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Prepaid Business Accounts

Prepaid Corporate Business Cards

What is a business account?

Business accounts are used by commercial organisations and sole traders to manage the money that flows in and out of the company. They are a form of current account opened as a separate entity to an individual’s personal account.

They can be used to keep track of funds coming into the business, such as proceeds from sales or payments for services rendered, as well as money being spent – for example to cover bills or pay employees’ salaries.

How does our prepaid business account work?

A prepaid business account from PFS can offer a unique and secure alternative to using a credit/debit card or cash to make payments. Prepaid cards for business accounts can be loaded with funds, which will enable employees within your company to withdraw money, make payments and cover expenses without exceeding any budgetary restrictions. This is because any spending can only be done within the limits placed on the account.

This off-the-shelf option is perfect for those businesses who are not looking for any bespoke functionality but require a quick and easy set-up and want complete transparency right from the start in terms of the costs involved. There is no minimum contract duration with this type of prepaid business account, while the limited fees make it the ideal solution for start-ups and SMEs who might be looking to maximise their spending power.

Multi-Currency Travel Card

What can a prepaid business account be used for?

Our prepaid cards for business accounts can help you manage a whole host of processes in a more efficient manner, including the following:

Expenses

You can keep track of employee spending via a prepaid business account. By pre-loading funds onto a card, you will have complete control and clarity over your staff’s purchasing power, and there will be no ambiguity regarding how much they are permitted to spend. This is particularly useful for business trips where meals and overnight stays are involved, and it enables you to closely monitor the business’ expenditure with full transparency.

Travel

Your prepaid business account can also work in conjunction with our travel cards. When used overseas, these work in much the same way as a traditional debit or credit card except that you will only be able to spend within the limit that has been pre-loaded. They will work wherever you see the Visa or Mastercard logo and you can also benefit from our multi-currency solutions, which allow up to 15 currencies to be loaded onto one card.

Payroll

Using a prepaid business account can offer a solution that effectively and efficiently streamlines the payroll process – one of the most time-consuming tasks for any organisation. By cutting down on paperwork and removing cumbersome workflows, your business can increase its profitability as well reduce its exposure to the risk of fraud.

Direct Debits and Transfers

Setting up direct debits and completing transfers is perfectly straightforward with a prepaid business account. If your company has regular, fixed outgoings then a direct debit is the easiest way to ensure they are paid in full and on schedule. Similarly, a business account prepaid card can be used to transfer funds – whether that be to creditors, employees or to other accounts owned by the organisation.

Mobile Payments

Our prepaid business accounts are now enabled for mobile payments. This means that you can provide your card holders with a high level of convenience by making cashless payments without the need for a physical card. All they need is their smartphone or wearable device, such as a watch. Prepaid business accounts are enabled to make purchases using Fitbit, Garmin, Samsung and Google Pay™*.

Mobile Payment

Fitbit Pay

By adding your business account prepaid card to your Fitbit, you will always have purchasing power to hand. And, you can rest assured that your details will not be shared with Fitbit or any retailers.

Garmin Pay

Leaving your wallet or phone at home does not need to be a problem when you connect your prepaid business account to your Garmin smartwatch. This is the perfect solution for those with hectic schedules as they can make payments with a simple tap while on the move.

Google Pay

With Google Pay, you can access your prepaid business account and make fast, secure purchases in millions of locations around the world including in stores, online or via mobile apps.

Samsung Pay

Nothing could be easier than connecting your prepaid business account to your Samsung device. Once that’s done, you have easy access to a simple and secure way of making purchases while on the go.


*Mobile wallets may be subject to participating payment networks and Countries. Please review the relevant mobile pay webpage for further details.

Mobile Payment
Mobile Payments

How to manage your prepaid business account

When you open a prepaid business account with PFS, you will have access to our cardholder portal. This allows you to monitor all aspects of the account from one central hub. You can make payments, set up or remove standing orders and manage your payees, while there are a number of card services at your disposal, too.

These include the option to block and unblock your account, reveal your PIN, report a card lost or stolen, turn the contactless features on or off and block the use of a card at any ATM. There is also a help centre available, so if you experience any issues with your prepaid business account, we are here to assist you.

  • Risk management: We are fully committed to guarding your funds and your data. We use 3-D Secure authentication and Card Verification Value to ensure your prepaid business account is protected against fraud.

How do I apply for an online business current account?

If your organisation is set up as a limited company and registered with Companies House, you are required to open a business account. Any money acquired by a business of that nature is considered as a separate entity and therefore should not be paid into an individual’s personal account.

If you are a freelancer or a sole trader, you are not required to open a business account as there is no legal separation from the individual and the services provided. However, people who fall into this category may still choose to open one to create a clear definition between their personal and professional finances.

Multi-Currency Travel Card

How to apply for a prepaid business account

Applying for a prepaid business account with PFS could not be easier. All you need to do to get started is fill out the application form and send it through to us. Once you have done that, we will guide you through the process from there.

What documents are required to open a business account?

Before you can open a prepaid business account, we will need you to provide us with a few details. As mentioned above, the application form is straightforward to fill out. We will ask for your name, email address and phone number and we will also carry out a background check as part of the government’s Know Your Business regulations.

As part of this process, we may ask how long your business has been running and analyse your record of managing credit in the past. We may also ask if you have previously used any other prepaid cards for your business accounts.

Can you have multiple business accounts?

The simple answer to this question is yes, it is possible to open more than one business account. Larger organisations, for example, may have several in order to separate and keep track of their different income streams and expenditures. If you would like to explore the possibility of setting up multiple prepaid business accounts, please let us know and we will do all we can to facilitate your request.

Why come to PFS for your prepaid business account?

We believe our innovative and unique prepaid business account makes us stand out from the crowd in offering SMEs the chance to help their company thrive. Here are just a handful of reasons to choose PFS:

  • We have issued more than 7.4 million cards to date, with a total loading volume in excess of £10 billion.
  • We have partnered with almost 2,000 corporate clients, so you can rest assured that our prepaid business accounts come highly recommended.
  • PFS is fully regulated and authorised by the FCA under registration number 900036.
  • We have developed strong partnerships with global leaders such as Mastercard, Visa, eCOMM, Gemalto and TagNitecrest, while some of our high-profile clients include the likes of 3 Mobile, Correos and Hansel.
  • Our prepaid business account and other financial solutions have seen us scoop a number of awards, including:
  • You can find plenty of case studies detailing how our prepaid business account and other financial solutions have helped our clients achieve their goals.

For example, in September 2018, PAA Capital Group needed assistance with processing their employees’ expenses. PFS were able to offer them a solution.

"Before engaging with PFS, I used to wire an approximate amount of money, either by bank transfer or other money transfer methods. Needless to say that both methods were expensive and there was no clear overview of the expenses and cost. After exchanging a little with PFS, I felt they had the right work ethic, so I didn’t feel the need to look for another card issuer. Each individual that I have been in contact with at PFS has been so professional, so knowledgeable and efficient." Cem Wald, CEO, PAA Capital Group of Companies.

Prepaid cards for business accounts with PFS

We are fully committed to helping your company maximise its full potential. So, if you would like to know more about opening a prepaid business account with PFS, please do not hesitate to get in touch with us today.

How it works: