We know that School Business Managers are under increasing pressure to identify efficiencies and prepare for ever tighter budgets.

In response we’ve developed a low cost option for schools looking to go/stay cashless – Instant Bank Transfer (IBT)

A fixed transaction charge:

16p

That’s 24p less than the average charge for a £30 parent payment, when compared to a system that charges a 1.29% fixed percentage rate. The fixed percentage of 1.29% would be 40p

24p less! – that’s over 60% saving on transaction charges.

A comparison:

Instant Bank Transfer (16p) Fixed percentage (1.29%)
Income collected from parents   £50,000

Average transaction value   £30

Number of transactions   1,667

Income collected from parents   £50,000

Percentage of transaction value   1.29%

Transaction cost   = 1,667 x 16p

  = £266.72

Transaction cost   = £50,000 x 1.29%

  = £645

Request more info on our payments system: