Cashplus Business Account Review 2023 [Login, Fees & Limits]
Navigating the world of business banking isn't always easy. You may think, "Is there an account that simplifies my transactions while saving me money on bank fees?" Well, there is - the cashplus business account!
This Cashplus business account review aims to highlight everything you need to know about this financial solution so you can judge whether it could be a good fit for your professional operations.
Let's offer an insider's look at this innovative banking option to keep your business finances running smoothly.
Managing your finances effectively is vital for any thriving enterprise. Yet many traditional banks complicate this process with bulky systems and pricey services. This is where Cashplus comes in, offering a streamlined, budget-friendly alternative to standard business banking.
The digital-focused platform aims to revolutionize how you handle your company's finances, saving precious time and money.
What Is Cashplus Business Account
Cashplus Business Account is a digital-only business banking service that provides flexible financial solutions for small businesses, startups, and freelancers.
It offers instant online decisions, no credit checks to open an account, and free purchase protection.
Key benefits include instantly creating new accounts, managing cash flow with easy transfers and automated payments functionality, and compatibility with most major accounting software. No monthly fees apply for the first year, making it an affordable choice for new entrepreneurs.
Key Features of Cashplus Business Account
Cashplus Business Account is a powerful tool to streamline your business's financial operations. This digital banking solution offers various innovative features to maximize your business's financial efficiency.
- Contactless Mastercard: It is easy and simple to use and contains essential security features for safe transactions. You can make payments digitally, quickly, and efficiently without the stress of carrying cash around.
- Payments & Transfers: You can instantly make payments from your Cashplus account. Need to pay a supplier urgently? No problem. With just a few taps on your phone, your payment is processed.
- Cash Deposits: Running a cash-intensive venture? Don't worry; you can deposit cash at any UK Post Office branch.
- UK ATM Withdrawals: Nothing more infuriating than withdrawing cash from an ATM and paying fees as a penalization for accessing your funds! Fortunately, Cashplus allows free ATM withdrawals across the UK.
- ATM Withdrawals Abroad: For businesses with international operations or travel needs, Cashplus also offers foreign ATM withdrawals at competitive rates.
- Additional Cards: One card doesn’t fit all when running a business. If you need cards for employees or specific expenditures such as travel or advertising costs alone, Cashplus allows the issuing of multiple cards linked to the same account.
- Cashback: This feature adds some bonus value to your business account as you can earn as you spend through selected partners.
- Credit Builder: Building credit history might seem challenging for some businesses, especially startups; however, with the Cashplus Credit Builder feature, you improve your credit score simply by making monthly account fee payments on time!
- Accounting Integrations: The ability to integrate with popular accounting platforms means you don't have to juggle between multiple apps or platforms when it's time to balance your books.
- Create Invoices: Cashplus has an integrated system for creating professional invoices. This helps you track payments and send reminders effortlessly, ensuring you get paid on time.
- Spending Reports: Cashplus provides comprehensive spending reports. This feature allows you to monitor transactions, identify patterns, and ensure budget compliance. It's a godsend for financial management.
- Export Statements: Your bank statements aren't merely tedious paperwork. They're critical financial records of your venture's performance and stability. Casual reports won't do here; thus, Cashplus enables you to export detailed statements for record-keeping or analysis easily.
- UK Phone Support: While the digital platform is easy to navigate, sometimes you might need personalized assistance. Cashplus provides UK-based telephone support should you have any inquiries or issues.
- 24/7 Online and App Access: Business doesn't limit itself to the standard 9-to-5 routine, nor does Cashplus. Round-the-clock online and app access means you can handle your finances whenever necessary.
- Secure Card Controls: Safety in financial dealings is a priority for any business. With secure card controls, freezing and unfreezing cards, reporting lost cards, or retrieving forgotten PINs is just a tap away on your Cashplus app.
- Instant Notifications: Keep track of your business's every financial move with immediate notifications on payments, transfers, and deposits - both incoming and outgoing.
- Digital Receipts: Manage your paper trail effectively with digital receipts – store them securely without cluttering up physical space!
- Integration with Accounting Apps: Cashplus seamlessly integrates with various accounting apps like Xero or QuickBooks, simplifying tasks like reconciliations and expense tracking!
- Digital Banking Tools: Smart tools offered by Cashplus help streamline tasks like categorizing expenses, auto-tagging VAT on purchases, and predicting future cash flows.
- Offers And Rewards: With exclusive offers from partner providers such as MarketFinance (invoice financing) or Kabbage (business loans), there are plenty of potential deals to amplify your business's financial capacity
- Multiple Business Cards: Encourage responsible spending in your team by assigning specific cards for different sectors or employees. The multiple cards feature Cashplus offers gives you granular control over your business expenditures.
Criteria To Set Up A Business Account With Cashplus
Setting up a Cashplus Business Account requires fulfilling certain eligibility conditions and satisfying specific documentation requirements.
The process aims to ensure legal compliance and guarantees that the business details match what's declared during account setup. Here’s a step-by-step walkthrough:
Verification Of Your Venture
The first confirmation that Cashplus demands is regarding the authenticity of your venture. Verifying that your entity is operational within the UK safeguards both parties from potential fraud.
- As a critical condition, your business must have active operations within the UK.
Information Of Significant Control Personnel (PSCs) – Applicable To Limited Corporations
Cashplus asks for detailed information about significant personnel if you're running a limited corporation.
This includes all persons with significant control (PSCs) who influence or steer the direction of your organization in some way.
- Each PSC's birth date must be disclosed to verify their identity.
- Additionally, you'll need to provide the residential addresses of all PSCs to corroborate their whereabouts.
Confirmation Of Identity
Finally, identity verification is indispensable in setting up a business account with Cashplus. This ensures you are who you claim to be, protecting your venture and the bank from fraud.
- Prepare a duplicate of your passport or UK driving license for this process. Note that both sides need to be copied meticulously if providing the latter.
- If none of these documents are accessible, alternative proof like an EU driving permit (both sides), an identification card from an EEA member state, or Northern Ireland's electoral ID card could suffice, too!
- In some cases, firearm licenses or shotgun permits can also be used as identity confirmation tools. Construction industry scheme cards and military identity cards are other possible routes if valid and accessible!
- If you possess a biometric residency permit, it's a green light for your identity confirmation.
Evidence Of Residence
Your residential status within the UK is indispensable for Cashplus to evaluate your eligibility. Providing such evidence is critical in preventing identity theft, money laundering, and other types of financial fraud.
- The simplest method is to provide a duplicate of your UK driving license.
- Alternatively, you could present a statement from your financial institution or building society no more than three months old. This could either be an original paper copy or a PDF version.
- A current utility bill (like water, gas, or electricity) is also strong proof of residence. Do note that mobile phone contract bills are not eligible for this purpose.
- For individuals receiving benefits such as pensions from the Department for Work and Pensions (DWP), confirmation documents showing this aid can be used for verification.
- You can also use your current year's council tax bill or any HMRC correspondence that includes your National Insurance number and is dated within the last three months.
- If you live under a tenancy agreement, get an officially approved document from the council no older than three months. Please remember that private lease agreements would not be accepted as sufficient evidence of residence.
- Credit card statements (including those from boutique cards) no older than three months can be submitted, too!
- Original council rent cards issued within the last 3 months will also meet the criteria.
- If they're handy, you can show proof via less traditional means, such as firearm licenses or shotgun certificates.
- Recent documentation showcasing bankruptcy orders, bankruptcy impact restriction orders, or a debt relief order will vouch that you're a resident if produced within three months from the issue date.
- Finally, legal papers like mortgage documents, Inland Revenue Tax Coding notices, or attorney letters all contribute toward verifying residency.
These documents provide tangible proof of address, enabling Cashplus to fulfill its regulatory obligations.
So whether you're a newly formed startup or an established commercial entity, ensuring you have the relevant documentation expedites your account setup process and journey toward seamless business banking.
For Partnerships Or Limited Liability Collaborations
Managing operations for partnerships or limited liability collaborations can bring heightened levels of responsibility.
This extends to opening a financial business account like Cashplus. These entities are required to develop and maintain more detailed records.
- Provide Identifying Documents: Every partner needs to give identification proof, like a copy of a passport or driving license.
- Supply Address Proof: Everyone involved has to provide proof of residence, proving their ties to the business location.
- Submit Business Details: Relevant documents related to your business need to be provided. These include items like an EIN assignment notice or other government-issued document.
- Additional Documentation: If any partner controls the operation (a Person of Significant Control), equivalent documentation must be submitted.
For Charitable Organizations
For charitable organizations, compliance with regulations ensures trust with donors and regulatory authorities. Cashplus fully respects this need and outlines specific requirements that cater directly to the unique structure of such establishments.
- Authorization Letter Required: Official paperwork that includes a list of all trustees linked with the charity must be presented.
- Identity Verification For Trustees: Each trustee must present identity verification documents like other account users (e.g., passport or driving license copies).
- Charitable Registration Certificate: Non-profits are generally required to have some evidence demonstrating their status as a charitable entity. In most cases, this comes as a certification from an acknowledged charity regulator such as the IRS or appropriate state-level department.
- Official Address Proof: Similar business charities must prove they're based at a particular address by submitting relevant documents like utility bills dated within three months.
How To Open Cashpuls Business Account?
Opening a Cashplus Business Account is a streamlined and quick process. If you're on the hunt for a hassle-free business banking experience, Cashplus might be your ideal pick. Follow the steps below to your journey towards more straightforward, smarter business banking.
- Visit the Cashplus Website: Head over to the official Cashplus website. Here, you'll find a wealth of information about their various services.
- Choose the Desired Account: Cashplus offers two types of business accounts - Business Go and Business Extra. Evaluate your needs and select an account that suits your business best.
- Click "Apply Now": Once you’ve chosen your preferred account type, click “Apply Now” to start your application process.
- Provide Business Details: Authenticity is crucial in finance, so be ready to verify that your business is indeed UK-based during this step.
- Provide Personal Details: For limited companies, you will be asked to confirm details such as the date of birth and residential address for all Persons of Significant Control (PSCs) in your company.
- Submit Required Documents: Based on your type of application, you may need to provide certain documents to verify both identity and address where Cashplus asks.
- Complete the Application: As an entirely digital solution, Cashplus provides easy-to-understand, on-screen instructions to aid you in completing the application process in one smooth go.
- Wait for Approval: Once you have submitted your application with all necessary details and documents attached, sit back and wait for their approval – typically processed within minutes!
- Set Up Online Access: Upon approval of the application, you can set up online access, following which you download their user-friendly app for easy management, making the overall experience seamless.
Cashplus is committed to making business banking straightforward and easily accessible for businesses of all sizes.
Fees Associated With Cashplus Business Account
Understanding the fee structure associated with your business account is crucial to budget effectively.
With Cashplus Business Account, their transparent and lucid fee schedule ensures you always know where your money is going.
It's for transferring funds, receiving payments, making a cash deposit, or withdrawing cash from an ATM; Cashplus presents all charges upfront, so there won't be any unpleasant surprises down the line.
The pricing is divided into two versions of accounts, specifically designed to match different business needs - the basic 'Go Account' and a more comprehensive 'Premium Account' providing additional benefits.
The Go Account of Cashplus offers a cost-effective choice for businesses keeping close tabs on their expenditures.
This basic version comes complimentary without any monthly service charge and has an easy-to-understand fee structure:
- Transferring Funds: It charges you £9.95 every time you need to transfer funds.
- Receiving Funds: The first 3 transactions are free of charge. Afterward, you'd be charged at 30p per transaction.
- Cash Deposit: You can deposit cash at any UK Post Office at 0.5% per transaction.
- Withdrawals from UK ATMs: These cost £2 per withdrawal within the UK.
- Foreign ATM Withdrawals: Each ATM withdrawal will cost you £3 if traveling overseas.
- Extra cards: Need an additional card for your team? Each extra card is priced at £5.95.
Despite being a basic version, the Go Account provides various attractive features for businesses trying to keep their costs low while enjoying premium services in managing their finances efficiently.
For businesses requiring a more comprehensive solution, the Cashplus Premium Account offers expanded features for a monthly service fee of £9. It's designed to provide higher transaction limits along with additional benefits:
- Receipt of Funds: There's no charge for receiving the first 20 monthly transactions. After the initial 20, a fee of 30p is applied per transaction.
- Cash Deposits: Similar to the Go Account, deposit cash at any UK Post Office branch at 0.5% per transaction.
- Withdrawals from ATMs within the UK: These charges are subject to specific conditions precisely detailed in your account agreement.
- ATM Withdrawals Overseas: This account grants you access to international ATM withdrawals for those who frequently travel abroad or conduct business globally. Specific fees for this service can be checked directly from your account terms.
- Additional Cards: The real kicker with the Cashplus Premium Account is that you can hold up to 20 different cards under one account at no additional cost.
The Premium Account delivers robust control over financial operations, enabling business owners to manage their finances more effectively and efficiently.
Security Measures in Cashplus Business Account
In a world where online banking is becoming increasingly popular, security should never be compromised. Regarding your business funds, you can't afford to take risks.
This is why Cashplus has implemented secure measures to ensure that customer accounts and information remain safe.
- 24-hour Fraud Monitoring: Cashplus keeps an active watch on your transactions around the clock. Unusual activity? You'll be the first to know.
- Secure Card Controls: Suppose you misplace your card or suspect fraudulent activity. You can quickly block your card or retrieve a lost PIN by accessing the app, ensuring quick emergency responses.
- Instant Notifications for Payments and Transfers: Every time there's movement in your account, you get notified instantly. This means you're always aware of what is going into and out of your account.
- Capture And Add Digital Receipts in The App: There's no worry about losing receipts or tracking expenses through your Cashplus account—you can capture and store digital receipts directly through the app.
- Highly Rated iOS App: With numerous positive reviews, Cashplus' sleek and user-friendly mobile app makes online banking a breeze, enhancing utility and security.
- FSCS Protection Up To £85,000: With data protection protocols shielding clients from cyber threats, customers can know that their funds up to £85,000 are protected under the Financial Services Compensation Scheme (FSCS).
Cashplus uses industry-standard encryption technology to keep customers' data secure. The protocol extends across multiple levels, including web browsing sessions and sensitive information storage facilities for the highest level of security throughout its infrastructure.
Being a licensed bank regulated by the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA), you can trust that their handling of your financial matters is forthright and reliable.
Advantages Of Cashplus Business Account
The Cashplus business account is engineered to provide businesses with easy, comprehensive, and efficient financial solutions.
Here's why choosing a Cashplus business account might very well be the best decision for your financial management:
- Quick and Easy Account Opening Process: Forget long application forms and unnecessary delays. With Cashplus, you can open your business account in mere minutes, not days.
- No Credit Checks Required: No more waiting for credit approval to get started. Cashplus does not require credit checks to open an account. This means that even if you're starting from scratch with no credit history or have a patchy credit past, it doesn't pose any barriers to banking with Cashplus.
- 24/7 Online and App Access: Run your finances whenever and wherever you want. The Cashplus mobile app gives you access round the clock, so banking no longer needs to adhere to traditional brick-and-mortar bank timings.
- Card Controls And Instant Notifications For Security: Real-time notifications allow instant tracking of all transactions. In contrast, card controls enable instant freezing and unfreezing of cards, providing an additional layer of security.
- Integration with Accounting Apps: Say goodbye to manual data entry errors. With direct integration with key accounting software platforms like Xero and Quickbooks, all your financial information can be conveniently managed in one place.
- Cash Deposits at Post Offices: A network of over 11,500 Post Office branches across the UK makes depositing cash easier than ever.
- Multiple Card Options: You can have up to 20 additional cards issued on a single account – perfect for managing employee expenses or segregating expenses based on departments or projects.
- Business Spending Reports: Track your finances effectively with detailed spending reports—understand where every penny is being spent.
Other benefits such as cashback options, credit builder to help improve your credit scores, and customer service support round the clock make Cashplus a viable, user-friendly alternative to more conventional business accounts.
Disadvantages Of Cashplus Business Account
Every coin has two sides, and the Cashplus business account is no exception. While it offers convenience and unique features, you should consider a few downsides before opting for this banking solution.
- Does not support foreign currency: If your business involves frequent dealing in foreign currencies, this could be a significant limitation as Cashplus does not support this feature yet.
- No reward or cashback: Unlike other business banking alternatives, Cashplus doesn't offer rewards or cashback benefits on your purchases, which could seem like a lost opportunity to gain while you spend.
- Fees for various transactions: Fees apply to transactions like receiving payments after the first free ones or withdrawing cash abroad. While these fees are anticipated in the course of business banking, the absence of them could provide some saving potential.
- Limited free ATM withdrawals: The privileges of free ATM withdrawals are limited. If ATM cash withdrawal forms a crucial part of your financial operations, these limitations can incur extra costs.
- No interest on account balances: High street banks usually offer an interest percentage on maintaining a certain balance in the account - alas, this isn't available with Cashplus' business accounts, depriving your surplus balance of potential growth opportunities.
- Not a traditional bank with physical branches: Although digital banking has advantages, it lacks the security and relationships provided by high-street banks' physical branches. It may hinge upon personal preferences, but this might prove a downside for those who value face-to-face interaction in finance matters.
Explore carefully and consider whether these limitations will significantly impact your business operations.
It's advisable to balance the offerings versus the constraints before adopting Cashplus as your venture's financial engine.
Top 5 Cashplus Business Account Alternatives
In an age where the demand for accessible online and mobile banking services is rapidly growing, finding a digital financial service that best fits your unique business requirements is crucial. Cashplus delivers remarkable benefits, but there are also other competitive alternatives available.
Here are the top 5 alternatives to Cashplus Business Account that you might wish to consider for your organization.
Tide Business Account
Tide is another UK-based digital banking platform catering especially to small businesses, startups, and freelancers.
It provides quick set-up of new accounts and free UK bank transfers. Tide also offers an integrated automatic bookkeeping service, allowing users to simplify their financial tracking and tax preparation process.
This platform provides a categorization feature for your transactions, making financial management as smooth as possible.
Starling Bank Business Account
Recognized as the Best British Bank in 2021, Starling offers a seamless business banking experience with no monthly account fees.
The app allows real-time notifications on incoming funds or payments going out of your account.
It also features spending categorization and budgeting tools, helping you stay on top of cash flow management without budging from your comfort zone.
Revolut takes digital banking to another level by providing not just regular banking services but considerable extras, too – such as cryptocurrency exchange and pre-paid debit cards in various currencies for international payments with no hidden fees!
Their user-friendly app interface offers end-to-end money management features like smart analytics, bulk payment options, and integration with popular apps like Slack for communication.
Monzo Business Account
Monzo Business is well-loved by its users due to its unique interactive money management feature, "Pots."
These are sub-accounts where you can designate funds for specific purposes, such as tax payments or special projects.
Beyond this novel concept, they also incorporate traditional business account tools, including contactless debit MasterCards, free ATM withdrawals, and efficient customer service.
TransferWise for Business (now Wise Business)
Wise (formerly TransferWise) is a global leader in international money transfers. Designed specifically to facilitate global trade, their platform allows businesses to send, receive, and spend money in multiple currencies while offering the best exchange rates in the market.
They offer a multi-currency debit card that makes international transactions effortless. Also, their integration with Xero facilitates account reconciliation.
FAQs about Cashplus Business Account
What are the fees associated with a Cashplus account?
Fees vary based on the account type - 'Go Account' comes free, whereas 'Premium Account' costs £9 monthly. Also, transactional and foreign withdrawal fees apply.
What types of businesses can open a Cashplus account?
Any UK-based business (Sole traders, partnerships, limited companies) can open a Cashplus account.
Is Cashplus safe and secure?
Cashplus operates with strong security measures, including 24-hour fraud monitoring and secure card controls.
What are the advantages of using Cashplus for my business?
Benefits include easy online access, accounting app integration, security controls, instant notifications, multiple card options, and efficient transaction handling.
Can I use my Cashplus card abroad?
You can use your Cashplus card for international purchases and ATM withdrawals.
Can I get a credit line or loan through Cashplus?
Qualified businesses may access an overdraft facility or loan through partnered service providers like MarketFinance or Kabbage.
Cashplus Business Account is an innovative financial tool designed to assist businesses in managing their finances effectively.
It offers standard banking operations and goes beyond its integration with accounting tools and round-the-clock access to suit your dynamic business needs.
Although it does come with various fees and limitations, the modern features and flexibility make it worth considering for entrepreneurs planning to simplify their financial dealings.
Assess your business needs thoroughly before deciding if this digital banking solution is your ultimate business companion.