Capital on Tap increases support for UK SMEs’ growth through range of co-branded Mastercard partnerships

Capital on Tap’s co-branded Mastercard program focuses on reinventing the provision of trade credit to better support the growth of UK SMEs through additional cashflow usable at millions of retailers worldwide.

Over the last five years, the entire team at Capital on Tap has worked tirelessly on providing SMEs across the UK with pain-free access to better business banking and extra cashflow. A recent addition to our range of products and services, the Co-branded Mastercard program has been designed for businesses across all industries after several years of research and first-hand experience in the world of Trade Credit.

CEO David Luck explains, “We have already deployed funding facilities of over £340 million to SMEs via our Capital on Tap Business Mastercard, and decided to offer our expertise to bigger businesses as we believe we have the tools to fully reinvent trade credit”.

Having developed a direct understanding of what financial help UK SMEs are actually looking for, Capital on Tap is now offering medium and large businesses the opportunity to utilise the FinTech expertise directly responsible for the success of the Capital on Tap Business Mastercard. David continues, “Our technology underwrites each application as soon as they are submitted, with 80% of applicants receiving a credit decision with 1 minute. Once the customer accepts the offer, the Mastercard is sent in the post and received within 4 days”.

Customers holding the co-branded Mastercard can spend their available credit with the co-branded partner (in-store, online or over the phone) and at millions of retailers worldwide. They also get the same benefits as every Capital on Tap Business Mastercard holders, such as 0% interest for up to 37 days when the account is paid in full each month, real-time credit reviews to improve spending limits and flexible repayment options. In addition, co-branded partners can also tailor special promotions and offers directly to cardholders, enabling them to create a hassle-free loyalty program at no extra cost.

Existing partners have also been able to outsource all aspects of credit control and collections while earning additional revenue. Capital on Tap’s Channel Sales Director Brennig Parry explains, “Because there are no integration efforts needed to get the program started, we have seen new partnerships release within as little as a few weeks after a first discussion. Our partners also greatly enjoy the benefits of seeing their brand awareness increase by having their logo and name on thousands of cards across the UK whilst greatly diminishing any risk of bad debt”.

To find out more about the Co-branded Mastercard program, visit www.capitalontap.com/enterprise or call 0208 962 7450 to speak to one of our advisors.

Capital on Tap introduces co-branded Mastercard program

As announced last month, national food wholesaler JJ Food Service is the latest partner to have joined Capital on Tap’s Enterprise program. The program enables eligible B2B companies to partner with Capital on Tap to offer their own Mastercard to their customers and benefit from Capital on Tap’s revolutionising credit control technology.

We sit down with Capital on Tap’s CEO David Luck, Head of Partnerships Zoe Newman and Channel Sales Director Brennig Parry to find out more about the program and its benefits.

What was behind the creation of the Enterprise program?

David Luck: What drives everyone at Capital on Tap is the idea that we have the tools and brainpower to disrupt the world of business banking in the UK. We created Capital on Tap 5 years ago to offer British SMEs flexible short-term overdrafts, but our service evolved very quickly to fit the needs and requirements of our customers.

Zoe Newman: We decided to run a second service under the Capital on Tap umbrella which offered larger companies access to the Capital on Tap technology and manpower and meant they could offer trade credit to their own customers. Capital on Tap would underwrite, provide trade credit and handle collections on behalf of the client for all internal orders – it was a popular service over the last few years with clients from several industries including drinks wholesalers, constructions companies and IT services for example.  In 2017, we decided that it was time Trade Credit be reinvented and we launched the Enterprise program.

How does the program revolutionise Trade Credit?

Brennig Parry: We surveyed our existing group of clients and their customers to really understand how the Trade Credit program offered by Capital on Tap was helping at all levels of the supply chain. It became clear to us that customers wanted the opportunity to utilise their credit limit beyond their weekly or monthly orders with our clients.

DL: Because our technology assesses every account in real time, we are able to increase customers’ credit limits based on their profile evolution, and although customers who use trade credit spend on average 20% more, we knew we could do even more at both levels. That’s when we decided to incorporate elements of our most popular product so far, the Capital on Tap Business Mastercard, and elements of Trade Credit resulting in the Enterprise program.

ZN: A partner offers their customers the opportunity to sign up for a credit account, Capital on Tap assesses the application and issues a credit limit and a card. They can then utilise their credit with the partner but also at millions of retailers worldwide where the Mastercard logo is displayed, online or over the phone and at ATMs. Capital on Tap offers credit limits up to £25,000 and all card purchases are interest-free for up to 37 days when the account is paid in full each month.

BP: In return, we offer the partner valuable spending data to better understand their customer needs in addition to a competitive share of interchange revenue on all their customers’ card transactions, whilst reducing all costs related to credit control and collection services.

Who is the program designed for?

ZN: The program is mainly designed for medium enterprises with over 500 customers looking into or already providing Trade Credit to their customers and wishing to reduce their costs, and most importantly get rid of any bad debt. If the customer is out of credit or behind on their repayments, any new transactions would be declined and the partner is not at risk.

Are there different options for the program?

BP: We wanted to create a product that could be launched as quickly as possible if required, whilst also being able to offer a tailored solution to each partner. We offer a couple of options based on a partner’s needs and customer base: the first one is a co-branded Mastercard, which bears a unique card design created by the partner’s team (or Capital on Tap if required). This program takes on average about 12 weeks to launch, but marketing efforts and pre-registration can be launched as soon as the card manufacturing has begun. Partners who wish to launch sooner can elect to offer a Capital on Tap Business Mastercard to their customers. The card has the same benefits as a branded Mastercard and the facility can be up and running within as little as 3 weeks.

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What are the advantages of creating a co-branded Mastercard?

ZN: A co-branded MasterCard will greatly increase the visibility of a brand as your company name and logo will be viewed multiple times a day by all cardholders and people around them. They’re like millions of tiny adverts in your customers’ wallets! This, in turn, increases customer loyalty as they are more likely to think of your brand before any other competitors. Finally, new customers can be incentivised with the prospect of an exclusive credit account when they sign up at no extra cost to your business, making the partnership a risk and cost-free source of revenue and a marketing channel all in one.

How easy is it to integrate the Enterprise program with a Partner’s current system?

DL: This is another great benefit to our Enterprise program: there is no integration needed with your current systems as long as you already accept card payments. The Mastercard acts like any other payment card on the market and can be used in-store, online and over the phone. Capital on Tap offers a powerful reporting platform accessible to you and your employees 24/7 for real-time analytics and offers training and valuable support to your credit and customer service teams if required.

 

If you would like to partner with Capital on Tap or to find out more about the Enterprise Program, please call 0208 962 7450 today, or fill in our quick registration form here: https://www.capitalontap.com/en/enterprise

 

 

Capital on Tap partners with JJ Food Service

National Wholesaler JJ Food Service and Fintech expert Capital on Tap have joined forces to introduce the JJ Food Service Mastercard to all JJ Food Service customers. The exclusive card offers a revolutionising line of support to independent caterers by offering business credit terms to increase cashflow at all times.

All JJ Food Service customers are invited to apply for the card via the wholesaler’s website without impacting their credit score, and credit limits of up to £25,000 and interest-free purchases for up to 37 days are awarded within seconds to approved applicants. JJ Food Service CEO Mustafa Kiamil said, “This is a first for the UK foodservice industry – we understand how hard it can be for independent caterers to manage cashflow, and partnering with Capital on Tap enables to assist our customers even further”.

The card, easily recognisable by its sleek design and the JJ Food Service logo, not only gives eligible customers the option to buy now and pay later across the entire range of products available at JJ Food Service in store or online, but is also accepted at thousands of retailers worldwide where the Mastercard logo is displayed.

In addition, Capital on Tap offers their 5-star rated online platform so that business owners can monitor their account and easily draw funds directly to their bank account. Capital on Tap CEO David Luck explains, “We have always made it our mission to provide SMEs around the UK with quick and pain-free access to extra cashflow and better business banking. By partnering with JJ Food Service, we are now able to take our offering even further and help make a real difference for all independent caterers that trade with them”.

Check your eligibility in 2 minutes today and receive your JJ Food Service Mastercard within 4 business days:

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