Cashplus a great alternative if business banking is just too much

It can be tough getting a business bank account when you’re setting up shop as a contractor or freelancer.

One of the main questions a business bank account advisor will ask before you’ve even got your coat off is: what’s your expected annual turnover?

That hot, sweaty feeling in your palms and under your shirt collar kicks in when you realise you’ve no idea how much you’re going to earn in your first month, let alone the first trading year. What do you do?

Cashplus prepaid cards put control in your hands

There is a very real alternative to a High Street bank account for your business if you don’t fancy being confronted with questions you may not yet know the answer to.

Cashplus is like a business bank account, but is centred around MasterCard and online banking technology.

Rather than a traditional account, which may or may not be suited to your business, Cashplus is flexible for many business types.

There is a one-off annual fee of £29.99, which includes the issue of your card and the only other fees generally (there are some flexible features, depending upon your contract) is when you withdraw cash from an aTM or over the counter in a bank.

Payments are included in the fee as well as receipts

Any regular bills can be set up as standing orders or direct debits. Invoice payments, expense accounts and one-off bills can also all be managed and paid for free online, too.

What Cashplus doesn’t offer, where it differs from a High Street bank, is process cheques nor does it process international payments.

But in this day and age, where almost all payments are digital and international payments can be handled through other Merchant Services (you can register Cashplus for those), is that going to be a drawback for a start-up freelancer or contractor? Probably not.

If you are going to be using another currency, along with online business banking and transfers, currency cards are included in the package, subject to the terms and conditions.

It’s a great way of keeping your personal cash from your private income. Once you’ve registered as a Limited company or sole trader, you register your bank account in the company name and, to kill two birds with one stone, Cashplus accounts can be registered with HMRC.

Cashplus voted the best business card program for 2012

Cashplus prepaid cards may be a new concept to you, but the philosophy has been acknowledged by the banking industry already.

Amongst the finalists it saw off to claim the 2012 best business bank card program title were AMEX, HSBC and RBS.  We’re talking some of the biggest names in card banking, just to give you an idea.

Application is, obviously, subject to terms and conditions. But unlike other business bank accounts, Cashplus will open your bank account if approved without either credit checks or face-to-face interviews.

The whole process is handled online, so no sweaty palm moment in front of a spotty, young advisor. And, best of all, there are no deposit fees to get you on the way.

Another cracking addition to the account is the expense manager. You know what it’s like when you’ve travelled on business and are trying to tie up all of the receipts?

Well, as long as your card is topped up before the journey (or en route if you’re banking on the fly), pay for all of those expenses on your card.

This does away with the hassle of cash and asking for a receipt every time you order half a shandy.

Al of the transactions are stored online and you can download a report of all of your expenses in a CSV document to marry up those receipts with consummate ease.

More than one of you? With Cashplus, no problem

With the facility to order up to 99 cards per one account, each card can be individually analysed. You can also block certain types of transactions from being paid for; I don’t think we need go into the details, there.

The card will be with you within 3-5 working days of you being approved and you can simply and swiftly transfer money onto the card ready to go when it arrives.

Some limitations do apply to this online banking account

The Cashplus prepaid card won’t suit every business as there are maximum limits imposed on levels of investment and certain restrictions applicable to usage.

This limiting of the card usage is perfect to help you maintain the difference between your business cash and private stash.

Monitoring and restrictions will also help prevent fraudulent usage by negating any unusual spending habits by locking them off up to a point.

There are also limitations on telephone banking, depending upon the type of contract you have.

This account is ideal for start-ups who may otherwise see bank accounts that come with advisors, silver Parker pens and 24/7 telephone banking a waste of £5.50/month.

Full terms and conditions, including specific instances where fees do come into effect, such as cash withdrawals, are available as a pdf through the link to Cashplus on our home page.

For £29.99 per year, or £2.50/month, you are just a couple of clicks away from getting your business bank all set up here and now.

One simple application, 100% processed online and you’ll be ready to start managing your business cash-flow professionally in 3-5 days.

What are you waiting for?  Apply for Cashplus online banking today.

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