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 ICT sector support solutions, helping businesses get back on their feet with a suite of solutions ranging from remote working, online bill pay and productivity improvements. Other communities such as e27 and 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 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:
- Reduced fees for business rental payments
- Reduced fees for payroll, supplier and tax payments
- Remote working capabilities with CardUp
- Get paid faster and reduce pressure on receivables with CardUp Collect
Reduced fees for business rental payments
This was an initiative we started in March 2020, where we lowered our fees for all business rent payments We have now further reduced the fee to 0.8%* with promo code BIZRENT8 on both one-off and recurring business rent paymentsto support businesses in their recovery through this time of uncertainty
When annualised, these rates come up to as low as 5% p.a.*, an affordable financing solution that is very competitive with other options in the market. Furthermore, you only incur fees on the amount of funds you require, as compared to a fixed-amount loan where there might be interest incurred on unnecessary credit.
By leveraging your pre-approved credit card line, it is also a cheaper and more convenient solution as compared to other solutions, with no need for heavy documentation or long approval processes.
|Promo code||Reduced Fees|
|BIZRENT8||0.8%* (u.p. 2.6%) fee for one-off and recurring rent payment on Visa and Mastercard cards|
Reduced fees for payroll, supplier invoices and business tax payments
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 from now until their next JSS payout in July, CardUp will reduce our CardUp fees on all payroll payments to just 1.45%* with the promo code BIZ145, 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.
These reduced fees of 1.45%* can also be applied on your supplier invoices and business tax payments, letting you hold on to more cash through this period. Here's what the BIZ145 code is valid for on Visa and Mastercard credit cards:
*Note that credit card rewards are not guaranteed on transactions using this lowered fee.
Learn more about the terms and conditions of the offers here.
Keep finance teams running smoothly, even while working remotely
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.
Get paid faster and reduce pressure on your receivables
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 payments from your business customers online with no transaction fees or technical setup required. Doing so also lets you offer your clients a credit card payment option, 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:
- Sign up for your free CardUp account in just a few clicks
- Select the payment type (e.g. Rental) 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 3 business days 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