From time to time, almost every business needs to make those one-off expensive purchases, from office furniture to computers. Often, a company debit card will be used to make the payment, after all, a bank card’s bound to be the best way to pay, right? Maybe not any more.
Unlike credit cards, debit cards generally don’t come with Section 75 Consumer Credit Act style protection1, which is designed to help buyers get their money back if things go wrong. After all, debit cards don’t work under a credit agreement. However, if the bank debit card happens to have a MasterCard or Visa logo on it, it may be possible to get help in certain circumstances, under the Debit Chargeback scheme2. Sadly, though, the card issuer is under no legal obligation to assist with a claim. In fact, a better option would be to use a prepaid business credit card that includes free purchase protection such as the Cashplus prepaid Business Account.
This purchase protection can often help get money back if the company that’s been paid goes bust – not such a rare event these days. It can also assist if goods don’t turn up at all, arrive damaged or are faulty. And that’s very reassuring for any business that’s making an expensive purchase. In fact, Cashplus customers alone have already benefited from tens of thousands of pounds worth of refunds.
A prepaid business credit card can also help save time and money that’s usually spent on reconciling purchases and expenses. That’s because spend and balance can be monitored in real time, 24 hours a day, seven days a week. It’s even possible to set up a block on certain types of spend, such as gambling or jewellery, reducing the risk of fraud. This makes prepaid cards an ideal way to manage everything from general office and on the road expenses to a replacement for petty cash.
What’s more, a prepaid business credit card is usually quick and easy to order online and there are no credit checks involved. In fact, as long as the applicant is 18 years old or over and the business is based in the UK, acceptance is guaranteed.
About Advanced Payment Solutions Ltd (APS)
With over millions of cards issued and more than billions in payments processed, APS is one of the world’s most innovative payment solutions companies and one of the most awarded card providers in Europe. The company has grown from launching the UK’s first and best known general purpose prepaid card for consumers, to providing businesses and local councils with digital and mobile banking solutions.