If you’re looking to issue your employees with credit or debit cards with potentially high spending limits, but retain real-time control over card use and spending, Moss could be a worthy contender.
Pros
- Unlimited number of real and virtual cards
- No transaction fees
- Possibility of earning cashback on spending
Cons
- Opaque charging (prices only disclosed on application)
- Some TrustPilot reviews complain of poor service
- Higher rates of cashback available elsewhere
Table of Contents
Digital finance company Moss offers small- to medium-sized businesses (SMBs) corporate credit and debit cards with monthly credit limits of up to £250,000, along with a raft of useful expenses management tools. Here’s a look at Moss’ offering, and how it compares to other options on the market.
Key features
Moss is a German-owned company which – as well as staff credit and debit cards – offers business solutions for invoicing, expenses and receipts. Moss is not a bank but a digital finance company. However, cards and e-money products are provided by regulated e-money institutions, which means customer funds are safeguarded (more on this below).
Employees can request Mastercard-issued credit or debit cards, and account administrators can approve, block or restrict requests as necessary. Mastercard is fully accepted worldwide.
When employees use their cards, receipts can be submitted immediately (resulting in a 27% quicker expenses reimbursement process, according to Moss). On the other hand, businesses are able to view detailed cardholder spending in real-time.
Those in charge of managing cards in their business can define each card’s purpose and spending limit, customise usage and approval policies, and track transactions to prevent overspending and fraud.
If a user reaches their spending limit, administrators can also easily adjust limits or deactivate cards, either manually or by setting automated rules.
Cashback at a rate of 0.4% is paid on debit and credit card spend for business customers with “high transaction volumes”. However Moss does not specify how many transactions this means.
Businesses can manage the account online or through the app.
Moss has a Trustpilot rating of 3.8 out of 5, but based on just 130 reviews.
Pricing
Businesses must sign up to a fee-charging account, but details on the specific fees and charges are only provided on application (after a demo by the company). Moss said: “Pricing details are available upon request. Get in touch with Moss’ internal finance experts to find the package that best suits your business needs”.
However, there are three tiers of pricing to choose from: Smart Cards, Complete Spend Management and Customised Plan.
- Smart Cards is the most basic tier, offering the ability to issue, monitor and customise cards
- Complete Spend management adds in the feature of full transparency of upcoming and incurred spend, reimbursement for travel or daily allowance expenses, rules and AI-based accounting automation, budget reporting and advanced accounting integration with popular software
- Customised Plans offer a bespoke solution with 1-to-1 onboarding and a dedicated Customer Success Manager.
While there are no fees for making card transactions, the number of transactions permitted varies according to the chosen plan.
If the respective limit is met, Moss will then automatically top up by 25 transactions for a fee. If transition numbers continue to be exceeded, Moss will recommend a plan upgrade.
Eligibility
In principle any limited company, public limited company, unlimited company, limited liability partnership and company limited by guarantee can become a Moss customer – however, applications are considered on a case-by-case basis.
Moss says it cannot service micro-enterprises or small charities as set out in the UK Consumer Duty Regulations. A micro-enterprise is defined as having less than 10 employees with an annual turnover below £2 million.
Is Moss safe?
Cards and e-money products at Moss are offered through regulated e-money institutions. This means customer funds must be ring fenced (held in a separate account or trust) within banks that are fully regulated by the Financial Conduct Authority (FCA), the UK’s financial services watchdog.
This level of protection falls short of that offered by the Financial Services Compensation Scheme (FSCS) which protects up to £85,000 of customers’ funds held in traditional banking institutions in the event they go bust.
What are the alternatives to Moss?
As the finer details of Moss’s offering is only available on application, it’s difficult to compare exactly how the alternatives stack up.
One example might be the Capital On Tap business credit card. It has no annual fee and a market-competitive representative APR of 15.5%. There are also no late fees, foreign transaction fees (for use abroad) or ATM fees with this card. The Capital On Tap card also rewards users with 1% cashback (uncapped) on all spending.
