You may have seen recent media coverage about a school dinner payment provider that has recently ceased trading. As a result, they’ve left parents unable to reclaim their funds. This would never happen to parents if you use Tucasi for your online payment system.
The company in question was not Financial Conduct Authority (FCA) regulated. In turn, this meant that parents’ funds were not properly safeguarded. Consequently, many parents are now struggling to get their money back, and some schools are having to step in to cover the shortfall. Not good news when school budgets are already stretched!
Our payments system meets FCA regulated payment security
In light of this news, we wanted to reassure schools that by joining Tucasi, all parent transactions would be covered by the FCA regulated payment security. This ensures complete safety of funds paid through our SCO system.
How Tucasi protect payments
At Tucasi, we partner with a payments provider that is an “Authorised Payments Institution” regulated by the FCA, namely Vesta Merchant Services, (VMS).
This regulation ensures that all payments made by parents through our SCO system are safeguarded:
- Funds are held in a ‘Safeguarded’ bank account. They remain totally separate from business operating accounts.
- These funds are ring-fenced. This means they cannot be used for any business expenses, ensuring they always belong to you and your parents.
- Regular FCA scrutiny. VMS is subject to regular reporting and audits by the FCA to maintain compliance and transparency.
What this means for your school
FCA regulation may not have previously been a key consideration when choosing your payments software. But, in light of recent news, we strongly advise you to ask your provider if they are FCA Approved.
Maximum payment security
At Tucasi, security is at the heart of our Online Payments module.
Our system is not only fully protected by FCA-regulated security measures but also PCI compliant. The PCI DSS safeguards sensitive payment data and prevents breaches. This gives total peace of mind to both schools and parents.
If you’re a Tucasi customer and your parents ask about security, you can confidently let them know that their money is safeguarded while held in our system.
Unlike unregulated providers, we operate within strict financial protection frameworks, ensuring that funds are secure at all times when in our system.
If you have any questions, please don’t hesitate to contact us.
