Where have you been if you’re still dealing with cash and you haven’t switched to contactless payments yet? It’s high time to think about updating the way you take payments for lunches, books, PE kits, trips, etc.
UK Finance recently released its 2021 Payment Markets Report, analysing payment methods in the UK last year. You’d expect an upsurge in contactless payments due to the coronavirus. But, aside from the Covid factor, the report clearly demonstrates the rise and rise of contactless payments long before 2020:
“During 2020 the number of contactless payments made in the UK increased by 12% to 9.6 billion payments. Overall, contactless payments accounted for more than a quarter (27%) of all UK payments. In the last four years contactless payments have jumped from being just 7% of all payments to 27% per cent.
83% of people in the UK now use contactless, with no age group or region falling below 75% usage.”
Everybody’s doing it!
So, let’s run through six very good reasons why more and more schools are following suit and trashing the cash in favour of contactless payments:
- Cashless is hygienic –Schools can be hotbeds for germs to flourish in. Health and hygiene in schools have always been massively important, long before Covid entered our vocabulary. Less cash exchanging hands reduces the risk of infections spreading between students and teachers.
- Cashless is easy – Parents are used tapping apps to make online payments in every other aspect of their lives. They will thank you for saving them additional time and effort by bringing your payment method up to speed.
- Cashless is safe – It’s much safer for staff not to have cash stored on school premises and then have to take it to the bank. It’s also safer for students if they aren’t expected to carry money around with them. Online payments reduces the chances of them losing their dinner money or school trip payments inside or outside school.
- Cashless is time saving for school admins – Online payments replaces the manual admin and audit trial generated by taking and recording cash payments. Additionally, online payments also reduces the margin for manual errors around payments that have been received or not received.
- Cashless is risk-free - most online payment services have automation that enables schools to chase late payments with targeted reminders - straight from the system, so no more writing letters and adjusting the manual payment ledgers.
- Cashless is environmentally friendly - without hardcopy payment receipts, you can make a difference to your school's carbon footprint.
At Weduc, we can help you introduce contactless payments via your school app linked with your SIMS or other MIS's.
Don’t have a School App or have a School App and a separate payments provider? In either case, we’d love to talk to you.
Contactless now accounts for more than a quarter of all UK payments, UK Finance