Perhaps try the Bank who they have a current account with. Although a fair few banks will not allow you to order a business credit card on behalf of someone else, even if you are on the bank mandate. Some don't even send forms out for limited companies and have to process over the phone with a Director (HSBC being a prime example)
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I'm getting a business credit card soon so I don't have to keep borrowing the boss's to pay for hotels etc and the two MD's have to sign and authorise everything. The business bank manager came to visit the offices. Others will do it over the phone as Joanne said.
We did apply for one through the bank, but the director has told me that they are holding on to the application because he has also put in for a loan with his other limited company, so we're currently in a bit of a stale mate with this company.
By the sound of it it looks as if this is something I really can't assist him with so I'll let him know and hope he can take some time out from the day to day running of the business to assist with the office management.
We did apply for one through the bank, but the director has told me that they are holding on to the application because he has also put in for a loan with his other limited company, so we're currently in a bit of a stale mate with this company.
By the sound of it it looks as if this is something I really can't assist him with so I'll let him know and hope he can take some time out from the day to day running of the business to assist with the office management.
Elaine
Hi Elaine
Unless they are in formal group structure and/or have provided inter company guarantees to that Bank then the Bank looking at a loan for one company has nothing to do with the other company. (or unless they want personal guarantees from the Director and he cant/will not provide them or he has no way to back that guarantee.)
Or he has a completely incompetent Bank.
You can of course assist with the office management side by seeking out other Banks that will provide just a lending facility via a credit card without taking over the whole banking (it isnt unknown, although more likely at the corporate size rather than small business), but at the end of the day the Director/shareholder is the one who needs to agree to the lending (and obviously appropriately minute this by way of the Board res - wording for which is often contained within the application), hence why some Banks will not enter into any kind of conversation, or will indeed only provide a vague response.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I'm getting a business credit card soon so I don't have to keep borrowing the boss's to pay for hotels etc and the two MD's have to sign and authorise everything. The business bank manager came to visit the offices. Others will do it over the phone as Joanne said.
Hi Julie
Your name has gone from your signature bar and I was thinking I had got it wrong!
Credit card is one way to go, although the company can alter the Bank mandate and of course any internal processes, so that they could have say one MD signature up to say £500, or you on your own up to £500 or some other kind of combination.
Lol on the business Bank manager coming to the offices - I wonder if I can guess which bank that might be. At business centre level they are being tasked to visit x number of clients and also to offer facilities, which they often say over the phone they can lend you £50k or whatever, but when they get to the visit they throw in the need for security and all the rest of it. They can then say 'well we tried to lend, but we couldnt because the customer refused to provide xyz'.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
There are other company card holders such as senior engineers but its much easier if I can do as much of the paying as possible (like we might actually get proper VAT receipts) but in actual fact the company is in the process of changing bank accounts so the opportunity is being taken to add me on to stuff.
We still receive cheques and two branches of our currently bank have closed plus we have a daily BACS/internet transfer limit that doesn't even cover the whole monthly payroll and the current bank refuse to change it. And don't get me started on the cock eyed format of the online statements we have to use to reconcile everything each month.
I can see your name again now Julie! Now Im thinking Im cracking up, a bit like yesterday when John was seeing large then small pictures of trucks on here!
Not sure if you are aware but Bacs and some internet limits are effectively looked at and assessed in the same way an ordinary overdraft is, because usage of them can create and overdraft that is then outside of the control of the Bank if you go in excess of your limit, unlike standing order/direct debits and cheques that they can just bounce.
Ive seen some right howlers with Bank statements, the best being Barclays which have rounding errors and report the incorrect figures of some payments on some (but not all) of their reporting methods, plus First Direct who seem to put their balances in a very strange order if you have more than a few items going through in one day. Hope you get it all sorted, life will be much easier soon
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
I just got some junk mail from Capital for such - horrendously expensive, even with a so called offer its twice what the banks charge, but worth a look if you are stuck Elaine.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Do Capital do a business credit card? Mine's with the same bank I have my current account with, that's the best bet imo, and if they can't help I think you'd struggle to get one with another provider.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
Apparently so John....according to the letter I've just shoved back in the envelope with return to sender now scribbled on it....although no doubt it will just end up in the shredder!!
I was tempted to write WTF? JO on it....loving some of the Portia-isms.
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Try Barclaycard business. They call it a credit card but in reality it works more like a debit card. You pay an annual fee, each person in the company gets their own credit limit for their card which is a percentage of the overall limit set for the company. Then the account is repaid in full each month by direct debit so the banks risk exposure and the clients fee expenses are both minimised. You do not need to bank with Barclays to open a Barclaycard business account.
I am not associated with Barclaycard and this should not be construed as advice. merely an invitation to take a look at that option.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
We've gone with Capitalontap in the end. The rates are really high but we intend on paying it off each month anyway. Lets hope this doesn't bite us on the bum
