28 November 2012

Using a prepaid business credit card for those important purchases

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.

Source:

1http://www.money.co.uk/article/1003471-how-section-75-of-the-consumer-credit-act-protects-your-credit-card-purchases.htm

2http://www.money.co.uk/article/1004510-is-debit-card-protection-the-same-as-for-credit-cards.htm

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About Advanced Payment Solutions Ltd (APS)

With over 1.2 million cards issued and over £2.1 billion 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.

12 October 2012

Advanced Payment Solutions Wins “Best Government / Corporate Prepaid Programme” at The Prepaid Awards 2012

Advanced Payment Solutions (APS), who offer the Cashplus® Prepaid Card Account, won ‘Best Government / Corporate Prepaid Programme’ at The Prepaid Awards held at Lancaster London Hotel last night. APS, who were already the most awarded prepaid providers in Europe, are so dominant in this sector of the industry that the Award was the only one of the night that was uncontested.

The Prepaid Awards is held once a year to recognise the significant achievements and successes of the prepaid sector. The event brings together people and companies from across the industry to reinforce and recognise the efforts made. Judges come from a broad spectrum of independent experts, who either specialise in a particular field, or who have experience and insight into different aspects of the industry.

APS offer a number of innovative products under the Cashplus brand that solve the payment issues of both the public and private sector. Local authorities from across the UK have already signed up to the Cashplus prepaid Gold MasterCard® Account in readiness for the introduction of Universal Credit. The Account will give benefit claimants access to payment facilities without them having to set-up a traditional bank account. Councils will be able to transfer the payments direct to the account as a single monthly payment, including Housing Benefit. The claimant can then manage their money via an online Members Area should they, for example, wish to manage Direct Debits or transfer funds to other accounts. It means that Local Authorities can avoid having to pay those without bank accounts in cash, cutting bureaucracy and the risk of fraud.

The Cashplus Business Account offers companies a guaranteed account and innovative products such as The Cashplus Business Expense Account. Employers load the card with the money needed, when they need it, and the employee is then free to spend on approved expenses. This reduces the cost for the business as there is only one low annual fee, it gives the business total centralised control and it decreases administration time and the risk of employee fraud. As companies can download one statement for each card it also improves the audit trail and removes the need to manage receipts.

Richard Wagner commented; “We’re very proud to have been given this award and to be recognised by others in the industry who understand the challenges we’ve overcome and the innovations we’ve introduced. The fact that it was uncontested shows how unique what we offer is. We’re now in the exciting position of being the first prepaid product to offer an alternative to the traditional High Street bank account.”

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About Advanced Payment Solutions Ltd (APS)

With over 1.2 million cards issued and over £2.1 billion 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.

21 August 2012

ClearCash partners with Advanced Payment Solutions Limited

ClearCash partners with Advanced Payment Solutions Limited ("APS") to launch improved ClearCash Prepaid MasterCard® Card and icount as a great alternative to a bank account.

  • ClearCash Card and icount includes direct debit and Standing Order services and cardholder account number and sort code
  • ClearCash card and icount offers the APS credit building facility with Creditbuilder
  • ClearCash Card and icount offers up to four additional cardholders, to share money with family and friends at home and abroad. Available from age 13 onwards enabling parental control on finances and budgeting

When asked to comment on the launch of the new look card and icount, Matt Lanford, Head of Prepaid at MasterCard Europe, said: "We congratulate ClearCash and APS on the launch of this new programme. Consumers are increasingly embracing prepaid as a means to make safe, simple and smart payments as we move to a world beyond cash."

ClearCash switches provider to APS to leverage their strong servicing and account features of the Cashplus offering. The partnership of these two award winning brands results in the launch of a new and improved ClearCash Prepaid MasterCard and icount facility, offering cardholders a better alternative to a bank account. The new ClearCash card and icount offers additional benefits that include direct debits, Standing Orders, up to four additional cardholders, plus Creditbuilder a credit building facility that helps customers build or repair their credit rating just by using their card. ClearCash continues to offer Pay Monthly and Pay As You Go tariffs.

ClearCash director, Samuel Mond, decided it was time to develop the product to meet the needs ClearCash customers said they wanted: "We wanted to build on the fantastic feedback coming in from customers by giving them the money management features they said they wanted. The new card does this and more."

The card is expected to appeal to many people struggling with their credit rating. Budgeting and money management are key issues in the Prepaid and Debt sectors – particularly regarding young adults and financial education. The additional cardholder facility ClearCash now offers enables parents to have an element of financial control over their children’s spending, whilst also teaching them how they manage the money they are given access to without the risk of getting into debt.

Rich Wagner, CEO of APS said, "We’re delighted to be providing all the innovative benefits of a Cashplus Account to ClearCash cardholders. They’ll soon be enjoying an excellent alternative to a bank account".

For more information on ClearCash, see www.clearcash.co.uk

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About Advanced Payment Solutions Ltd (APS)

With over 1.2 million cards issued and over £2.1 billion 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.

15 May 2012

Councils change the way they manage benefit payments with APS

Plymouth and Lewisham Councils have decided to introduce an innovative new payment solution that will increase flexibility and simplify the management of benefits and other payments made by the Councils. Advanced Payment Solutions (APS), who is partnered with the Co-operative Bank, today announced that it has won contracts to provide its award winning Cashplus® Prepaid MasterCard® Account to two additional councils.

The Cashplus Account has a number of advantages for councils including better security, more control and more transparent auditing of what is actually being spent. The account also eliminates cumbersome manual processes, making it a low-cost and effective way to manage payments.

The Coalition Government’s plans to reform and simplify benefits were widely supported and councils have been looking for innovative ways to cut costs, meet the ‘Putting People First’ vision, and reduce fraud which was estimated at £5.2billion1. APS have supported public sector procurement teams across the country in providing functional, value adding payment solutions.

There are also significant benefits for users of the Cashplus Prepaid MasterCard Account. Out of the 8 million2 households who will be receiving Universal Credit, up to 1.3 million don’t have a bank account that can manage transactions such as Direct Debit. As claimants will be expected to manage rent payments themselves (rather than being paid direct by the council as now) facilities like Direct Debit are seen as crucial. The Cashplus MasterCard Account will give these people access to these facilities without them having to set-up another bank account.

APS has been rapidly gaining market share over the traditionally dominant suppliers of payment services. Plymouth and Lewisham follow Nottinghamshire County, Bury and Merton in joining the growing numbers of councils turning to APS to manage payments.

Richard Wagner, CEO of APS, explained; "We’re delighted that so many councils now recognise the advantages of Cashplus Accounts over traditional methods and We’re confident that once other councils see the benefits there will be many more."

To find out more information about APS and the range of products available please visit www.apsgroup.com and www.mycashplus.co.uk/business

1Source of statistics: The Universal Credit Whitepaper, DWP

2Source of statistics: The Universal Credit Whitepaper, DWP

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About Advanced Payment Solutions Ltd (APS)

With over 1.2 million cards issued and over £2.1 billion 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.

29 February 2012

Cashplus The Best Business Card in the UK

The Cashplus® Business card Account, offered by Advanced Payment Solutions (APS), has won ‘Best Business Card Programme’ at The Card Payments Awards 2012.

The award is particularly significant as APS were competing against some of the most well known names in traditional banking; HSBC Bank, RBS, American Express, AirPlus International and Newcastle Building Society. The Awards represent the entire card and payments industry in the UK and Ireland.

The account offers full electronic banking and some unique expense management features that set it apart from traditional bank accounts. The business account has guaranteed acceptance, which will be a huge benefit to the estimated 50% of smaller companies who apply for an expense card or bank account and get declined, due to issues like not having a trading history. Other benefits include:

  • Free inbound transfers
  • Free Standing Orders, Direct Debits and unlimited UK Purchase Transactions
  • No Penalty Fees
  • Free 24/7 online banking
  • Free Euro and Dollar Currency Cards

The account also comes with a gold prepaid MasterCard which is backed by free Purchase Protection. But even more impressive is the revolutionary way that the account handles Direct Debits and is likely to have a significant impact on managing cashflow in smaller businesses. Direct Debits set up on the account are constantly monitored, and businesses are alerted if there is a danger that they will bounce, but if they do there are still no penalties to pay.

Over 3,000 businesses have already taken advantage of the account and have found that the prepaid expense account aspect of it can control spending and help to combat fraud.

Richard Wagner, CEO of APS, said; "This award win is recognition from the entire cards and payments industry that Cashplus is the Best Business Card in the UK and Ireland."

APS were also a finalist for Best Industry Innovation of the Year.

To apply for your guaranteed account go to www.mycashplus.co.uk/business or email businessbanking@apsgroup.com.

Ends.

About Advanced Payment Solutions Ltd (APS)

With over 1.2 million cards issued and over £2.1 billion 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.