The continued growth of cashless payments in the UK is ongoing. Contactless credit and debit card transactions accounted for £25.3bn of purchases in 2016, up from £7.75bn in 2015.
In 2007, the first contactless credit/debit cards were issued in the UK with a £10 per transaction limit. Transport for London began accepting contactless payments on buses in 2012 and extended the service to rail and the tube in 2014. The spending limit increased from £20 to £30 in 2015.
At Haven Systems Limited, we have been providing cashless payment systems since the late 1990s. As a fully EPOS integrated ‘closed loop’ system, our solution is ideally suited to environments that have a need to operate their own ‘inhouse’ system, typically the education sector or Business & Industry sites.
Within either sector, there isn’t a one size fits all cashless system though. For example, the requirements for primary school are often completely different from secondary education. Similarly, further education (FE) colleges may require functionality that allows a daily bursary that is limited to the purchase of a meal for students. Whereas in higher education (HE) universities the benefits may be improved convenience and rewarding students for loyalty with tailored promotions.
Version 6 EPOS System is Windows 10 ready and development is ongoing. The launch of our fresh, new online Cashless Payment Portal ensures that we are keeping pace with users whether they be parents, students or employees who want to ‘top up’ account balances on the move via their mobile tablet or phone. Account balances are refreshed instantly.
We have a solution for Primary Schools that automates the meal selection process and eliminates cash handling at the school administration office. In secondary schools, cashless with optional biometric log on, revaluation kiosks and core software functionality that includes free school meal (FSM) entitlement meets all requirements.
Colleges can take advantage of standard technology, for example, a single Mifare card may be used for cashless authentication as well as access control or print management. The same applies to universities where cashless EPOS may be expanded to multiple outlets. Specific products may be blocked, so for example students may use cashless in the student’s union but not for the purchase of alcohol.
The one common factor when it comes to education EPOS systems, and a key difference to contactless credit/debit card transactions, is that activity is tracked. Parents can view each transaction, the time of the transaction and details of the purchase as well as be able to monitor the balance. More than one pupil or student may be added to a single account.
Cashless reports and analytics provide management teams with great insights into spending patterns and trends. Where there is a need to measure spending and drive campus retention, the data is highly valuable in terms of creating promotions that reward students for spending on campus or with university services.