Cashplus, the leading UK challenger to banks, has launched a UK-first payment tracking for its SME credit card products.
The new Spending Insights feature uses Google Maps data to pinpoint where and when a payment was made and makes each transaction easy to identify by showing information like brand logos, where other accounts might show only an obscure trading name.
Other benefits of the upgrade include Payment Track’s fraud-beating capabilities. It allows customers to easily spot unusual payments and immediately freeze their account. The tool also automatically sorts payments into categories, so users can track and plan their business spending and can even tag payments to a specific job or client.
For example, an independent tradesperson can tag all materials costs to a specific project or a freelancer can easily tag relevant travel expenses to the correct client.
This upgrade adds to existing SME-focused functionality available to Cashplus customers, including Open Banking ‘API’ technology, which plugs Cashplus accounts directly into a range of accountancy platforms, payroll tools and general payment systems, meaning thousands of automated tasks can be carried out simultaneously. The company’s Payments API has attracted a number of external accolades including a nomination as ‘Best Achievement in Payment Processing’ at the recent Card and Payments Awards.
Cashplus CEO, Rich Wagner said: “Together with features like smart business credit, account freeze and instant account approval, these upgrades make Cashplus an indispensable tool for small businesses. The many thousands of UK entrepreneurs, start-ups and independents using Cashplus will be freed up from tedious admin, leaving them more time to get on with the things they do best.”
Cashplus is in the advanced stages of applying for its full UK banking licence, expected to be authorised in the first half of 2020 and has committed to boost lending to overlooked UK small businesses.