Caxton utilises technology and automation in order to help bring business payments, expenses and currency accounts under one umbrella. It strongly focuses on foreign exchange and caters for international payments, payroll processing and expenses.
What is Caxton business?
Caxton is a business platform which combines domestic and international payments, expense management, prepaid business cards and currency accounts all in one place. Its solutions include supplier payments, payroll processing, expenses and risk management.
It also has a dedicated API which enables businesses to connect their own applications to their Caxton account for a secure and single point of access for several payment solutions.
How does Caxton business work?
You can create a business account with Caxton and take advantage of the following solutions:
Payments. You can use Caxton to pay local and global suppliers, send and receive international payments and automate mass payments.
Payroll processing. Caxton automates all your payroll payments and allows you to send 1,000s of single or multiple currency payments in one file.
Expense management. This comes with an app to upload and categorise digital receipts and multi-currency prepaid cards where you can approve expenses, automatically top up balances or block cards instantly. You can also create unlimited virtual cards instantly.
Risk management strategy. This service enables you to work with an expert to review your future foreign currency exposure and create a strategy to minimise the risk of foreign exchange market volatility.
Paying agent service. This securely holds and quickly disburses funds, carrying out the necessary compliance checks so you don’t have to.
Is Caxton suitable for your business?
If your business regularly deals with foreign exchange and needs to make global payments, then Caxton’s range of solutions could be suitable.
You can send and receive over 30 currencies as well as make local and overseas payments. It also has a range of hedging products including forward contracts, spot contracts and market orders. These can help to lock in favourable exchange rates in order to mitigate the risk of foreign currency fluctuations.
Is Caxton business safe?
Caxton is fully regulated in the UK under the Financial Conduct Authority (FCA) and has an electronic money licence.
It has over 600,000 customers and processes 8.6 million transactions per year.
Finally, if any of its prepaid cards are lost or stolen, you can block them instantly from the app.
Our verdict: Is this platform worth it?
Caxton has always specialised in foreign exchange and multi-currency services. So if you are looking for a business payments platform that can help make international payments cheaper and easy, Caxton could be a good fit.
Caxton’s pricing depends on which prepaid card you opt for between its sterling and multi-currency cards. You can book a demo through the site to learn more about the solutions and presumably the cost. The main feature that stands out about Caxton is its customer support and hands-on care, which could be a real advantage if you are dealing with multimillion-pound transactions.
Frequently asked questions
Yes, using its application programming interface (API) you can integrate your accounting system, such as Xero.
Caxton has a sterling account and a multi-currency account. Its sterling account has a monthly fee, but there are no fees for the account or platform. The multi-currency account doesn’t have a monthly fee but it does have charges for card payments and ATM withdrawals. Both cards/accounts have a 2.49% card FX conversion fee.
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Kate Steere is an editor and money expert at Finder, specialising in banking, savings and fintech. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run.
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