Receipt Bank Blog>Advice>5 Ways The Receipt Bank Credit Card Simplifies Business Expenses

5 Ways The Receipt Bank Credit Card Simplifies Business Expenses



Receipt Bank Visa Card

Imagine a credit card that automatically syncs business expenses with Xero in less than 12 hours, while removing the need for employee reimbursement and pesky paperwork. 

Too good to be true? Not at all. The Receipt Bank Credit Card* is here to make business spending a breeze.

Created with UK SMB (Small and Medium-sized Business) expenses in mind, the Visa credit card is the result of a partnership with Receipt Bank and Capital on Tap, a leading business card company. 

Inspiration for the Receipt Bank Credit Card comes from the startling fact that UK SMBs are losing billions per year managing their expenses.

Added to this, accountants are left chasing their clients for missing documents. According to Receipt Bank research, “nearly a third (31%) of SMEs need to be “frequently chased” by their accountant or bookkeeper for their paperwork, with one in four not able to send them what they need. 

In response, we developed a tool that simplifies your pre-accounting experience – both for you and your clients. Via Xero, integrate the spending on the Receipt Bank Credit Card into the Receipt Bank platform. 

This allows accountants and bookkeepers to seamlessly use our features and tools, like Bank Match and Outstanding Paperwork, to save time. 

But, it’s more than just a credit card. We’ve locked down five ways this solution can transform your practice. 

1. It sweetens pre-accounting

The whole process is easy and takes the slog out of pre-accounting. Meaning, no more chasing down receipts or digging for lost papers. Buy something with the Receipt Bank Credit Card, snap a photo of the receipt using the Receipt Bank mobile app and voila, the transaction is in the Xero cloud general ledger.** 

2. The direct integration with Xero saves heaps of time

Our partner in this exciting venture, Capital on Tap is integrate with Xero directly. Accurate expense data appears quickly, speeding up reconciliation and removing the bother of manual entry. 

3. Matches payments effortlessly

The Xero integration is speedy, but our Bank Match feature steps up the pace. 

Receipt Bank will highlight when any items match your card transactions in Xero, allowing you to publish to the correct area based on the match.  It should be mentioned that Bank Match is only available to Optimize and Streamline customers. 

Another inbuilt matching feature also identifies each Receipt Bank Credit Card to the individual employee within your Client’s business, against their associated spending on the card. 

This further reduces the time needed to identify which Client employee you need to chase for missing receipts.  “70-80% of the time is completely taken away. The software is working it out itself, so it’s very powerful in that sense,” Stuart Hurst, Director of cloud accounting at UHY told AccountingWEB. 

4.  Zero foreign exchange fees

In our global community, business is often done across borders and with a change in currency comes hefty exchange fees on credit card purchases. To add even more to the convenience from this credit card, there are 0% foreign exchange commission fees and free UK ATM withdrawals.

5. Access to free or premium cards

The Receipt Bank Credit Card offers three pricing options. Sign up for free and enjoy benefits such as instant credit approval of up to £50,000 and unlimited cards – which can all be managed online under one admin.

The second option for £99 per year includes with it 1 point for every £1 spent and 10,000 bonus points with an added £50 of credit. Finally, for £249 a year, redeem 1 point for 1 Avios or 1% cashback plus added perks. 

Even more benefits: 

  • 56-days interest-free on card purchases
  • Individual card limits for employees 
  • Supplementary cards for all employees within a business
  • Frank Sinatra was right – orange is the happiest colour. The credit card is Receipt Bank orange, naturally.

There you have it. Beyond convenience, this card is one step closer towards helping businesses get back in control of their balance sheet and gives you time back to do what you do best. More time means more room for innovation, more time to grow your practice and perhaps even a free weekend or three. 

Ready to sign up? 

* Please note the RB Credit Card is only available in the UK to limited companies and partnerships. It is not for individual consumer use, e.g. Sole traders. 

** Spend data is only integrated into Xero at present.

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