Finance Administrators and Bursars Group 12 th November

Finance Administrators and Bursars Group 12 th November 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. 30 pm or on-line before 5 pm 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 RISKS OPTIONS Missing receipts 3 rd party communication platform Handling cash & cheques Card terminals 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 No minimum contracts. More expensive to purchase initial or monthly rental Higher transaction fees PDQ offer lower 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 Sum. Up Air Square Reader – Best fress POS and payment feature Pay. Pal Here – Pay. Pal integration and online payee - Very simple, low fixed card rate PDQ machines or card terminal Paymentsense Worldpay Lloyds

Questions?