New research highlights shocking figures
Depositing cash in the bank is wasting business owners’ precious time, according to research by Barclays Business.
The bank found that almost a fifth of those handling cash (18 per cent) have had to shut up shop to do go deposit cash in the bank.
UK SMEs say it takes them on average an hour each time including travel, totalling 26 hours and 17 minutes every year. That’s 93 million hours each year combined.
The Barclays research also showed that almost half (47 per cent) of those aged 18-34 have had to close their business to take their cash to the bank.
Businesses top fears around handling cash include concerns of burglary from premises for over a quarter (27 per cent), a fifth (17 per cent) worry that cash will be stolen from an employee sent to deposit it and 16 per cent are simply too busy to get to the bank to deposit cash.
Over a quarter (27 per cent) of business owners admit to having put off taking their earnings to the bank on a regular basis, and seven per cent keep their cash somewhere they think is safe, e.g. in a locked safe or “under the mattress”.
Busy SMEs are delaying making their cash deposits for as much as two weeks on average, stifling a vital boost to cash flow.
Ian Rand, CEO of Barclays Business banking said: “Running a business is time-consuming enough, so shutting up shop to deposit cash simply shouldn’t be a factor preventing businesses staying open for their customers. We recognise that time is precious and want to give our business customers an hour back in their day with our new cash collection service, meaning they can get on with running their business, staying open, and increasing their cash flow as a result.
“Handling large volumes of cash payments can be worrying for any business owner or employee. We believe Barclays Collect will revolutionise the way businesses deposit cash while giving them the confidence that their hard-earned takings will be deposited securely into their bank account.”