New Metro Bank 'MCash' delivery service launches across the Midlands
Added by Love Business East Midlands | 14 February 2020
Metro Bank has launched its new on-demand cash collection and delivery service in the Midlands.
The new service will support the 4.2 million1 UK SMEs that rely on cash2, and save SMEs vital time by delivering and collecting cash at their doorstep on request.
- Cash is vital to SMEs and consumers, but management of cash is time intensive for SMEs
- MCash enables SMEs to order cash pick up and drop off to their premises, saving them time and effort
- New service now available to Metro Bank customers in the Midlands
Managing cash can present both time and security issues for businesses.
According to new research from Metro Bank:
- One in three SMEs (34%) have to travel to their local bank at least once a week
- Almost half (46%) of SMEs who have to deposit cash agree that depositing cash is a waste of their time
- SMEs spend on average three working days every year just withdrawing or depositing cash at the bank
- Having enough time is one of the top three issues that concern SMEs, alongside online security and maintaining a work-life balance.
The Bank’s research also reveals two in five senior decision makers at SMEs that handle cash (44%) have felt vulnerable carrying cash from their business, one quarter (27%) have been threatened, and a similar proportion (25%) have been robbed or physically harmed.
The launch is the latest in a long list of innovations brought to the market by the bank – from instant debit card printing in store and seven day a week opening hours, to helpful insights and nudges from the bank’s mobile app. MCash will help ensure cash remains a viable option for SMEs and consumers.
Managed through Metro Bank’s mobile app, business customers will be able to log on and select a day for a cash pick-up and / or drop-off from as close as 24-hours away, and up to a week in advance.
The service was initially launched in a handful of Metro Bank stores at the end of last year and the service is now available across its Midlands network.3
James Baughan, Regional Director of the Midlands at Metro Bank, says:
“We are delighted to bring MCash to SMEs across the Midlands. In the last year we have opened four stores in the region which have become hubs for local businesses, it’s fantastic to now be offering an additional service such as MCash to support small businesses and make their day-to-day lives easier.”
Metro Bank customers currently make up to 250,000 trips to deposit or withdraw cash at Metro Bank stores every year, with cash deposits of more than £30 million made by SMEs at Metro Bank stores every month.
Launched in partnership with RMS Group Services – a leading challenger provider of cash in transit services providing services across the UK and Republic of Ireland, the service will be available for customers based within a 30-mile radius of Metro Bank stores. The service is available to sole traders and single director limited companies.
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