U.K. small business lender and commercial card company Capital on Tap is collaborating with accounting software company Receipt Bank to launch the Receipt Bank Card, a commercial card solution for small businesses, according to a press release Monday (July 8).
The company announced that their partnership will enable small businesses to obtain greater control over company spend and streamline expense management processes. By integrating Receipt Bank’s data extraction and collection automation technology, the firms can connect expense management capabilities to a corporate card solution for small firms.
Their partnership also capitalizes on Capital on Tap’s integration with small business accounting platform Xero to seamlessly reconcile Receipt Bank transactions. That integration was announced in May and deploys Xero’s API, with Capital on Tap card transactions automatically appearing within the Xero platform.
According to Capital on Tap and Receipt Bank, their expense management solution aims to help small firms more easily comply with the U.K.’s Making Tax Digital initiative that aims to strengthen accuracy of receipt tracking to ensure the correct VAT codes are applied to expenses.
The Receipt Bank Card offers small business users access to reward points, no foreign exchange fees, and cash back opportunities. Small businesses can obtain a credit limit of up to $62,560 for their business expenses with up to 56 days without interest.
“This partnership is really exciting for Capital on Tap as it integrates our platform with Receipt Bank’s software making the process of expensing items much more efficient and straightforward,” said Capital on Tap Head of Partnerships Zoe Newman in a statement.
“Our aim at Receipt Bank is to revolutionize accounting for businesses and we feel the launch of the Receipt Bank Card really enhances this and offers our customers something new,” added Receipt Bank Director of Adoption Ben Martin in another statement. “It will enable the businesses we work with to really streamline their expenses processes.”