As a business owner, there are many verticals in the company that require your attention: operational efficiency, business growth, digital productivity – and ultimately, overall bottom line. With this set of responsibilities and undertaking, it also comes with its own set of challenges, such as balancing cash reserves, managing seasonal fluctuations, optimising working capital and pushing for company-wide digitisation.
The solution to many of these challenges in fact lay in your pocket, in the form of a credit card. CardUp, a credit card enablement platform, takes this even further, by enabling the payment and collection of big expenses using credit card, in places where cards are not accepted today.
Here are some ways in which you can benefit by using CardUp for your business:
If you manage or own a business and are keen on expanding, it can sometimes be hard to find additional funding to do so. There are options such as loans or grants, but they might not always be the best solution due to their high administrative costs, processing time, collateral requirement or strict qualifications.
With CardUp, your business gets a unique working capital solution that paves the way for business owners to use their credit card lines as a flexible and affordable source of funds. This is done by enabling you to use your credit cards for day-to-day payments such as rent, payroll, supplier invoices, even if your recipient does not accept card payments. As a result of putting these expenses on a credit line, you free up cash on hand. Better yet, the recipient does not even need a CardUp account to receive this payment, making it a convenient and easy way for you to optimise your working capital. Furthermore, if you pay off the credit card bill by your bill due date, you are essentially tapping on this credit at zero percent interest!
By putting these fixed, day-to-day operational spend on your credit card via CardUp, you have additional cash on hand for strategic spend and other investments, including expansion plans, digital infrastructure or even more stock purchase in anticipation of seasonal demand. By using CardUp, you free yourself from limitations like the lack of working capital and will be able to focus on growth strategies and efforts.
The working capital freed up by CardUp can also help you deal with volatile cash flow or overcome quieter periods if your business is dependent on seasonal revenue. Reports suggest that over 80 percent of Singapore-based SMEs do not qualify for business financing, and in such challenging times, companies also do not have the luxury of time to process most of these financing options as well.
CardUp can function as a great safety net in these cases of emergencies. Since your credit cards come with ready-to-use credit, they are a fast and cost-effective way to access capital – just that it has always been possible for only the smaller expenses, such as for dining, travel and entertainment.
With CardUp, almost all business expenses can now be put on your credit card, allowing you to keep operations running even if you are facing a temporary snag.
Businesses who switch all payments to their credit card via CardUp, enjoy savings in the form of cashback or air miles, on payments they are already making anyway.
For the air miles earned on these big expenses, companies can also save up to 50% on their business flights, greatly reducing the costs needed for business trips! As an example, here’s how you could fly to Shanghai or Perth on business class for less than half the price:
|Redeem||CardUp fee spent||Savings|
|4 return business class tickets to New York worth $38,800||$13,500 (2.25% fee)||$25,300 or 65%!|
|11 return business class tickets to Shanghai worth $34,700||$13,500 (2.25% fee)||$21,200 or 61%!|
Also, by being able to pay suppliers on time – or even early – each month, companies can negotiate for early payment discounts on goods and services, leading to even more savings on these payments!
Digitisation is the talk amongst SMEs now, with many government initiatives aiding companies to leverage technology, and market trends emerging in favour of technology-driven companies.
CardUp lets you shift many time-consuming, manual processes to its platform, saving a great amount of time, manpower and ultimately costs for your business. Companies spend thousands of hours each year manually processing cash and cheque payments, maintaining daily transactions, recording and monitoring accounts payables and more.
By being able to make payments on your credit cards seamlessly far in advance, or on a recurring schedule, you are able to save countless hours each week. Potential human errors in the issuance, processing and reconciliation of payments are also greatly reduced, lowering any chances of data errors and the costs that come with them. Your company can also track and monitor all past and upcoming payments on the dashboard, and having a digital payments trail will help improve the efficiency and transparency of many company processes.
In addition to paying for your business expenses, you can also collect credit card payments with CardUp. This lets your business accept card payments with no fees, technical setup or operational disruption. Your customers are also able to pay you with their credit cards anytime, anywhere with your customised payment page.
Your clients and customers can schedule a one-off or recurring payment so you get paid on time and you don’t have to worry about chasing overdue payments. The icing on the cake is that customers and clients can also avail benefits as mentioned above, including gaining rewards on existing credit cards for their payments to your business.
CardUp is an innovative card enablement platform that can be of great value to business owners and managers. It brings about many improved aspects for the business – from finance to account management and business development to cost savings. Allow yourself the opportunity to place your business ahead of the competition by using CardUp.