Cashplus, the award winning banking service offered by Advanced Payment Solutions Ltd. (APS), today becomes the first in the UK to offer a business current account instantly online.
Business incorporations in the UK have grown 40% in just 3 years with 450,500 new companies set up in 2012 alone . However evidence suggests that nearly 50% of these companies will have business current accounts declined by banks and even when an application is approved, it can take most high street banks up to 4 weeks to make the account fully useable .
In contrast, the new service from Cashplus is available instantly to all UK businesses, whether recently established or with a trading history. Following a simple online registration process, which includes instantaneous verification of the business, the account number and sort code will be displayed immediately on screen following successful completion of the application process. It is also e-mailed to the account holder so can be used immediately to make electronic transfers onto the account. The account is even open to businesses with poor or no credit history who want to apply; they just need to pass the online verification checks.
Richard Wagner, CEO of APS explained; "Businesses increasingly want to self-service online and they don't want to have to go through a lengthy process and travel to a branch to open a bank account. We've reduced the traditional multi-step process to a one-stop 5 minute activity that can usually be done completely online."
Once approved, the award winning Cashplus Business Current Account, has no monthly fees, hidden charges, penalties or interest; users simply pay a single annual fee (£29.99) which enables them to send and receive bank transfers, set up standing orders and direct debits, and pay into that account within hours via Faster Payments- all for free. In case of a cash flow problem businesses can be approved for a £1,000 one-off emergency overdraft to cover direct debit payments to ensure that they can remain in credit so that monthly payments can be made on time for as little as 50p per day.
All UK-based businesses are guaranteed an instant online decision, regardless of business size, with or without trading and credit history.