This is an extraordinary time for all of us, with an unprecedented pandemic affecting individuals, companies and entire countries across the world. While this has brought about a period of great uncertainty, we’ve also seen many people, businesses and organisations band together to provide support for those badly affected by the situation.
For example, SGTech has collaborated with IMDA to collate a list of easy-to-adopt solutions, helping businesses get back on their feet with a suite of solutions ranging from remote working, online bill pay and productivity improvements. The Singapore government has also extended its loan assistance program for a further 6 months, until 31 March 2022, to aid SMEs as access to credit remains a critical lifeline despite the economy improving.
Other communities such as DollarsandSense are also putting together resources and helpful links to support businesses through this period.
CardUp’s commitment: COVID-19 Support Package
In line with our focus on helping businesses optimise on-hand working capital, CardUp is offering more support to our business users. Cash on hand has never been worth more than right now. Businesses, during this time, should look to protect their existing cash on-hand, and utilise credit that they already have to see themselves through this period.
CardUp lets businesses do just that – tap on their existing credit card limits to extend their business payables by up to 2 months, interest-free. With our Support Package, we’re offering even more aid by further reducing our fees – lowering the effective cost of funds for you.
Here are a slew of further initiatives to help SMEs:
- Delay cash outflow using your credit card
- Save time by digitising payment processes
- Get paid faster by accepting card and PayNow payments
1. Delay cash outflow by paying large expenses with credit card
Through CardUp, you may pay large business expenses such as rent, payroll, supplier invoices and more using your credit card. Your recipient receives payment on time via bank transfer while you only pay when your credit card bill is due up to 2 months later — this allows you to enjoy interest-free cash in the meantime.
To support businesses through this prolonged period of uncertainty, we have reduced our fees to as low as 1.3% (u.p. 2.6%) for business rent and tax payments. This helps to lower the cost of funds while deferring your cash outflow for up 2 months when your card bill is due.
2. Save time and manpower cost by digitising payment processes
Our platform lets businesses manage their payments anytime, anywhere, in as simple as a few clicks. Finance teams are now able to add their recipient and payment details, as well as invite their colleagues onto our platform to view, edit or approve payments. Recurring payments can also be set up, saving the team hours upon hours of time each month.
Learn more about how our platform supports remote finance teams here.
3. Get paid faster by accepting card and PayNow payments
During this period, your business may also encounter some pressure on your receivables, due to a myriad of different reasons. Your receivables process might be previously reliant on face-to-face collection, or your business customers may also have trouble with their on-hand working capital.
CardUp Collect lets you collect credit card and PayNow payments from your business customers online with no transaction fees or technical setup required. Doing so also lets you offer your clients credit card or PayNow payment options, helping them free up more cash on hand by tapping on their pre-approved credit card line for their payments to your business.
Learn more about how CardUp Collect has helped our business customers here.
Together, we can be stronger, and emerge from this period more resilient than before.
How to get started
- Sign up for your free CardUp account
- Select the payment type (e.g. Rent) and fill in your recipient's bank details
- Enter your payment details, such as the payment amount, due date and frequency
- Your credit card will be charged in as soon as one business day before the payment due date
- Your recipient will receive the funds on the specified due date via bank transfer — there is no need for the recipient to register with CardUp to receive your payments
Feel free to reach out to us at firstname.lastname@example.org should you have any questions, or click on the button below to drop our business consultants a WhatsApp message on how you can get started.