TradePro to help with builders' payments

A new type of business account has been launched to enable contractors to manage their finances better.
Endorsed by the Federation of Master Builders (FMB) and the Builders' Merchants Federation (BMF), the TradePro card has been created by retail agency Emerge Marketing.
For contractors, the TradePro card, which can be used exclusively in builders' merchants purely for the purchase of building materials, will carry either a £3,500 or £7,500 credit limit.
Unlike traditional trade accounts, the cardholder will have the option to revolve up to 75% of the outstanding balance on a monthly basis. A low interest rate, claimed to be far below typical store-card levels, completes the package.
For the merchant, the card removes bad debt risk, guarantees timely payments and takes away the headache of credit vetting, and managing and collecting debt.
FMB director of membership services Robin Hood-Leeder said: "With the ability to revolve payments on a monthly basis, builders can manage their business in a far more professional way, rather than having to juggle with their credit limits at several different merchants.
"By having an account card they can use virtually anywhere, builders do not have to worry about setting up new accounts or extending credit limits with existing suppliers."
TradePro claims it is ahead of its planned sign-up schedule with independents. Chief executive David Bloom said: "Having already signed two of the top six merchants in the UK (PTS and WT Burden), national coverage has already been secured."
TradePro expects to activate more than 100,000 cards by April 2004, with an average credit limit of £5,500.
Research commissioned by TradePro earlier this year revealed that many contractors have more than six merchant trade accounts.