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.
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 58 days, 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.
Today, we are announcing a slew of further initiatives to help where we can:
The Job Support Scheme (JSS) was first announced in the 2020 Budget, supporting businesses by funding up to 75% of wages. This was further enhanced with the Resilience and Solidarity Budgets, increasing the co-funded amounts, capped wages and industries covered.
The next payout for the JSS will take place in July, and will cover the top up of wage support for companies operating in all sectors for the month of April.
To help businesses tide through, CardUp will reduce our CardUp fees on Payroll payments to just 1.79% with the promo code BIZ179, valid on all Visa cards. This lets our business customers continue paying payroll to their employees, while giving them up to 58-days of interest free credit.
|Start-May 2020||Employees are paid on time with CardUp, on the company's credit card|
|End-May 2020||Receive credit card statement, and no payment is required at this point|
|End-June 2020||Credit card bill is due, and outflow of cash only happens at this point|
|July 2020||Receive JSS wage support payout, which can then be used to make up for the outflow|
These reduced fees of 1.79% can also be applied on your supplier invoices and business tax payments, letting you hold on to more cash through this period. In addition, you can still earn rewards on your business payments which brings you more cost savings. Here's what the BIZ179 code is valid for on all Visa credit cards:
|Promo Code||Used with||Offer|
|BIZ179||Only Visa credit cards||
1.79% fee on all:
|BIZTAX145||Visa or Mastercard credit cards||
1.45% fee on all:
The Government has mandated all non-essential businesses and workers to work from home remotely, in a bid to curb the transmission of the virus. Some businesses may have their payment processes disrupted, as finance directors are not physically present to sign the cheques prepared by their finance teams.
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.
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 that your business customers are also having trouble with their on-hand working capital.
CardUp Collect lets you collect credit card and PayNow (new!) 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.
We hope that our business customers will find these measures useful and timely during this period. Together, we can be stronger, and emerge from this period more resilient than before.
Not using CardUp for your business payments yet? Here’s how you can get started: