From taxis and takeaways to laundrettes and newsagents, many businesses out there handle a lot of cash. To avoid this hard-earned money becoming lost or stolen, it's recommended that the cash received is deposited daily1. But the fees for depositing cash over the counter can soon add up to a significant amount. A quick search online revealed one bank charging as much as 85p per £100 deposited!2
Despite the top four banks having a stranglehold over small business accounts in the UK (they have over 80% of the market3), there is an excellent alternative that offers great value for money: a Cashplus Business Expense Prepaid MasterCard® Account.
Prepaid accounts are rapidly growing in popularity for many reasons. For starters, with the Cashplus Account, the monthly fee that traditional business bank accounts typically charge is replaced by an annual fee of just £29.99. And there are no irksome fees for depositing cash. What's more, cash can be deposited for free at over 1,400 Cashplus retail stores across the UK. It's also free to top up the Account via phone and online bank transfers.
In fact, with free online banking available 24/7, monitoring deposits and payments is quick, easy and convenient. But the Cashplus Account isn't just great for making free deposits. Coming complete with a MasterCard card, it makes paying for everything from office supplies online to buying fuel at a garage a piece of cake. The card's Account can also be used to pay Direct Debits and Standing Orders, ideal for automatically sorting out regular payments, such as for rent, business rates and electricity.
Setting up a Cashplus Business Expense Prepaid MasterCard Account is simplicity itself. There's no time wasted on travelling backwards and forwards to a bank – an application for a prepaid account takes just minutes online, any time of day. Also, no matter what the businesses' current credit rating, as long as the applicant is aged 18 or over and the business is based in the UK, acceptance is guaranteed.
So, any business that involves regular payments in cash from its customers should consider the many advantages that prepaid cards offer over traditional business bank accounts.
1Source: http://www.dwmbeancounter.com/tips.html
2Source: http://www.barclays.co.uk/Businessbankaccounts/Comparebankaccountpackages/P1242559194697 and correct as at 3 January 2012.
3Source: http://www.startups.co.uk/business-bank-account.html
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About Advanced Payment Solutions Ltd (APS)
With almost 600,000 cards issued and over £750,000,000 in payment turnover, APS is one of the world's most innovative payment solutions companies and the most awarded prepaid card provider in Europe. The company's flagship product, the award-winning Cashplus prepaid Gold MasterCard, is the UK's first and best known general purpose prepaid card for consumers.
Small-to-medium sized businesses (SME) and government bodies alike are also now enjoying the benefits of APS' flexible payment solutions, with nearly 3,000 companies and a range of local councils now using Cashplus cards to streamline their payments, manage expenses and take control of their day-to-day banking.