Advanced Payment Solutions

As an alternative to the traditional High Street bank, APS explains why they can make “managing your business finances easy”

Company: Advanced Payment Solutions (APS)
Based: Our office is based in London and our customer call centre in Liverpool
Clients: Individuals and Businesses based in the UK
Website: /

Who are you?

APS is a UK based payment solutions company and a challenger to traditional banks. We provide instant, online current accounts, prepaid expense cards and tailored lending products for businesses in the UK. APS is a key enabler for start-up businesses and the name behind the award-winning Cashplus Business Account.

What do you do?

We give individuals and small businesses in particular, an alternative to High Street banks that is quick to open, easy to use, value for money, and offers the same level of electronic functionality and features as a traditional current account – if not more. Stepping up where traditional banks can’t, we don’t automatically exclude customers based on factors such as credit or trading history, when assessing business current account applications.

We focus on what our customers want, and find ways to deliver exactly that.

What does that mean in practice?

If poor credit history or a complex application process is making it difficult to open a business bank account, or you feel that you’re paying for account features you simply don’t need for your business, our account provides the perfect alternative.

Cashplus Business Accounts combine all the features you would expect from a business bank account, such as online banking, direct debits and overdrafts, combined with the additional functionality of a prepaid card. This means we can offer free purchase protection and employee expense cards, with no credit checks to apply.

What size company suits you?

Sole traders and small to medium-sized businesses make up the majority of our customer base, but our solutions can be tailored to cater to businesses of all sizes.

Why should I care?

Opening an account for your business is essential when starting out. Most people will automatically look to the High Street for this, or simply apply for an account with their personal bank. What is sometimes overlooked is that corporate banking can come at a higher cost, and stricter eligibility requirements can mean your business won’t always qualify to open an account.

We want to make business banking accessible and affordable to everyone. We don’t believe in paying for features that aren’t helping you achieve your business goals and we don’t think limited trading history should be a barrier to opening an account. That’s why we’ve invested in services that are easy to use and low cost, while still offering a range of features and services that make them a competitive alternative to High Street banking.

And to make things as simple as possible, we’ve made it possible for this to happen online and in minutes, rather than weeks or months.

What can you do for me that I can’t do for myself?

We can make managing your businesses finances easy.

If you’re in need of extra capital to support your business goals, we’ll do our best to provide lending products that suit your needs, as well as your ability to meet repayments – and you’re eligibility isn’t solely dependent on your credit history.

We give you 24/7 account access via our online banking platform or mobile app, meaning you’ll be able to track in real time and budget effectively. And if you need to keep a closer eye on employee expenses, we can provide you with up to 99 additional cards, with the ability to monitor spending on each and block certain transactions.

Via our online payments and transfers service you can easily pay suppliers, or set up direct debits to automatically pay your company bills. We also offer free purchase protection, in case a company you’ve paid goes out of business or something you’ve ordered is damaged or simply doesn’t arrive.

And, our accounts come with linked currency cards – perfect if you’re trading in or travelling to the United States or Eurozone.

What mistakes will you stop me from making?

We want to give you the tools to effectively manage your business banking and make sure you’re in a position to achieve your goals, and help your business grow.

If you’re a sole trader, using a personal account for business expenses can often seem like a simple solution. But, by mixing personal and business transactions, you’ll make it difficult to draw a line between your spending. We’ve tried to give you an option that’s just as easy, and can help you avoid mixing your funds.

When you’re starting up, keeping your budget tight can be a priority. To help you keep on track, we’ve based our business accounts around a low cost pricing structure. We’re aware that High Street business accounts can come at a higher price and with a portfolio of extras that aren’t strictly tailored to a new or small business. By focusing on providing tools that are essential to your business, we’ve been able to keep costs down and still give you a great offering – with an invaluable set of features.

We also provide ongoing fraud protection. We have a dedicated team who regularly monitor any fraudulent activity – so if you think you’ve been a victim of fraud, as long as your account has been used in line with our terms and conditions, we can recover any lost funds for you. In addition to this, you can monitor transactions in real time via our mobile app or desktop online banking to ensure all employees are using funds appropriately. You’ll have the ability to block certain transaction types or merchants, such as gambling or jewellery stores, to make sure the card and the money loaded onto it are being used only as intended.

Can you give me an example of the work you’ve done?

APS designed a tailored prepaid solution for Silvergray – a coach hire company who were overspending on corporate credit cards and finding limitations to using fuel cards or cash for travel and employee expenses. By using a Cashplus Business Expense account, Silvergray were able to manage the distribution of funds through one central account, offer drivers greater convenience with individual expense cards, cut costs by 83% and cut down on administration.

Why should I trust you?

We’re now in our 10th year of operation and our track record speaks for itself. Over 30,000 small businesses and 29 UK councils are already using Cashplus for their business needs, and our account was recently named ‘Best Business Card Programme’ at the 2014 Card and Payments Awards, beating finalists such as AMEX, Lloyds and cardonebanking.

And, we partner with some of the industry’s best and most trusted organisations to deliver our solutions – like MasterCard® and the Post Office®.

What will it cost me?

Our Business Accounts have a low annual fee of £49. Other card and account usage fees do apply. Here’s a guide:

It’s free to make up to three electronic transfers from a Cashplus Business Account to a UK bank account each month, including standing orders. After this, there is a charge of 99p per transfer.

ATM withdrawals are charged at £2 in the UK. For withdrawing money overseas, there is £3 ATM fee if using a Cashplus Business Card, and a foreign exchange fee of 2.99%. However, there are no ATM fees in the US or Eurozone if using a linked Cashplus Currency card – as long as the transaction is made in the same currency.

Rejected direct debit payments will incur a £10 fee, with a maximum of £40 charge in a month.

For full details of all charges, please see our terms and conditions on our website.


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