26 September 2010
Pre-pay supplier targets firms
BRITAIN’S largest supplier of pre-paid cash cards will this week launch a new service aimed at small and medium-sized companies.
Advanced Payment Solutions aims to sign up hundreds of thousands of smaller enterprises, offering a card that works as a ‘virtual bank account’. Potential customers would range from ‘one-man bands to sizeable concerns’, says APS chief executive Rich Wagner.
Commonly associated with migrant workers, students and those with bad credit records, pre-paid cards have been criticised because of their charges, but their popularity has grown in the five years since APS became the first provider in Britain and others offering the service include Newcastle Building Society.
‘Already, 2,500 of our 500,000 cardholders are business users and that is without any marketing at all,’ says Wagner.
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