Prepaid and credit accounts – what's the difference?

Learn all about prepaid and credit accounts at Expensemate.
By Zoe Bell
Content Executive

So, you are ready to revolutionise expenses in your business, but what plan do you choose?

In this article, we give you the lowdown on the key differences between our two account types so that you can pick the best Expensemate solution for your business.


All our plans are based on a prepaid card system with the same underlying technology and features.

Regardless of the plan you choose, you will enjoy the same great features such as integrated prepaid Mastercards®, card spending limits, real-time transaction approvals, digital receipt capture, and accounting software integration, to name but a few.

Pricing and perks

At Expensemate, we use a flexible pricing model that rewards usage with discounted fees and other perks.

Both credit and prepay customers can take advantage of dynamic card fees, between £5-7 per card per month depending on the number of cards you order. For large orders of more than 100 cards, we can even negotiate further discounts.

Prepaid accounts are relatively easy to set up, even if you are a sole trader or a new business without much trading history, which helps you to manage your cash flow position and debt.

Our credit accounts come with amazing perks including flexible billing periods and interest rates so that you can choose payment terms that work for you. The number of finance days you need affects the interest rate on your monthly spending.

To learn more, check out our pricing page.


Depending on your account type, onboarding can take just a few hours or a few days.

After you complete our online application form, we run a few checks in the background before we open your account.

All customers require what is called a ‘Know Your Business’ check. This is a straightforward step to make sure your business is legitimate and only takes a few hours to complete.

Credit applicants, however, require a deeper analysis of creditworthiness to make sure the business can afford the finance amount requested. Our credit checks usually take up to 48 hours to complete but in rare cases can take no more than five working days, where large credit balances are involved.

Once all checks are complete, your account manager will be in touch to finalise your account and order your cards.


If you have a prepaid account you will need to make sure that you have sufficient funds in your account at the end of the month. You can top-up your available balance automatically with a direct debit. If you need to pay more flexibly, there is a pay-as-go option as well.

For more information on prepaid account payments, read our article on how to top up your card balance.

For credit accounts, you will receive a pdf detailing your total spending and any fees and charges every billing period. You will automatically be charged by direct debit in line with your agreed payment terms.

At Expensemate, we want to support your business to thrive and grow. If you want to amend your agreed payment terms for your credit account, you can contact our customer service team.

To learn more, read our article on paying for Expensemate as a credit customer.

Expense success

Our plans include everything you need for expense success in a user-friendly package and come with exciting perks such as the ability to set up a prepaid account without much trading history and flexible interest rates with our credit accounts.

We want to give you everything you need to grow your business, so our pricing and billing are also dynamic.

Find the right account for you and try our expense management system with a no-strings-attached and easy-to-cancel 1-month free trial.

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