Benefits and Process of Cashless Banking in Schools
Explore the advantages of cashless banking in educational institutions, including enhanced security, cost savings, and quicker transactions. Learn about electronic payments like BACS and CHAPS, how to set them up, process BACS payments, and considerations for BACS transactions. Discover the importance of verifying creditor details and ensuring proper authorization for BACS payments.
- Cashless Banking
- Educational Institutions
- Electronic Payments
- BACS Transactions
- Financial Management
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Presentation Transcript
Finance Administrators and Bursars Group 12thNovember 2020 CASHLESS BANKING
Benefits of Cashless Banking More secure No cash or cheques stored on site No more cheques being lost in the post Transactions are encrypted, password & pin access Cheaper Saves on cost of stationery, printing and postage,. 0.42 per payment Quicker No need to print, sign & post individual cheques for providers Save time spent on bank statement reconciliation No waiting for cheques from customers Safer No handling of cash or cheques No need to pay cash or cheques in the bank
Electronic payments BACS payments Payments take 3 working days to clear. 0.42 per payment One total per BACS run on bank statement Faster payments Next day or Future dates 0.42 per payment Multiple payments on the bank statement Immediate payments 2.40 per payment Should only be used in emergencies CHAPS Must be set up in branch or by phone before 3.30pm or on-line before 5pm Same day payments 16.00 per payment Card payments Can be used over the phone or internet or certain stores. No additional transaction costs if the statement is paid in full
Setting Up BACS payments Set up the bank ledger code for BACS Set up the parameters The out directory path for BACS file The email address for remittance advices to be sent from Set up the creditor details to receive BACS payments. Account name, Account number, Sort code, Bank name & branch address, Payment reference Email address to send the remittance advice to
Processing BACS payment run Process the BACS run in the same way as a cheque run Print the BACS run report. Get the BACS run report checked and signed Import the BACS file to Bankline Authorise the BACS payment in Bankline Run the program files for remittance advice
Other things to consider regarding BACS Still need 2 signatories on the BACS payment run report before the payment is authorised in the bank Evidence to show that you have verified creditor s bank details before setting them up or changing them. The person(s) processing the BACS payments will need bankline access, and activation code The person(s) authorising the BACS payment will need bankline access, card & reader and activation code If you have activated your Bankline access through LBC this will be even more cost effective If you need further information or guidance please contact the LMS team.
Handling cash receipts in the school OPTIONS RISKS 3rdparty communication platform Missing receipts Card terminals Handling cash & cheques Security
Accepting card payments Fixed line countertop device at the front reception desk Stand alone credit card reader PDQ machine or Chip & PIN terminal Quick and easy to set up More advance technology, faster, more secure Don t require a lengthy application process More expensive to purchase initial or monthly rental No minimum contracts. PDQ offer lower transaction fees Higher transaction fees
Other things to consider What support will the provider offer Money Back Guarantees Hardware warranty
List of some providers Mobile credit card readers Izettle Reader All round safe choice for small business SumUp Air - Very simple, low fixed card rate Square Reader Best fress POS and payment feature PayPal Here PayPal integration and online payee PDQ machines or card terminal Paymentsense Worldpay Lloyds
