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Metro Bank has launched ‘MCASH’ – a new way for small businesses to request for cash to be collected or delivered directly to their premises. While the number of payments made by card, mobile and online continue to increase, research from the Bank shows that 73% of UK SMEs still rely on cash for some or all of their business transactions.
Not only does cash remain an important part of running a smaller business in the UK, but it is also time-consuming to organise and potentially dangerous to carry. Metro Bank has also calculated that SMEs spend three working days per year just withdrawing or depositing cash and more disturbingly 25% have been robbed or physically harmed when carrying cash from their business.
The new scheme will enable business owners to use Metro Bank’s mobile app to request cash pick-ups or deliveries. Cash could arrive or be collected as quickly as 24 hours from request.
However, the scheme is still in its early stages, with the Bank launching in only six of its 71 branches – High Wycombe, Hounslow, Slough, Southall, Uxbridge and Windsor. Businesses within a 30-mile radius of these branches will be eligible to join the scheme.
Those wanting to join will need to be existing Metro Bank business customers and be registered to its app and Business Internet Banking. The Bank has also restricted the scheme to sole traders and single director limited companies.
Businesses that meet the criteria set out can register to the scheme at a Metro Bank branch and will need to provide proof of their identity and address and authorisation for the relevant Metro Bank business account.
The new scheme charges a service fee, which is additional to the standard fees Metro Bank charges its business customers to pay in or withdraw cash in its branches. The service fees for MCASH are:
There is a price for the convenience of not going to the branch. #For example, a business paying in £800 in cash every week, that could give two days’ notice for collection, would be charged £1,300 per annum. The equivalent annual fee for the Business Current Account (Cash Tariff) from the Co-operative Bank would be £312.40, and £416.00 per annum for HSBC’s Standard Business Account Small Business Tariff.
Metro Bank has said it expects to roll out the service across its whole 71 branch network during 2020.
Find out more about business bank accounts.
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Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today. “The March decline highlights the pressure the economy is now coming under from the cost of living squeeze and the danger of it falling into outright recession later this year,” said Rupert Thompson, Investment Strategist at Kingswood. The services sector, which includes contributions from education, arts and entertainment, and food service among others, fell 0.2% last month and was the main contributor to this decline.
Britain’s GDP contracted by 0.1% in March, according to data released by the Office for National Statistics (ONS) today.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living. The latest Consumer Price Index (CPI) was recorded at 6.2% this morning. This means inflation has hit a new 30 year high, which will only exacerbate the cost of living. “This is the highest CPI 12-month inflation rate in the National Statistic series which began in January 1997, and the highest rate in the historic modelled series since March 1992, when it stood at 7.1%,” the Office for National Statistics (ONS) stated. The rise can be attributed to a number of diverse contributions. This included a bump in prices for clothing, footwear, toys and other recreational goods, said the ONS.
The latest Consumer Price Index continues upward to 6.2%, adding to fears over the increased cost of living.
Strong Customer Authentication regulation will now require online shoppers to verify themselves before paying at the checkout after £376 million was lost to online fraud in 2020. Strong Customer Authentication (SCA), which has been endorsed by the Financial Conduct Authority (FCA) and UK Finance, will be in place from today. These regulations have been enforced as an attempt to reduce the £376 million lost in online fraud in 2020, according to Barclaycard.
Strong Customer Authentication regulation requires online shoppers to verify themselves before the checkout after £376 million was lost to fraud in 2020.
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