Entrepreneurship & Small Business

Mazuma Go Card for small business

  • Last Updated:
  • Jul 23rd, 2021 11:14 pm
5 replies
Deal Addict
Aug 28, 2007
1933 posts
311 upvotes
Calgary
It looks like they are piggy-backing on BMO's direct payment system. They are charging $2 per transaction and they hold your money for 2-3 days. So it might be useful to a business with a modest number of larger monthly transactions.

We happen to be a BMO customer and use their direct payment system. It has per transaction fees that are much lower. However, it took us a long time before we had enough dollar volume & daily transactions to justify all the other fixed costs associated with treasury management accounts. Payment is same day (or worst case over night if we don't upload files before 17:00 Eastern Time.)
[OP]
Jr. Member
Feb 3, 2010
145 posts
65 upvotes
Is that what this new credit card is about or their payment service?
Newbie
Jul 18, 2021
1 posts
Basically works anywhere Visa and Mastercards are accepted. Automatic pay-off (in full at the end of 30 days) and > $25k starting limit.

In short, it's a $25k cash float but without interest or monthly/annual fees.

Useful for owners who struggle with cash flow or can't get approved for a company card.
[OP]
Jr. Member
Feb 3, 2010
145 posts
65 upvotes
Also found out you must be incorporated in order to get this card.
Sr. Member
Mar 3, 2009
916 posts
398 upvotes
Ottawa, ON
I once had an AMEX business charge card which is basically the same as this except AMEX gives points or cash back on their cards.

If I remember rightly they took the individuals credit file into account as well as the corporation to determine a credit limit.

The only benefit of the product the OP mentions is if you cannot get a corporate credit card and want credit. Otherwise I see little benefit and most likely a lot of fees if you don't pay the balance in full each month.

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