Advanced Payment Solutions (APS), owner of the popular business bank account alternative, CashPlus, has recently announced a link up with the Post Office.
The deal which comes force in 2015 will give CashPlus account holders access to banking services at over 11,500 Post Office branches across the UK.
With close to 1 million customers APS is a major player in the alternative banking space. The firm’s CashPlus product has become popular with contractors, freelancers, self employed, and small business owners who would otherwise struggle to open a traditional business bank account. Often due to a poor credit history or lack of credit history altogether. Many of these customers use the CashPlus account as a ‘basic business account’ without which they wouldn’t have got their business up and running.
Cash handling business like hairdressers, shops, market stalls, and pubs will likely appreciate being able deposit and withdraw cash in real time, in addition to making instant balance enquiries at Post Office counters up and down the country.
Rich Wagner, CEO and founder of APS said:
“By allowing our customers access through the Post Office network, it will enable us to provide a solution to the diverse needs of our customers – extending our simple, transparent online services to in-branch facilities.
Embracing new players into an infrastructure designed for banks marks a significant step towards levelling the playing field between alternative financial service providers and traditional banks.”
Tamer El-Emary, Head of Card Issuing at MasterCard UK and Ireland also commented on the deal stating:
“APS and MasterCard have a history of driving financial innovation for customers often digitally or online. In this instance we are going further and adding choice to consumers and businesses who need to pay in or withdraw cash on the high street.”
The partnership helps put the CashPlus account on more of a par with regular business account providers and levels the playing field with rival CardOneBanking, which also utilises the Post Office network in addition to Barclays branches.
If you’re a business owner, or seeking an alternative to a traditional business bank account, take a look at our overview of the CashPlus account.