Barclays launches digital cash collection service for businesses

Barclays is launching a cash collection service that will enable business customers to book cash collection online from either their mobile or desktop with a security vehicle then sent to them to collect the cash amount.

‘’Barclays Collect’’ will offer a free service for payments above £5,000 while there will be a charge of £7.50 plus VAT for collections between £2,500 and £4,999.99.

For collections below £2,500 there will be a charge of £15 plus VAT per collection, in addition to cancellation charges and standard processing fees.

A pilot of the service is currently underway for business and corporate customers in Birmingham, Manchester, Enfield and Leeds Bradford, before the bank plans to roll it out to all UK regions in 2016.

Gavin Isle, head of business and corporate banking at Barclays, commented: “Traditionally small businesses have had to take precious time out of their working day to travel to a branch and make their cash deposits.

“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. This service will also support larger businesses with their cash management needs.’’