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What is a cashless payment system and how can it benefit your school?
Free up school admin, reduce costs and increase school takings with an effective cashless payment system for schools. An effective cashless payment system will streamline your catering and parental payment processes, enabling your school to be more effective in managing money.
The article will discuss the different types of cashless payment systems available and the benefits you can see by investing in the right one for your school.
What is a cashless payment system?
A cashless payment system is a way for parents to make online payments, through a variety of transaction methods to pay for everything from school fees, to school lunches and uniforms.
There are a variety of benefits your school could see by implementing the right cashless payment system for your school.
Why are schools going cashless?
According to UK Finance, an industry trade association, in 2010 over half of all payments in the UK were made using cash with around one in six payments that year made using debit cards. By the end of 2017 however, the rising use of contactless payments had helped debit cards to overtake cash as the most frequently used payment method in the UK, accounting for over a third of all payments. By 2020 cash was now used for just one in six payments (17 per cent) in the UK in 2020, while one in four people used cash just once a month or less frequently.
Consumers are now expecting to pay for goods and services digitally, and it’s affecting all sectors. Take the charities sector, for example, where data gathered by the Charities Aid Foundation (CAF) found that cash donations decreased from around a third to just 13 per cent between March and April 2020. However, donations made through a charity’s website or app rose from 13 per cent to 24 per cent.
In the midst of Covid-19, the move towards cashless spending was driven by hygiene. However, it’s now the first-choice for many people as it’s a convenient and transparent way to spend. Transactions are logged and it’s easy to budget using banking apps, as well as view historic transactions.
There’s also the insurance implications that schools need to consider, with strict limits applied to the amount of cash schools can keep on site. With a cashless system in place, this worry is removed.
Consider, then - are the parents of your pupils still using cash? Do they have to make a weekly trip to the cashpoint just to fund that week’s school meals? Whether you’re already using a cashless catering system, or if you’re still operating with notes and change, we’re excited to see the benefits that this new functionality will bring to schools across the UK.
For schools, the main reason they go cashless is to reduce their cost and increase efficiency. Making it easier for parents has been proven to help schools increase their takings, reduce debt and speed up lunch queues.
Schools can also reduce the amount of admin resource they need to assign to counting cash, sorting, and storing money. It also eliminates security and fraud risks. Not only that by it makes it mush easier to get a better view of budgeting and financial forecasting.
Many schools are already taking advantage of a cashless school payment system like My School Portal which gives them all the advantages of cashless school payment as well as parent communication, online bookings, parents evening, processing data and so much more. Having everything in one intuitive and streamlined portal makes it even easier for parents, guardians and staff.
Cashless school payment systems for schools are becoming the norm as administrators look for ways to reduce the admin burden, reduce costs and provide a better overall experience for parents and students.
What are the risks of going cashless?
There are a number of risks a school should take into account and address before going cashless. A good cashless payment system should have taken all of these into account but please discuss them with your provider before investing.
Risks for schools going cashless include:
Top 8 benefits of using a cashless payment system in your school
The benefits to going cashless for a schools include:
Increased efficiency
With a cashless system, transactions can be processed quickly and easily, reducing the amount of time and resources needed to handle cash. Parents love the speed at which they can pay and keep track of everything.
Improved security
Cashless payments reduce the risk of theft and fraud and can also make it easier to track and reconcile financial transactions.
Greater convenience
Students, staff and parents can make payments quickly and easily, without having to carry cash or write checks.
Better record keeping
A cashless system allows for easy tracking and record keeping of transactions, which can be beneficial for budgeting and accounting purposes.
Enhancing student experience
Students will have more flexibility to make payments for things like school lunches and other school-related expenses and also it will be very convenient for them.
Improved budgeting
By having a clear record of all transactions, schools can more easily budget for things like school supplies, staff salaries, and other expenses.
Increased parental engagement
With online payment portals and direct debit, parents can view balances, make payments, and check transaction history, which can increase parental engagement in their child's education.
Environmental benefits
Going cashless can also have an environmental benefit as it reduces the use of paper and plastic money which is also a great step towards sustainability.
What is the best cashless payment system for your school?
When choosing a cashless payment system for your school ask yourself these 5 questions to find out if it’s the right system for your school.
1. Are we paying the most cost-effective transaction fee?
2. Is the system easy to use and really reduces administration time
3. Is it engaging parents and reducing your school debt?
4. Does it offer the widest means of top-up methods available to parents?
5. Does it offer the highest level of security and protect your payments?
If you can’t confidently answer yes to all of the above questions, then it’s time to find a better solution.
My School Portal is the all-in-one parent communication and payment platform for schools, academies and trusts.
Streamline the number of resources you need by investing in My School Portal, a secure and sophisticated platform that does everything your school needs.
- Manage school lunches
- Process online payments
- Trips, clubs, and activities
- Streamline parent communications
- Organise and host parents' evening
- Simplify data collection
- Save hours of valuable admin time
I’d definitely recommend My School Portal. It’s made a massive difference to us, we have saved hours of staff time and I know the rest of my team speak highly of it.
Chris Raynerd, Assistant Head at Crompton House school