Metro Bank launches new cash service in the West Midlands

The new service will support the 4.2 million small and medium-sized businesses that rely on cash across the UK, officials say.

It will allow businesses to have deliveries and cash collections at their doorstep on request.

Research for Metro Bank, which has just opened a new branch in Wolverhampton city centre and also has one at Merry Hill shopping centre, found 34 per cent of SMEs have to travel to their local bank at least once a week and 46 per cent who have to deposit cash agree that it is a waste of their time.

The research also found that 44 per cent of senior decision makers at SMEs that handle cash have felt vulnerable carrying money from their business, 27 per cent have been threatened and 25 per cent have been robbed or physically harmed.

Managed through Metro Bank’s mobile app, business customers will be able to log on and select a day for a cash pick-up and/or drop-off from as close as 24-hours away, and up to a week in advance.

The service was initially launched in a handful of Metro Bank stores at the end of last year and the service is now available across its Midlands network.3

James Baughan, regional director of the Midlands at Metro Bank, said: "We are delighted to bring MCash to SMEs across the Midlands. In the last year we have opened four stores in the region which have become hubs for local businesses, it’s fantastic to now be offering an additional service such as MCash to support small businesses and make their day-to-day lives easier."

Metro Bank customers currently make up to 250,000 trips to deposit or withdraw cash at Metro Bank stores every year, with cash deposits of more than £30 million made by SMEs at Metro Bank stores every month.