ASB Bank, a subsidiary of Commonwealth Bank of Australia in New Zealand, has rolled out a new Visa debit card targeted at small business customers.

The card, according to the bank, will have all the functionality of a credit card.

Dubbed ASB Visa Debit for Business, the card will allow the bank’s small business clients to carry out business purchases, in-store, online or abroad.

Facilities offered by the business debit card include access to a number of business benefits and offers with Visa Business Service Offers.

Each transaction carried out using this card is protected by Visa zero liability cover, the bank said.

The card also provides additional offers, competitions and concert pre-sales via Visa Entertainment.

Furthermore, the card is compatible with mobile payment apps such as Apple Pay, Google Pay, Fitbit Pay and Garmin Pay.

The card can also be used to make payment for business subscription services and other regular bills.

ASB executive general manager of business banking Tim Deane said: “It’s important to us here at ASB to keep expanding the services we provide to make sure we’re offering the innovative financial tools our customers expect from us.

“Some of our small business customers were telling us they would prefer to use a debit card rather than a credit card and that’s what led to us being the first bank in New Zealand to offer the first dedicated business debit card for small business customers.

“It means our small business owners don’t have to deal with the stress of relying on future income to make payments, instead they have the peace of mind knowing that they’re spending what they know they have available.”

Deane further stated that small business customers who use ASB Visa Debit for Business will not have to wait to see their account balance as they get information in real-time.