British banking giant Barclays has introduced a new cash collection service for its business customers and corporate clients, known as Barclays Collect.
The new service will offer customers a security vehicle to move deposits for them, as well as will help customers book a collection time online and via mobile.
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Barclays Collect will be offered for free for each single cash collection worth £5,000 and above. An amount of £7.50 and VAT will be charged for collections between £2,500 and £4,999.99.
For collections below £2,500, the service will come at a charge of £15 plus VAT for every collection, apart from cancellation charges and standard processing fees.
The new service has currently been piloted for the bank’s business and corporate customers in Birmingham, Manchester, Enfield and Leeds Bradford.
Plans are on to roll out the service to all regions across the UK by 2016, based on the pilot’s outcome.
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By GlobalDataBarclays head of business and corporate banking Gavin Isle said: "The new Barclays Collect service is a solution that will enable customers to book a collection quickly and securely, providing businesses with a simple and convenient service that works around them. This service will also support larger businesses with their cash management needs."
