Challenger bank Metro has begun accepting registrations for its on-demand cash collection and delivery service, called MCash – a new move to support UK-based small and medium-sized enterprises (SMEs) relying completely on cash.
The bank’s new feature will be available through Metro Bank’s mobile app and will allow customers to log on and select a day for a cash pick-up and/or drop-off, with as little notice as 24 hours and up to a week in advance.
Some 4.2 million SMEs in the UK rely on cash for their day-to-day operations and Metro Bank’s customers currently make up to 250,000 trips to deposit or withdraw cash at their branches each year, totalling over £30 million of deposits every month.
According to Metro Bank’s research, the new service will provide a significant productivity boost to SMEs, almost half of whom lamented that depositing cash is a waste of time.
These customers also feel concerned about carrying cash, with 33 per cent of those surveyed saying they have felt vulnerable carrying cash from their business, while some 25 per cent said they had been threatened and robbed or physically harmed in a mugging.
As a spokeswoman for Metro Bank said that small firms play a critical role in keeping cash viable, and so the bank wants to make it easy for them to keep banking cash, allowing them to remain flexible to consumer preference and to get on with their day-to-day business.
She added that millions of people in the UK rely on cash and while a lot of attention has been paid to accessing funds, it is equally important that consumers can use cash in transactions.
Nigel Fry, General Practice Partner at Milsted Langdon, said: “This will be a useful tool for those who have concerns about the security of making deposits in person and will help free up some time to help SMEs focus on their businesses.
“It is encouraging to see that challenger banks are taking the needs of small businesses into account. If you would like advice on challenger banks and the services and benefits that they offer, why not contact us.”