How To Use Elevate?

99% of Singapore’s 291,600 enterprises are Small and Medium Enterprises (SMEs), making them a huge pillar of the country’s economy. Despite contributing 71% of total employment amounting to 2.4 million jobs in 2021, and 44% of the country’s Gross Value Added amounting to S$213 billion, SMEs still face pertinent challenges in sustaining and growing their businesses. This is due to inadequate cash flow. One of the biggest obstacles to unlocking cash flow is obtaining a corporate credit card from traditional financial institutions, largely due to SMEs’ substantially lower spending and the need for customised credit terms.

Financial technology (FinTech) companies plug this gap with the use of technology, and their agility in offering customised solutions to a niche yet diverse segment of SMEs. Businesses, like consumers, are responding to the accelerated shift towards digital adoption, including that of financial services.

What is Elevate and how do you use it?

Funding Societies’ virtual credit line granted by FS Capital Pte. Ltd. offers additional working capital to qualified SMEs for an interest-free period of up to 55 days. This product addresses the prevailing concerns of business owners who wish to stop taking on personal liabilities on their own credit cards to pay for their business’ expenses.

The add-on Elevate virtual card enables payment capabilities and can be used at any Mastercard accepting online merchants by keying in your unique 16-digit Elevate card number at checkout, or at physical stores by simply tapping your virtual Elevate card through the FS Business – Elevate Card mobile app on the merchant’s POS device contactlessly. The card is now supported by Google pay and Samsung pay, with the Apple pay capability coming soon.

The FS Business – Elevate Card mobile app is the go-to app for SMEs to gain control of credit line limits and their business cash flow. Now, business owners can seamlessly track all spending, issue sub-cards with spend limits, manage all owned cards, access statements and pay bills, and even earn cashback all on one digital platform.

1. Manage all business spending in one place

Never lose track of your budgets again. Set recurring transactions and avoid overcharges from vendors with Mastercard’s Corporate Liability Waiver feature. Say goodbye to printing of receipts when you can get real-time alerts on every swipe of your Elevate card through the app.

2. Issue sub-cards to your employees

Create multiple Elevate sub-cards for your team members to own their spending on all projects. With the ability to set limit ceilings on sub-cards, you still have control over how much they spend.

3. Access statements and pay bills

Get a thorough view of all your Elevate card e-statements anytime, in just a few clicks. And the FS Business – Elevate Card app lets you pay your bills easily and securely so you’ll never incur late payment charges again.

4. Earn cashback as you spend

Earn and request redemption of your cashback rewards on all Elevate card spending conveniently via the app.

Elevate serves SMEs across a wide range of industries including F&B, retail, e-commerce, and logistics. Interested in what Elevate can offer your business? Apply now at https://fundingsocieties.com/credit-line and elevate your business with Funding Societies today.

Disclaimer: The Virtual Credit Line is a financing product offered by Funding Societies under FS Capital Pte. Ltd. while the Elevate card is an add-on option, separately powered by MatchMove. For more information, please refer to the Product Disclosure Sheet and Facility Terms and Conditions.

Brought to you by FS Capital Pte. Ltd.