An update on our recent post about using PayPal to provide payment facilities for parents. We had found out that schools can apply to PayPal for non profit status. If granted PayPal will provide transactions at a low cost of 1.9% of transactions plus a 20p fee.
However, we have been introduced to a school to an oprganisation that are able to offer the following:
- Dinner money transactions at 0%
- School Uniform and School trips at 1% with no additional costs.
The company is called U18 Connect and they have developed a website wherein children can manage their money and pay for age appropriate purchases. Particularly useful because we understand financial management is to beome a part of the new curriculum. U18Connect have on their website, useful software tools wherein children can work out how to save and budget for purchases. The other premise is that parents can load the children's account with pocket money. The children can then choose what to spend their money on or save whatever their interest.
We are not formally connected to U18Connect.
Contact me for more information.