Independent Executive Magazine: Cash no longer king?


I’ll come clean: I’m one of those irksome people who don’t carry cash in their purse*.

I’m a tapper, a swiper, a chip-and pin kind of girl – coins just seem to hold me back. This may not always work to my advantage but, the point is, payment systems are advancing apace in this technology-driven world and making transfers without exchanging hard cash has never been easier. It seems odd then that many schools are still clinging to antiquated payment methods; after all,exchanges of money take place in schools for all sorts of things – clubs, trips, school lunches and extra music lessons to name but a few.

Despite classroom technology moving on dramatically many parents are still writing cheques, or sending in envelopes jingling with coins, hoping that young Alfie doesn’t accidently leave his at the bus stop on the way in. Ian Buss, Head of Education at Lloyds, believes managing school finances isn’t difficult and points out as proof of this that, in recent years, an area that has seen significant growth is online payment facilities.

Why then are some institutions reluctant to get involved?

*Extract from the feature written by Jess Pike, Independent Executive Magazine

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