Digital Transformation in Independent Schools: Embracing Cashless Transactions with Numarqe Corporate Credit

It's interesting to consider how transitioning to a cashless system can bring significant benefits. The efficiencies promoted by cashless payments, including the use of physical and virtual corporate cards, expense management software, and digital wallets, can greatly enhance financial management, forecasting, and reduce the risk of human error for Independent Schools in the UK.

This is where Numarqe comes in.

What is 'going cashless'?

The concept of eliminating cash transactions may initially seem like a significant change, particularly in the 21st century. However, transitioning to a cashless system is a gradual, not mandatory process. Instead, individuals and businesses opt to digitise their transactions and go cashless to take advantage of automation's numerous benefits.

Essentially, each time an individual uses a physical debit/credit card, a cheque, or a digital wallet for payment, they engage in a cashless transaction. Cryptocurrencies, gift cards, payment apps, wire transfers, and virtual cards are alternative methods of payment that do not involve physical money.

The five primary benefits of going cashless for Independent Schools:

1. Safety: By reducing the risk of theft and money mismanagement, cashless transactions provide a secure payment method that is particularly beneficial for school spending, including expenses related to school trips.
2. Transparency: Automation of payments creates a clear and real-time record of all transactions, facilitating easy tracking of payment activity. This transparency enhances decision-making and promotes a better understanding of school finances.
3. Efficiency: Managing physical money requires additional time and manual effort from accounting teams. Digitising the process enables schools to streamline financial management, close their books quickly, and focus on educational growth.
4. Currency: Converting physical cash into foreign currency at a currency exchange bureau is punitively expensive, and holding large amounts of notes on one's person is not ideal. Using credit cards denominated in a foreign currency allows teaching staff to spend overseas without incurring any FX fees.
5. Control: Using credit cards that are embedded with expense management software enables an unprecedented level of control in how school funds are allocated and spent. This software gives school Finance departments the power to assign customised spending limits across teaching staff and departments, setting a variety of spending controls, including limits at particular merchants and jurisdictions, limits for aggregate or individual amounts, and limits across specific time periods.

Advancing transparency and efficiency are key advantages of adopting a cashless model for Independent and Private Schools in the UK.

Explore our previous blog posts on business transformation and digitisation to understand why CFOs should prioritise this transition and enjoy the associated benefits.

• Unlocking Financial Governance Transformation with Numarqe's Multicurrency Credit Platform
• The Power of Digital Receipts
• Using Your Corporate Credit Card as a Cash Flow Management Tool
• Financial Efficiency with Virtual Credit Cards

What does Numarqe do to enable contactless payments for Independent Schools in the UK?

By offering corporate credit cards supported by our robust financial credit platform, Numarqe eliminates the need for schools to handle physical cash. All transactions can be conducted electronically, allowing users to experience the full benefits of going cashless.

Teachers entrusted with a corporate card have convenient access to school funds. In contrast, school administrators can monitor transactions in real-time, establish budgets, and set spending controls and policies for each user.

The data from all cashless transactions seamlessly integrates with ERP and accounting systems such as Xero, Sage, Netsuite, Microsoft Dynamics, and more, saving school administrators time and money.

Transitioning to a cashless system is crucial for all schools. Not only does this empower teaching staff, but it also removes the need for excess paperwork, worry, inconvenience, and wasted time tracking expenses manually.

Empowering teachers to focus on educational priorities rather than dealing with slow reimbursement processes is a fundamental benefit of Numarqe and the move towards a cashless system for Independent Schools.

Additionally, teachers can now add their corporate cards to their digital wallets via Apple Pay and Google Pay, further facilitating cashless transactions. This integration with digital wallets enhances the convenience of using Numarqe for teachers on school trips and daily activities.

Numarqe’s Mastercard credit cards are widely accepted in over 210 countries and are available in GBP, EUR and USD, so schools and teaching staff can have confidence in spending overseas in the right currency and avoid paying punitive FX fees.

Is the education sector ready to fully embrace cashless transactions? Only time will tell. In the meantime, we have compiled a practical guide on how Independent Schools can build a cashless system, assess their readiness, and plan their next steps.

Ready to find out more? Book a call today.