Published: 02 Mar 2020
Last updated: 26 May 2023
Business credit cards will often come with some form of protection to help you recover any losses due to fraud, stolen or misuse of credit cards.
Every credit card provider will have some kind of procedures in place to offer security in the first place (such as chip and pins), the ability to cancel cards and receive full or partial refunds.
Why do you need protection on your credit card?
If one of your business credit cards has been lost or stolen, the perpetrator may have access to thousands of pounds at their disposal, so you will want protection to avoid liability for any repayments.
Similarly, for any staff members that abuse their business credit cards for non-business purposes, you will want to avoid any payments or charges.
How can you avoid misuse of business credit cards?
When giving credit cards to other members of staff, senior managers are encouraged to set clear guidelines in terms of spending limits and what is considered to be a business expense and what is not.
Staff should be told to keep credit cards safe and not leave them lying around on their desks or public places after hours.
Check statements regularly
Monitor your monthly statements for all credit card expenditure and cross-check any costs and expenses on a regular basis.
Most providers let you set notifications of any payments made via email and text message, so you can stay on top of any purchases.
Protection of PINs
Staff should avoid writing down the PIN numbers of their credit cards or making them visible to other members of staff or third parties. As with regular credit cards, you should always cover your hands when making a cash withdrawal or making a payment.
What protection do you get with Capital on Tap?
Capital on Tap has its own protection scheme in place to safeguard customers from fraud or misuse of credit cards. We are not covered by the Financial Services Compensation Scheme (FSCS) but we will take the necessary measures to minimise cost and damage for our customers.
Like with any credit card, there is always a risk of theft or fraud and we take precautionary measures to keep our customers safe including the use of:
4-digit chip and pin;
Secure online portal;
No overdraft facility;
What if my cards are stolen or I am a victim of fraud?
If your card has been stolen or you have been a victim of fraud, you can contact our customer service team by phone or email us on firstname.lastname@example.org to report your incident.
We will investigate further and take the necessary procedures such as freezing your cards and help you reclaim any lost funds.
We monitor for any unusual spending or purchases and will notify you immediately if this is the case.
What if my staff abuse their business credit cards?
If members of your team have overspent or abused their credit cards for personal use, you will be able to report this to our customer service team on email@example.com and we will be able to escalate your enquiry.
Where possible, we will try to help you to freeze cards, reverse charges and reduce any unwanted costs and damage to your business.