Companies will be able to keep track of their money and take advantage of numerous other benefits thanks to the launch of Bermuda's first business debit card by Butterfield Bank.

The Butterfield Business Debit MasterCard offers a range of services designed to meet the specific needs of local businesses, helping businesses watch their revenue streams and obtain authorisation for immediate shipment of any mail, phone, or Internet orders.

The card also gives business owners access to cash, while providing increased daily limits for merchant purchases.

Managed by Taiwo Ogunyemi, vice-president, and head of business banking, and Lucy Mello, assistant vice-president, the business banking team works closely with their customers to help them achieve their objectives, whether it is start-up capital for a new venture or additional funding for ongoing business development. Business banking also handles requests for loans, mortgages, overdraft facilities, credit cards and other lending options to help businesses fulfil their financial requirements.

"The Butterfield Business Debit MasterCard fills a need among local business owners who want the convenience of using a card for purchases, but who do not want to incur the fees and interest charges that can be associated with business credit cards,"aid Mr. Ogunyemi.

"The features of the business debit card are designed specifically to help business owners keep track of spending and help them manage cash flows."