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Cashless Schools: Benefit and Usage and pitfalls to be avoided

For schools, removing cash can not only reduce administrative time spent handling cash, it can also reduce the security risk of cash being left on site, and eliminate the cost of having to pay for the physical collection of cash to deposit at a bank branch. Many systems now available to schools will automatically generate emails to remind parents of when payments are due, meaning less time is spent by school staff chasing parents for overdue payments.
Every School Business Manager knows what an administrative headache collecting payments from large numbers of students for items such fee, school meals, uniforms, stationery, events, club fees and school trips can be. The emergence of a cashless solution could be the next best thing. Instead of sending cash or cheques to school, parents can pay for each activity through cashless school accounts or bank accounts. Schools are losing hundreds of hours of administration time each year

For growing number of schools, online payments have become the preferred way of ensuring that parent’s money is received by school safely. In return schools are realizing significant benefits including reduced administration time and direct cost savings.
The advantages of a cashless system are obvious. All transactions happen online so there is a clear audit trail which means that payments can be tracked, and because most people now use credit or debit cards to pay bills and to shop, it is a familiar process. “It’s a much more convenient way for parents to pay for things.

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