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Payments

We'll walk you through the payment options available and how to make a one-off payment.

Overview

Capital on Tap provides a number of ways to make payments, ensuring you can choose the option that best suits your business needs. This article will help you understand the payment options available and guide you through making one-off payments.

Payment options

You can manage your payment options in the payments tab of your online portal. Go to payments > manage direct debit > select one of the following:

  • Full balance: This option automatically pays the full closing balance at the end of your billing period. This is the best option to avoid interest charges on your card purchases.
  • Minimum Monthly Payment (MMP): This option automatically pays 10% of your closing balance or £100, whichever is greater. If your closing balance is less than £100, the full balance will be taken. However, if your balance is £0 or less than £5, no payment will be taken.
  • Fixed: This option allows you to set a fixed payment amount that is paid each month. If your minimum payment is greater than your fixed amount, the minimum payment will be taken instead.

Making a one-off payment

You can make a one-off payment at any time to reduce your outstanding balance.

  1. Navigate to the Payments tab on your online portal.
  2. Click on Make a payment.
  3. Select your payment method (bank transfer or debit card).
  4. If making a debit card payment, enter the payment amount. You cannot pay more than your current balance unless you have a preloading agreement.
  5. Click Make payment.

Your payment will be applied to your account within 20 minutes.

Cancelling a payment

Important: If you cancel a payment with your bank, do not cancel the entire Direct Debit or ACH mandate, as this will suspend your account.If you are cancelling your payment due to financial difficulty, please call our team so that we can assist you on 020 8962 7401.

FAQs

Why is my payment not reflecting on my account?

If you have made a payment but the funds are not showing on your card after 20 minutes for debit card payments and up to 2 business hours for bank transfer payments, there may be a checkout issue. Please contact our support team for assistance.

Why is there a limit to the number of payments I can make?

There is a limit to the number of debit card payments you can make in a month, which is in place to protect your account. The limit resets each month. There are other payment methods available, such as bank transfer.

How do I change my repayment day?

Most customers have 5 business day repayment terms. For some customers, your repayment date may be set to 15 days after your billing period ends. You can request to change this to 5 days after the end of your billing period. You must have paid your Minimum Monthly Payment for the last billing period and have no Direct Debits scheduled in the next 7 days to be eligible for this change. You are not able to increase your payment days after reducing them. If, however, your payment date is set to 5 days after the end of your billing period, we unfortunately cannot amend your payment date. You can check how many repayment days you have by comparing your ‘Next Payment’ date to your billing period end date. You can see your billing period start and end dates on your dashboard. If you are looking to amend your payment date due to financial difficulty, please call our team on 020 89627401.

What is a network reference number?

A network reference number is a unique identifier assigned to a transaction. This can help a merchant locate a transaction in their system. If a merchant is unable to find your transaction, you can provide them with this number. If the merchant is still unable to locate the transaction, they may need to escalate it to their payment processor.

What happens if my monthly full balance payment fails?

If your repayment option is set to full balance and the first payment fails. We will reattempt to take the payment but the attempts moving forward will only be for the MMP.

How do I know if I am up to date on my monthly repayment?

To ascertain whether you are up to date with your repayments, you may check your status through your online portal or app, or via internal systems if you have access.

Here's how you can check:

• Online Portal or App- Your online portal or app displays your current balance and outstanding balance. Reviewing your monthly statements, also accessible in the portal, can reveal any interest charges incurred, which would indicate if payments were not made in full to qualify for interest-free periods

If I am making my monthly payment via a manual payment, when does this need to reach you in order for my payment to be made on time?

In order for your payment to be made on time, we must receive your payment before midnight on the due date.

How much can I repay via debit card daily?

You will be able to make a maximum of £5,000 payments daily using a debit card. For larger payments, you can pay via bank transfer.

Will I be charged interest if I only pay the minimum or a partial amount?

Yes. If you pay anything less than your full balance — including just the minimum payment — interest will be charged on the entire outstanding amount, not just the portion you didn't pay. The only way to avoid interest on your card transactions is to clear your full balance by the due date each month.

Does Capital on Tap charge late fees?

No, we do not charge late fees for payments but your account will be subject to interest charges if your full balance is not repaid by the due date.