Prepaid cards have now become a much more viable alternative to a traditional bank account since prepaid card provider Advanced Payment Solutions Ltd launched a new method of bank transfer for all it’s new and existing Cashplus Gold customers.
The Cashplus Gold prepaid MasterCard®, launched in 2005 and the UK’s first prepaid card, has now become the first card in the industry to issue each customer with a Sort Code and individual Account Number. Among other benefits, this innovation improves the speed in which Cashplus customers can have top ups reflected in their available balance.
A Cashplus card account can also be topped up using the Faster Payments service. This service allows interbank transfer times to be reduced down to near real-time. Launched in May 2008, the service is currently used by around a dozen high street banks.
The ability for customers to top up via the Faster Payments service means that if a top up is received by Cashplus before 3:30pm, the money will be available to spend by the accountholder the very same day. This compliments the existing methods of topping up a Cashplus prepaid card account such as at all UK Post Office® locations, via epay, standing order or at over 1000 retail locations throughout the country.
Prepaid cards are often topped up by transferring money to one central bank account number. Customers must be careful to add in their card number as payment reference so the funds can be allocated by the prepaid provider upon receipt. However, if a customer forgets their payment reference or it is overwritten in some way, funds can be become misallocated or even unallocated.
Advanced Payment Solutions believe that their new individual Account Numbers will considerably reduce the instances of funds being incorrectly allocated, increasing efficiency and service for all their customers.
Robin Dear, Finance Director at Advanced Payment Solutions, stated “This new functionality will really set Cashplus apart from its rivals.”
“It will significantly increase the utility of the prepaid card accounts that we offer our customers.”
Cashplus customers already benefit from a wealth of extra benefits such as free Purchase Protection, cashback rewards and free linked currency cards.
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About Advanced Payment Solutions Ltd (APS)
APS is the leading European prepaid card provider, with more than 500,000 cards issued and £500,000,000 in payment turnover. Its flagship product, the award winning Cashplus prepaid Gold MasterCard® is the UK's first general purpose prepaid card for consumers and in the last couple years APS has developed a growing interest among small businesses which now exceeds 2,500 who are utilising the benefits of the Cashplus prepaid Gold MasterCard to manage and control their business expenditures.