Funding Circle (LSE: FCH), an SME finance platform, has removed foreign transaction fees across its business card portfolio, including the FlexiPay card and its Cashback Business Credit Card. This is expected to challenge the current UK market status quo, where SMEs have been forced to choose between fee-free debit cards with no credit or installment facilities. Clients have also had to deal with traditional business credit cards that can come with forex fees of as much as 3%.
The decision is said to be a response to the needs of UK businesses, which operate globally now by default due to the fast-evolving digital economy.
Paying for various software subscriptions, maintaining multi-currency digital ad campaigns, and sourcing supplies from abroad, etc, Funding Circle says it intends to eliminate the excessive costs that businesses tend to be burdened with these days.
Funding Circle claims to offer various credit solutions tailored to different business needs, allowing owners to remain in control of their spending management.
