Quick and convenient, cashless payments are now a big part of our everyday lives.
Cash, however, will still play a huge role when it comes to your school. From school meals and trips, to Christmas concerts and even uniforms, the use of cash has remained king for many primary and secondary schools.
Since the outbreak of COVID-19, the move towards a cashless society has been accelerated. And, if you don’t want to be left behind, schools need to find effective solutions to navigate the changing cashless landscape.
Going cashless in the education system isn’t unheard of. Back in the 1980s, the Revaluation (Reval) Unit was invented.
This allowed people to add cash to an account, whether that’s onto a physical card, or to be accessed via pin or more recently, fingerprint. Still found in some schools, they were a step in the right direction, but, they weren’t that effective because they still brought cash onto the school site.
Nowadays there are smarter options available because as you’ll know, technology has come a long way since the 1980s.
With cash still being used, one of the biggest issues many schools face is the cashless push coming from only one department. This can often result in different departments operating different systems, some completely cashless and some with a mixture of both. This can be inefficient, messy, costly, and negate the key benefit of going cashless in the first place — having one centralised, digital database to monitor all payment activity.
And, with cash use reducing across the UK, the benefits for your school are huge.
Cash use reducing
The fall in the use of cash has been well-documented over the last decade. In 2018, research predicted that cash use would fall to fewer than one in 10 transactions in a decade due to the rise in popularity of debit cards.
Further research found that banknote use in the UK had fallen from 30.7% of transactions in 2010 to 15.7% in 2018. And, with 50% of the population already operating as cashless, Britain is the least cash-reliant country in the whole of Europe.
As you can see, the use of cash has been decreasing at a huge rate, meaning fewer households have cash nearby for purchases such as school trips and lunches.
This was before the outbreak of COVID-19, which has seen cash use plummet even further.
The impact of COVID
Due to cash changing hands frequently, studies have found that you can often find upwards of 19 different strains of bacteria living on banknotes. The Influenza virus can even live on them for up to 17 days.
Because of this, the message to reduce cash use was quickly adopted by Britons, with many shops taking a ‘card only’ approach. Alongside this, UK residents reduced cash use even further, with ATM provider Link stating that there was a 60% decrease in cash machine usage in April and that 75% of people were using less cash and 54% were avoiding it altogether.
This is creating the perfect storm for schools, which is why it could be time for you to ask, ‘should our school go cashless?’
Reasons to go cashless
As the reduction of cash usage has slowly crept up, and with Coronavirus speeding up this process, there couldn’t be a better time for your school to look into a fully cashless future.
Removing the use of coins and notes on school premises can bring a whole host of different benefits, such as:
As we mentioned earlier, one of the biggest problems facing schools in the past is inconsistency when it comes to cashless payments. However, there is a way you can implement a cashless system that’ll run smoothly and efficiently from start to finish.
Till has a wide range of benefits for parents, students, teachers, and other staff members and suppliers, helping to bring a new and improved cashless system to your school.
Each child at your school will be provided with an account that can be topped up online thanks to our Parentpay integration. Easy to use, each account is assigned a personal QR code, which is issued on either a physical card or digitally through a mobile app, which can then be scanned for cashless payment. thanks to the iZettle contactless card reader .
Low cost and zero maintenance, this is a modern, secure, and easy point of sale for everyone, instantly reducing the need for cash on your school premises. It also prevents having to turn anyone away that wants to pay for services via mobile payment or debit card with our iZettle connection. Whether it’s for lunch, a trip or new school uniform you can choose the most convenient payment method for you..
If your trust, school or PTA is looking for an effective, single system to bring the full benefit of going cashless to your school, get in touch with the Pebble team today and discover the benefits that come with Till
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