Delayed payments are a big pain for businesses. This issue plagues 28% of all SMEs in Singapore, and is a big worry for many companies. When left unchecked, having delayed payments pile up could lead to many uncertainties and cash flow crunches in the foreseeable future.
This potential hiccup can be better anticipated or even averted by having good business practices in place, such as by improving your payables, gaining better understanding of cash flow and maximising capital on-hand. An area that is often less prioritised however, is for businesses to improve their receivables. “How can I get my customers to pay me on time, or better still, on time regularly?”
New: CardUp Collect lets your business accept credit card payments with no hassle or transaction fees
We’ve launched CardUp Collect to help businesses like yours collect payments more easily, in a smarter and more seamless manner...
- ...with no hassle: Unlike other card-accepting solutions, there is no need for your business to set up or integrate with any payment gateways or terminals.
- ...and no transaction fees: It is completely free for you to get started with 0% transaction fees!
This allows your business to start accepting credit card payments and for your customers to pay you via credit cards anytime, anywhere – improving cash flow.
Here’s all you need to know about CardUp Collect.
What is CardUp Collect?
CardUp Collect allows your business to offer a more convenient credit card payment method to your customers. There'll not be any transaction fees or hassle on your part - with none of the complicated technical setups or operational disruptions.
Your clients will be able to make online credit card payments in one click to your business anytime, anywhere, as well as set up one-off or recurring payments on a schedule.
|CardUp Collect is suitable for:|
|Businesses that are not already accepting credit card payments|
|Businesses that are not operating in these restricted categories|
|All businesses except for sole proprietorships|
|Businesses that do not take pre-payments or deposits, and with an average payment size larger than $1,000|
How does CardUp Collect benefit my business?
By allowing your customers to pay you by credit card through our platform, it effectively simplifies your receivables process. This allows your business to:
Get paid faster
Unlike traditional means of accepting card payments via point-of-sale terminals or payment gateway integrations, CardUp Collect requires no technical implementation. Your business can get started in as little as a day, without any operational disruptions.
By setting up CardUp Collect, your business will get its own customised payment link. This link can be shared with your customers on your invoices, websites or through your sales reps - your customers can then visit this link and pay you online via credit cards anytime, anywhere. By giving them a convenient way to pay with their credit card line, you will spend less manpower and resources chasing late and delayed payments.
Simplify receivables management
We know how much time it takes to manually process payments. With CardUp Collect, you will be able to reduce the need to process cash or cheque payments. When your customers use their credit cards on CardUp, their payments will be deposited directly into your bank account of choice, within 3 business days - much faster than heading down to collect cash payments, or for a cheque to clear!
These payments will also be logged as separate transactions from each of your individual customers, for individual invoices. They can be viewed on your dashboard, along with all past and upcoming payments, making reconciliation a breeze.
Offer customers their preferred payment method
By offering your customers the option of paying with their credit cards, it gives them more reason to work with you. They are able to tap on their credit card lines to pay you on time when their card is charged, while enjoying an interest-free period of up to 58 days before their credit card bill is due at the end of next month.
In addition, they can also accrue miles, points and cashback from their payments to you on any Visa, Mastercard or American Express credit cards. This brings them additional savings and makes it rewarding for them to do business with you, along with the many other benefits of using a credit card that they can enjoy.
Integrate with your existing tools
If you are currently using Xero for your business, you’d also be pleased to know that CardUp Collect works perfectly with Xero through our integration, which allows your customers to pay you directly from your Xero-issued invoices. Your payment will also be automatically reconciled and marked as paid on both your CardUp and Xero dashboards.
How does CardUp Collect work?
If you haven’t already noticed, setting up your company on CardUp Collect is really easy! It takes no technical implementation, and you can be ready to go in just a day. Here’s how it works:
- Sign up for a free CardUp account, and request for access to CardUp Collect on our platform
- If you are a first-time user, or if you have not made a transaction on our platform before, you can request for access here:
- If you are an existing user on CardUp, you can request for access through the links in the navigation bar, or on the ‘Receivables’ tab on your dashboard:
- After you click on ‘Set Up’, complete your personal and company profile if you haven’t already
- Upload the relevant company documents for our verification purposes
- Upon confirmation of your setup within 3 business days, you will receive your free customised payment link. No further integration or technical setup is required.
- Share your customised payment link with your customers by including it on your invoices and website.
- Your customers can make payments to you through your payment link online anytime, anywhere, they pay a processing fee per transaction.
- Each payment is automatically deposited into your bank account as separate transactions within 3 business days.
- Receive real-time payment updates via email, and monitor all past and upcoming payments on your dashboard.
Will CardUp Collect work with my existing accounting software?
Xero is one of the leading accounting software for small to mid-sized businesses in Singapore, and we’re excited to say that we’re working with them. Xero users will be able to include a ‘Pay by credit card via CardUp’ option directly on their Xero-issued invoices, and their customers can simply click-through and use their cards for these payments! Learn more about our integration here.
We’re always building and improving our platform, so feel free to get in touch to ask if your current accounting software can be integrated with CardUp!