For any business, payroll makes up a sizeable portion of monthly overheads, ranging anywhere from 20% to 30% of total gross revenue. Yet, when a business experiences a cash flow crunch, these expenses cannot be easily cut without affecting your employees’ morale, and company stability.
With over 28% of Singapore SMEs facing cash flow issues in the form of delayed payments from their customers, this large percentage of overheads is unavoidable, which severely limits and impacts working capital on hand. Which is also why we launched the ability for you to make payroll payments with your credit cards, via CardUp.
Why put payroll payments on your credit card?
By placing your company’s payroll to your existing credit card, you gain access to interest-free credit to pay your employees on time, while you extend your payables by up to 55 days.
Here’s how you can get started
What you need:
- Your company bank account details
- A bank account statement, or a third-party document, stating your company’s address and bank account details
- PDF or screenshots from your payroll system where employees’ names and salaries are visible
How it works:
Unlike other payment types, for compliance reasons the payroll amount will be credited to your company’s bank account once the payment is approved.
You will still need to pay the payroll amount to your employees as per your usual process, but you now have up to 55 days more until the payroll charge on your credit card bill is due!
Scheduling your payment:
1. Log in to your CardUp account
2. Select payroll under ‘Type of Payment’, and select your company as the recipient
3. Upload the required documents for verification purposes
4. Fill in your payroll details and schedule your payment
5. Review and confirm your payment
Scheduling your payroll payments on CardUp is simple, and just takes a few minutes. Schedule your next payroll with us now, and make your business expenses rewarding!