Barclays launches digital cash collection for businesses

Source: Barclays

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.

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