Scottish SMEs spend two working days depositing cash every year, according to Barclays’ research
Getting to the bank to deposit cash takings is putting pressure on time-starved businesses, according to Barclays, which has recently launched Barclays Collect, a new cash collection service.
According to Barclays’ latest research, nearly a fifth of UK businesses which handle cash (18%) say they have had to shut up shop to go to the bank.
Scottish SMEs say it takes them on average over half an hour each time including travel, totalling 18 hours and 22 minutes every year. That’s over two working days each year.
More than a fifth* (21%) of Scottish business owners who handle cash admit to having put off taking their earnings to the bank, and 4% keep their cash somewhere they think is safe, e.g. in a locked safe or “under the mattress”. Busy SMEs are delaying making their cash deposits for one (34%) or two weeks (11%), stifling a boost to cash flow.
Jamie Grant, head of Region, Scotland and Northern Ireland, Barclays Corporate Banking, said: “Running a business is time-consuming enough, so shutting up shop or spending two and a half working days a year to deposit cash simply shouldn’t be a factor preventing businesses serving their customers.
“We recognise that time is precious and want to give our business customers an hour back in their day with our new cash collection service, meaning they can get on with running their business, staying open, and increasing their cash flow as a result.”
Scottish businesses top fears around handling cash include concerns of burglary from premises for over a third (34%), a fifth (21%) worry that cash will be stolen from an employee sent to deposit it and 19% worry about staff carrying a large value on their person. 11% of Scottish SMEs surveyed report they have lost or had their cash takings stolen.
Grant added: “Handling large volumes of cash payments can be worrying for any business owner or employee. We believe Barclays Collect will revolutionise the way businesses deposit cash while giving them the confidence that their hard-earned takings will be deposited securely into their bank account.”
The bank says Barclays Collect has been designed with busy business owners in mind, safely transports cash takings straight from the door to be deposited at the bank – saving business owners the hassle of having to take time away from their business.
It says users can book a specific collection time online via mobile or desktop, and a security checklist guides customers through the collection, giving them peace of mind that their money will be delivered and processed safely.
More on Barclays: