Capital on Tap have partnered with accounting software providers Receipt Bank to offer customers the new Receipt Bank card, giving businesses greater control and visibility of spending.
The partnership combines Capital on Tap’s technology with Receipt Bank’s software that automates the collection and data extraction of receipts and invoices. Businesses can track all their business spending in one place, issue multiple cards for employees and add spend limits to each. The integration with Xero enables accountants to seamlessly reconcile transactions from the Receipt Bank platform in one click.
This functionality is particularly useful in light of the government’s ‘Making Tax Digital’ initiative as it facilitates tracking receipts and applying the correct VAT codes so that businesses can claim as much back at the end of the financial year as possible.
Additionally, customers can say goodbye to expensive bank card fees and hello to reward points. One accountant who uses the facility noticed that his client would save £1,400 if they switched to the Receipt Bank card, through the lack of FX fees and cashback!
“This partnership is really exciting for Capital on Tap as it integrates our platform with Receipt Bank’s software making the process of expensing items much more efficient and straightforward,” explains Zoe Newman, Head of Partnerships at Capital on Tap.
Customers will be able to apply for the card, which provides access to credit of up to £50,000 for business expenses, via Receipt Bank’s website. They will also have the opportunity to benefit from up to 56 days interest-free credit with longer repayment terms and 0.5% cashback.
“Our aim at Receipt Bank is to revolutionise accounting for businesses and we feel the launch of the Receipt Bank card really enhances this and offers our customers something new. It will enable the businesses we work with to really streamline their expenses processes,” comments Ben Martin, Director of Adoption at Receipt Bank.