Barclays Collect is the convenience factor. We used to visit the bank three times a week and it was a struggle finding the time with all the other demands of running a business. It is simple to arrange the collections using the online booking system, they have arrived on time and collection itself now takes under 30 seconds. It is very reassuring to know the cash is now being securely transferred into my account.”

The launch of Barclays Collect, supporting businesses and corporates with their cash deposit management, follows Barclays’ announcement to widen its mobile cheque payments to business customers after a successful pilot.

Related News

BlueSnap Appears on the Inc. 5000 List Following Three-year Revenue Growth of 260 Percent

Inc. magazine today revealed that BlueSnap is No. 1648 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-... Read more »

Standard Chartered and Airtel Africa Partner to Drive Financial Inclusion Across Africa

Standard Chartered Bank (www.SC.com) and Airtel Africa have today... Read more »

Barclaycard Launches New Service to Redefine Supply Chain Payments for Businesses

Barclaycard has launched Barclaycard Payment Intelligence (BPI), a new service which uses in-depth data analytics to provide... Read more »

AscendantFX Introduces Payment Tracking Through SWIFT gpi

AscendantFX Capital announced today that they have become members of the SWIFT network, and more specifically the Global Payment Initiative (gpi). Ascendant... Read more »

Mondia Pay Becomes Popular Digital Payment Solution for African Telcos

Mondia Pay, Mondia’s (www.Mondia.com) digital payment entity, announced that it recently... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel