Funding Circle launches new Cashback card transfer feature for SMEs

Funding Circle has introduced a new transfer feature for its Cashback card, enabling UK small businesses to make payments directly to bank accounts using their existing card credit facility.

The new functionality allows business owners to transfer funds to any UK bank account, extending the use of the Cashback card beyond traditional card payments to cover expenses such as rent, supplier invoices and other business costs.

The feature is designed to help SMEs manage their cash flow more effectively by bringing card spending and bank transfers together in one platform.

Businesses can also transfer funds directly into their own business bank accounts, providing access to additional working capital when needed.

Transfers requested before 2pm on working days will be processed on the same day, giving businesses greater flexibility to manage short-term funding requirements.

The transfer feature is integrated into Funding Circle’s existing web portal and mobile app, allowing customers to manage payments and cash flow from a single platform.

Customers can benefit from up to 42 days of interest-free credit, enabling businesses to manage payment timings without immediately drawing on their cash reserves.

To maintain consistency and transparency for suppliers, payments are made in the customer’s own business name.

The functionality also integrates with accounting software including Xero, Sage and FreeAgent, automatically synchronising transactions and reducing the need for manual data entry.

Funding Circle said the feature would help businesses manage expenses that cannot typically be paid by credit card, while reducing the administrative burden of using multiple funding and payment solutions.

“Small business owners need financial tools that are simple, useful, and built for their everyday realities. By allowing our customers to use their card credit to pay any supplier, we are removing the friction of managing multiple credit facilities.

“We are committed to consistent product innovation that gives small businesses greater control over their everyday cash flow.”

The launch forms part of Funding Circle’s ongoing investment in technology and product development as it expands its range of financial services for UK SMEs.