Small businesses are at the very heart of the UK economy, but for too long they have been underserved by big banks and their needs neglected. For many SMEs, one of their needs is to access and use cash to provide flexibility for their customers in how they pay. Whether it’s for everyday purchases like buying a morning newspaper or going to the cinema, most people still like to pay for the small things with cash, or at least like to have the option. But today, simply accessing and managing cash is a hurdle for consumers and businesses alike. Around 60 bank branches have closed in Milton Keynes and Northampton in the past five years and each month, across the country over 250 free ATMs disappear, making it increasingly difficult for SMEs to manage their cash. Recent research from Metro Bank revealed that SMEs spend on average three working days every year withdrawing or depositing cash at the bank. Additionally, one in three SMEs travel to their local bank at least once a week. This is precious time that could be spent running and growing their business. It’s also impossible to ignore the safety risks when handling cash and perhaps unsurprising that almost half of SMEs that handle cash have felt vulnerable carrying it from their business. Worryingly, over a quarter have been threatened and a similar proportion have been robbed or physically harmed. There is absolutely more that could be done for SMEs to feel safer when using cash and reduce the hassle that comes with managing it. Banks have an important part to play in making it safe and convenient for businesses to hold cash, ensuring cash transactions remain a viable option for consumers. This is why we have launched our new MCash service, employing the latest technology to support SMEs that need to deposit and withdraw cash. When SME owners can’t get to a store, MCash enables SMEs to order cash pick up and drop off services to their premises, saving them time and effort. MCash promises to give SMEs back vital time to spend running and growing their businesses. Managed through Metro Bank’s mobile app, business customers can log on and select a day for a cash pick-up and/or drop-off from as close as 24-hours away, and up to a week in advance. As Area Director for Milton Keynes and Northampton, I’m thrilled to introduce MCash to the region. The helpful cash delivery service is now available in our Milton Keynes Oakgrove and Midsummer stores, Northampton and all other Metro Banks stores around the country.
At Metro Bank we want to support small businesses and make their day-to-day lives easier and MCash is just one of the ways in which we are doing this. Additionally, all of our stores have extended opening hours compared with other banks on the High Street, so business people can do their banking before or after they finish work.
MCash is delivering game-changing digital services to help solve physical problems, enhancing the overall customer experience and helping to give Metro Bank’s SME customers a competitive edge.
For more information visit www.metrobankonline.co.uk