Barclays Adds Digital SME Solution For Physical Cash

Cash is king, and while digital payments are making headway, businesses still largely deal in cash. A new corporate banking solution from U.K. bank Barclays offers clients a digital tool for physical money.

Reports on Monday (Jan. 18) said Barclays is launching a cash collection offering that gives business customers the ability to schedule cash collection from the bank online. Companies can book a security vehicle from a mobile device or computer.

[bctt tweet=”Barclays is launching a cash collection offering for SMEs.”]

Barclays said it will charge a fee plus VAT based on the value of the collections.

“Traditionally, small businesses have had to take precious time out of their working day to travel to a branch and make their cash deposits,” said Barclays Head of Business and Corporate Banking Gavin Isle in a statement. “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.”

Isle added that larger businesses can benefit from the service as well.

“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,” he said.

According to Barclays, businesses can sign up for recurring collections. Users will be provided a checklist to guide companies through the collections process to assure that all security precautions are made.

This is the latest in several corporate banking solutions just launched by Barclays. Last September, the financial institution rolled out an online banking hub, iPortal, a dashboard for corporate banking clients.