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Finance & Economics

British bank offers a new solution to SMEs

Dec 17, 2019

The service will roll out in 2020

Metro Bank

British bank offers a new solution to SMEs. Source: shutterstock.com

Metro Bank announced to accept registrations for its new on-demand cash collection and delivery service to support the 4.2 million UK SMEs relying on cash.

MCash will ensure cash remains a usable option for small-to-medium-enterprises and consumers.

Business customers will be able to log on and select a day for a cash pick-up and drop-off through Metro Bank’s app. Clients will be allowed to do that as close as 24-hours away, and up to a week in advance.

For now, Metro Bank customers make up to 250,000 trips to deposit or withdraw cash at the bank’s stores annually. SMEs’ monthly cash deposits are made of more than ￡30 million.

Managing cash can present both time and security issues for businesses. MCash promises to give SMEs back vital time to spend running and growing their businesses.

Metro Bank’s research reveals that 1 in 3 SMEs (34%) have to travel to their local bank at least once a week. Along with that, 46% of SMEs, having to deposit cash, agree that it’s a waste of time. On average, SMEs spend 3 working days per year just withdrawing or depositing cash at the bank.

Millions of people rely on cash in the UK – and while there’s been a lot of attention on ensuring consumers can get cash, it’s equally critical that they can spend it.  Small businesses play a critical role in keeping cash viable, and we need to make it easy for them to keep banking cash, allowing them to remain flexible to consumer preference and to get on with their day-to-day business
Natalie Ceeney CBE, Chair of the Access to Cash Review

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