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As a business owner, you likely have a long to-do list and limited time to complete it all. With the convenience of weekly repayments, you can cross one important task off your list and free up your time for other important business operations. Instead of worrying about managing your credit card balance and making manual payments, you can trust that the process will be taken care of for you by Capital on Tap, leaving you with one less thing to worry about.
What are weekly repayments?
Weekly repayments allow you to pay down your credit card balance more frequently, helping you manage your cash flow and maintain a high available credit balance. Instead of making monthly repayments, you can opt for weekly repayments to keep your balance regularly reduced.
How do weekly repayments work?
Every Monday, we'll schedule a payment for your full closing balance from the prior day. The time it takes for your available credit to refresh depends on your bank's compatibility with Open Banking and our Smart Repay feature.
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If your bank is compatible with Open Banking: The payment will be collected at 7 am every Monday, and your available credit will be cleared immediately. This instant access ensures you always have maximum spending power.
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If your bank only allows repayments via Direct Debit: The payment will be collected every Thursday, and your Capital on Tap account will be updated the following business day once the payment has cleared (excluding bank holidays).
Our system automatically chooses the fastest and most secure payment method available for your account. If your bank supports Open Banking, you will also see the option to switch to Daily Repay for even faster cash flow control. Pro customers who choose this option increase their cashback rate to 1.25% (a 25% boost) on every pound spent, maximising rewards on everyday business spending.
How much would I have to repay each week?
When you set up weekly repayments, you are committing to repay your balance in full every week. This ensures that you never carry over any debt and always have your full credit limit available. Please note, weekly repayments are not available for minimum or fixed amount payments.
What are the benefits of weekly repayments?
Weekly repayments can be especially beneficial for small business owners who are looking for ways to streamline their financial management processes.
Less stress and greater peace of mind
By setting up weekly repayments, you can eliminate the stress and worry that often comes with managing your credit card balance. You'll no longer need to worry about hitting your credit limit, missing payment deadlines, or incurring interest on card spend. Instead, you can trust that your balance will be automatically cleared each week, leaving you with more time to focus on the thing that matters most - running your business.
Improved credit score
By making consistent, on-time payments each week, you can improve your business credit score over time. This can be especially important if you're planning to apply for a mortgage or attract investors in the future, as a higher credit score can help you qualify for better rates and terms.
Higher available balance
With weekly repayments, you can keep your available balance high, providing you with greater spending power when you need it most. This can be especially beneficial if you're planning to make a large purchase or have an unexpected expense come up.
Convenient and time saving
Weekly repayments can also be incredibly convenient, saving you time and effort in the long run. Instead of logging in to your online account every month to make payments, you just need to set up weekly repayments once and we'll take care of all future payments for you.
How to set up weekly repayments
You can set up weekly repayments from the Capital on Tap mobile app or from your portal in under a minute. Just follow these three easy steps:
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Head to the ‘Payments’ tab, and then click ‘Smart Repay’.
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Under ‘Choose a payment type’, select ‘Weekly’ and then ‘Update’.
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Sit back and relax. We’ll take care of the rest!
The bottom line
Setting up weekly repayments with Capital on Tap is a quick and easy way to stay on top of your business credit. With automatic full balance repayments, you’ll enjoy peace of mind and more control over your cash flow. Set it up today and keep your Capital on Tap Business Credit Card working for you while you focus on growing your business.
