One can avail various facilities if he uses MasterCard business. These are: global acceptance, purchasing flexibility, chances of extending the payments, protection against unauthorized purchases, insurance facilities, online accessibility, chances of retrieving financial reports etc.
Other major benefits includes free-of-charge payment at POS terminal and various merchant outlets of MasterCard, free of charge payment through Internet, cash withdrawal from different ATM etc.
Criteria for applying MasterCard businesses:
MasterCard Business cards are normally issued to business clients who have been running their business transaction for at least 3 years. Besides business clients, the other clients eligible to get MasterCard business are corporate clients and sole proprietors. The credit limit one can avail depends on the basis of no. transactions and years of engagement with the authority. Generally, for corporate clients and sole proprietors, the maximum credit limit does not exceed 1/10th from the total assets. And for freelancers, the maximum credit limit is normally 4 times of the spendable monthly income.
Amount of Interest one needs to pay:
The interest rate is annual but one does not have to pay any interest if he repays all his dues within the maturity date and if that payment is done through the merchant outlet.
Repayment option:
The customer needs to pay his repayment amount by the 15th day of each month.
The requisite documents, generally needed for opening an account of MasterCard business are:
For corporate clients:
Certificate of current status
Tax and VAT registration certificate
A certificate, which will confirm that the client has no tax liabilities
Declaration of liabilities
Tax declaration certificate, starting from the previous year
Balance sheet and Income statement for the last fiscal year and for the last quarter
For Sole Proprietors:
Certificate of current status
Tax and VAT registration certificate (wherever applicable)
A certificate, which will confirm that the client has no tax liabilities
Income statement and Balance sheet for the last fiscal year and for the last quarter
Declaration of liabilities, properties
For the freelancers, the documents required to be submitted are:
Tax registration (wherever applicable) and Tax declaration certificates
Documents regarding payment of taxes and insurance installments
Declaration of property and liabilities
Additional information: