Cashplus Business Review

International payment services are available for both personal and business current account holders. To receive funds from abroad, you’ll have to provide the payer with your account number.

Foreign deposits made to your account in Euros will automatically be converted to GBP when it’s applied to your account. Should you be receiving funds in any accepted currency other than Euros, it’s essential to use the correct pay-in details. You can find these details on the Cashplus website’s help page under international payments. Failure to do so may result in double conversion fees.

Cashplus’ online servicing and mobile app make payments and transfer quick and easy. Once logged in, you can: Manage direct debits; Make one-off payments; Set up recurring payments and standing orders for business expenses, bills, employee wages, etc.

You can also set up payments to be taken from your debit card by providing the business you want to pay with your card’s details. This allows for recurring settlements of various amounts to be deducted from your account on a flexible basis. Settling one-off expenses online or in-store with your card is also possible and straightforward.

The business credit card can be used for all your payments and purchases, making it ideal for everyone. It’s a hassle-free lifeline when you need it, with no hidden fees. Unfortunately, no new applications are currently accepted as the company is upgrading this service.

The Cashplus business expense account is the ideal low-cost solution for controlling and reconciling employee expenditure. Additional cards can be ordered directly from the institution at £5.95 each. Benefits include: Blocking specific transactions and cards; Manage all additional cards from any device in one place; Monitoring and control of spend in real-time.

The company in itself doesn’t provide its consumers with accounting tools. Its business expense card does, however, offer: Integration with significant accountancy software providers; Real-time transaction monitoring; Receipt capturing via the mobile app

With the integration of open banking, you’re in complete control of your finances. It enables you to share specific parts of your payment and account information with regulated third party providers for time-to-pay (TTP) agreements, including: Account number, name, and sort code; Information on standing orders, direct debits, and scheduled payments; Account statements and balance; Regular transaction details; Make direct one-off payments

The various APIs enable you to make a low-cost batch, single, or bulk payment quickly, saving you up to 45% on transaction fees. They’ll also allow you to create new accounts in seconds and permit you to connect your client’s business accounts to your platform for real-time financial analysis with automated reconciliation.

Cashplus is owned by and acts as the trading name for APS Financial Limited. The institution’s current accounts work through an e-money licence which is authorised and regulated by the FCA (Financial Conduct Authority).

Your business funds are kept in a regulated RBS (Royal Bank of Scotland) bank account, completely separate from the company’s own money. Therefore, your funds are safe in the event of Cashplus’ insolvency. Should this happen, RBS is required to reimburse all account holders from this account before settling any claims of other creditors.

Customer support is available telephonically on weekdays from 08:00 to 20:00, and on Saturdays from 08:00 to 16:00. There’s also a 24/7 contact number for lost or stolen cards. Other than that, there’s no general support outside of these hours or on Sundays.

The company’s website does, however, host FAQ pages that answer most common queries. Your account is also available for any-time use through online servicing or the mobile app.