Blog>Product>The Receipt Bank Mastercard®️ Is Here

The Receipt Bank Mastercard®️ Is Here

23/05/2019

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Expenses are about to get a whole lot easier.

The next time you buy a team lunch, take a client out for coffee or buy equipment, you can put away your personal card and avoid waiting to get reimbursed.

THE TRUE COST OF EXPENSES

Traditionally, expenses are a fraught experience for employers and employees alike.

According to the Expenses Economy Report (2018), almost a third of respondents in the UK have asked friends or family for cash while waiting for company expenses to be reimbursed. Furthermore, nearly a third (32%) used their own credit card or personal overdraft while waiting.

To make matters worse, more than a fifth have had to wait longer than a month. Each year, an estimated £3.5 billion worth of expenses go unreimbursed thanks to current business expense policies.

Some of the most common reasons for going unreimbursed? Losing the receipt, entering the wrong description by mistake, missing the deadline, or a mistake on the part of the accountant.

Thankfully, Receipt Bank offers a solution.

INTRODUCING THE RECEIPT BANK MASTERCARD

The Receipt Bank MasterCard has been designed with Capital On Tap to deliver a prepaid or credit card with up to £50k* instant credit approval.

This means you can:

  • Give all your employees a business card to use instead of their personal card and avoid having to make them wait for reimbursement
  • Easily track and monitor individual card and employee spending
  • Apply for unlimited additional cards, managed through 1 online admin sign-on
  • Enjoy 0.5% cash-back** on all spending
  • Use anywhere MasterCard is accepted, with zero foreign exchange charges

INTEGRATION WITH RECEIPT BANK AND XERO

What’s more, Receipt Bank and Xero users can enjoy a seamless integration and access your card spend data quickly and accurately.

Within 12 hours of using the card, you’ll see the data in Receipt Bank. When used in combination with other Receipt Bank features such as Invoice Fetch and Bank Match, you can further simplify the reimbursement process and welcome in the future of employee expenses.

Want to find out more? Watch the on-demand webinar here.

WHAT’S BEEN SAID ALREADY?

“We’re very happy with the features and use of the Receipt Bank MasterCard®️. As it integrates perfectly into Xero, we’ve moved our entire Practice to the Receipt Bank card. Now we’re comfortable with all the card’s features we are recommending to our clients who are looking to streamline their employee reimbursement process. As more clients use the card, we’ll save more time in offering quicker booking keeping to our clients.

It was so quick and simple to get set up and the administration portal makes it very easy to control spending limits. Based on the clients we have analysed so far they would all benefit from cost savings of using the card thanks to the cash back and no FX charges”

Jon Jenkins, Finance Director, Smart Accountancy Systems Ltd

We are loving the Receipt Bank Card. We can’t fault it. The direct feed in Xero is working great. We are beginning to suggest the Receipt Bank Mastercard®️ to our clients as well, as we feel it is a leading expense solution for them and it saves our practice time and money in quicker and more efficient bookkeeping.

Will Jarvis, Data Collections Manager, MAP

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