It was with a great deal of interest that sQuid read the FT article “Parents chase refunds on school cashless payments”, published on the 4th June 2020.
The article highlights a very important issue for the schools sector in the UK, an issue sQuid have been raising for some time - specifically the fact that unregulated businesses are providing key financial services to schools and Local Authorities.
By appointing unregulated cashless payment service providers, schools and Local Authorities, and in turn the parents - who use those services to pay for school-related purchases - have no formal dispute resolution process to call upon if issues arise. Parents, schools and Local Authorities essentially have no visibility of where their money is, or how it is being used, while it is held by an unregulated business.
As the leading regulated eMoney Issuer providing cashless payment services to schools in the UK, sQuid believe that as part of any normal customer experience, clients should be confident that their money is being handled appropriately, which is why sQuid chose to register as a regulated eMoney Issuer when it first started in business 12 years ago. sQuid remains regulated by the FCA, and as such has to comply with the eMoney and Payment Services Regulations which legally determine how we have to handle customers' money, respond to complaints and ensure the security and resilience of our services.
In the current climate, parents, schools and Local Authorities are under immense pressure and should be able to feel assured that any financial service provider that they use provides peace of mind when handling their money.