When was the last time you used cash to pay for something? The reality is, the majority of us don’t carry cash anymore. As more and more things are paid for electronically, the need to carry cash is dying out as businesses adapt to this inevitable shift. And with it, so is the use of cash itself.
In fact, research has shown that schools are moving dramatically towards a cashless future. Whether it’s school dinner or school trip money, more and more schools are turning to cashless payments and simplifying their finances in the process.
Why are schools going cashless?
The pandemic caused all industries to undertake a whole host of adjustments, from integrating online working to taking payments wholly online. In fact, cash was used for just one in six payments in the UK in 2020, while one in four people reported using cash just once a month or less.
Now, businesses and consumers are used to operating on a cashless basis, with both tending to see it as an inconvenience. However, most schools are actually ahead of the curve on this front, and were moving towards a cashless future long before the pandemic.
This is due to a range of factors. One benefit of cashless schools is security, as insurance implications have long restricted the amount of cash that schools can keep on site, and it’s not ideal to have children carrying cash around, either. Making schools cashless also removes the admin burden of collecting, counting, and banking physical money.
Parents, too, tend to prefer online and card payments to cash. In the last few years, many have got cash out solely for the purpose of paying for school meals or trips – although there were of course some who were still using cash regularly themselves.
As a result, most schools are now embracing their cashless futures and experiencing the many benefits that doing so brings.
What are the benefits of cashless school payments?
- Save time
By eliminating the need to process cash payments and manage spreadsheets, staff can spend their time on more important tasks that benefit pupils and add value to the school.
- Improve flexibility and convenience
These days, cash requires a certain amount of forward planning. For those parents that are only using cash specifically for school related expenses, having the ability to automate or make payments online will simplify payments considerably. Plus, there won’t be any more worries about forgetting to settle an account as payment systems can send alerts and reminders to ensure parents remain on top of things.
- Increase financial transparency
With 92% of schools facing budget uncertainty for the next academic year, schools need to have a good hold on their financial management. Switching to cashless payment systems can enable schools to track payments and provide the benefit of full financial reporting, so they can make informed and intelligent decisions regarding their finances.
- Give parents greater control
When sending their children to school with cash, parents can never be totally sure where or how that money is being spent. Is it being spent on a balanced meal in the school canteen, or at the local corner shop on sweets? With cashless payments, parents can make sure their money is being spent in the intended way.
- Improve parent teacher relationships
Having to chase payments or make verbal reminders is no good for parent teacher relationships. Teachers want to be able to focus purely on a child’s education and create relationships with parents that support that education. Cashless payments empower them to do just that.
Cashless payment systems for schools
With our online payment system and our cashless catering system for schools, we’re making life easier for both staff and parents.
By partnering with the leading cashless systems for schools provider, sQuid, we can bring a seamless online school payments solution to your school that:
- Allows parents to make payments easily.
- Provides targeted reminders for late payments.
- Simplifies the school’s financial management.
For schools this means they can:
- Manage their finances more effectively.
- Create food items and menus, with photos and allergy info.
- Enable parents to book meals in advance.
- Provide discrete management of Free School Meals.
For parents this means they can:
- Quickly top up when their school meals money purse is low.
- Pay for school trips and other activities.
- Make online payments for merchandise, clubs, and other services.
- Set min and max limits to all menu choices (pudding control!)
Online school payments made easy
Want to make it easy to collect all parental payment in one place and find a better way to manage school meals?
Talk to us to find out more about how Weduc’s Online School Payments and Meal Manager can simplify your school payments. Click here to book an informal chat at a time that suits you.
Alternatively, drop us a line via our enquiry form, or give us a call on 01509 221 349.
