New digital cash service Barclays Collect launches

Barclays Collect

Too busy to take your earnings to the bank? Barclays Collect is an innovative new digital cash service from the UK bank

It’s a source of exasperation for many business-leaders: trundling down to your local bank branch within seemingly ever-narrowing opening hours, every time you want to deposit cash.

Barclays aim to remedy that with the trial of their new digital Barclays Collect service. Allowing customers to book their collection time online from their mobile or desktop, the bank offers a security vehicle to transport deposits from their door.

For cash collections of £5,000 and over, the service will be free. Meanwhile, there will be a charge of £7.50 (plus VAT) for collections between £2,500-£4,999.99 and £15 (plus VAT) for collections below £2,500.

“Traditionally, small businesses have had to take precious time out of their working day to travel to a branch and make their cash deposits,” says Gavin Isle, head of business and corporate banking at Barclays. “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…

“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.”

“The main benefit of Barclays Collect is the convenience factor,” said business owner Ben Luk of New Harvest Wholesale LTD. “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 pilot is currently underway for Barclays business and corporate customers in Birmingham, Manchester, Enfield and Leeds Bradford, with plans to roll it out to all UK regions later in 2016.

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Alexander Parker

Alexander Parker

Alexander Parker is a freelance writer and filmmaker.

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