AllPay offers many companies an easy way to gather in monies for rent, utilities and much more. A lot of people still do not bank online, or operate on a cash-in/ cash-out basis, rather than running a credit account. AllPay helps these people to stay on top of their finances without needing to travel to a bank during working hours.
Hitherto, AllPay was run by the capable hands at the Co-operative bank, which was secure and reliable, but which meant that people were entirely reliant on having a branch close by to easily make their payments each week or month. If there was not a branch to hand, then they needed to travel to the nearest branch – a distance that began to increase steadily as branch after branch (of all banks, not just the Co-operative Bank) were closed down or consolidated.
The breaking of ties – or rather the breaking of exclusive ties – to the Co-operative Bank has meant that AllPay payment points have now proliferated all over the country, dramatically flooding into small residential areas: in convenience shops, local post offices and exponentially increasing the access for all to these all-important payment points.
It is already known that 30% of transactions occur outside of traditional banking hours, which means that many more people are already living more comfortably and conveniently: able to pop to the shop at, for example, 8pm to put money on the gas or electricity card, or ensure the rent or council tax is paid promptly for the following day. The alternative: spending a cold winter night without gas – or any evening without the entertaining distraction of the television – is quickly seen as an unnecessary deprivation especially given how relatively easy the change has been made.
The advantages are many and there is little or no downside: even the Co-operative Bank will still continue to benefit from the service as their grocery stores are amongst those who offer the service to nearby residents.