Digital credit card enablement platform, CardUp has launched a new solution enabling businesses to instantly access credit on international payments at competitive rates.
CardUp’s solution leverages the company’s status as a registered Visa Business Payment Solution Provider (BPSP) to help more businesses in Malaysia tap onto their underutilised credit limits.
CardUp charges a processing fee per transaction, but the company’s status as a registered Visa BPSP means customised rates can be offered to businesses, helping companies maximise their cash flow at a competitive price.
“By launching in Malaysia, we enable enterprises to easily tap onto existing credit card lines to help them tide their cash flow during this uncertain period. Our collaboration with Visa allows us to double-down on this flexibility as our BPSP facility is competitively-priced and more convenient than using conventional credit lines as well as quicker with no need for applications or waiting times,” Nicki Ramsay, Chief Executive Officer of CardUp said.
CardUp believes that its B2B facility will help the businesses benefit from a more flexible payment option to keep their businesses afloat during uncertain economic periods.
As a registered Visa BPSP, CardUp provides the following payment facilities for both businesses and banking partners.
- Enable B2B payments on credit cards. CardUp allows businesses to use their credit cards to pay business expenses to non-card accepting recipients, which includes payroll, supplier invoices, rent and more.
- Improve cash flow. Businesses can improve their cash flow by using their credit cards with CardUp’s platform to obtain up to almost two months of interest-free credit and early settlement discounts. This solution, coupled with competitive rates presented by their status as a Visa BPSP, presents an extremely cost-effective way for companies to access working capital. It is also much easier for them to obtain these funds, without any lengthy and cumbersome applications or heavy documentation required for loans.
- Digitise processes. CardUp provides businesses a digital interface where they can schedule recurring payments and monitor payment statuses all from one dashboard – allowing them to easily leverage data to track and reconcile payments. CardUp’s platform also equips businesses with invoice automation tools to digitise payables and receivables processes, helping finance teams work digitally and thrive in the new normal.
- Cost and time savings. Businesses enjoy additional cost savings through card rewards earned on these business expenses, as well as time and cost savings through the automation and consolidation of domestic and international payments on one platform.
For banking partners
- Obtain more customers and business growth prospects. Banks and payment networks can benefit from increased coverage, capturing incremental spend in non-card accepting sectors, as well as advance digitisation efforts. As such, this helps the cards sector open a US$5.4 trillion opportunity as businesses are able to use their heavily underutilised credit limits for large business expenses previously not possible by card.
Malaysia, the company has made its digital platform available in Singapore (where it first launched) and Hong Kong and has managed hundreds of millions of dollars in payments today to vendors globally.