Running a business in Singapore can be difficult, especially for small and medium enterprises (SMEs), with the need for a cash budget becoming apparent. It can be challenging to locate the resources you need, keeping in mind that there are taxes, wages, and other expenses to be paid.
This is where Funding Societies, the largest SME digital financing platform in Southeast Asia, enters the picture. With operations in Singapore, Malaysia, Indonesia, Vietnam, and Thailand, Funding Societies introduces Elevate, a powerful business solution for SMEs comprising of a Credit line offered by FS Capital Pte Ltd, and an opt-in Virtual Card separately powered by Mastercard® and Matchmove.
Now, what is a Credit line, you may ask? A credit line enables business owners to draw down funds when needed, pay it back, and keep borrowing up to a preset amount that a financial company or a credit union has agreed to lend.
A line of credit is a powerful tool in your financial toolbox, and with so many types of credit lines to choose from, it is important to research beforehand.
So, in this article we list down 2 simple but crucial ways that Elevate can help with your everyday business. Do you find your business running short of credit? Or do you work with vendors who do not accept card payments? Then this is for you!
SMEs often need working capital, and fast.
Elevate offers access to credit with applications approved from one business day. Small business owners can conveniently apply for the credit line and opt-in virtual card on the Funding Societies website, then download the FS Business – Elevate Card mobile app and start tracking and managing all spending.
Other than fast applications, users can also enjoy a 55-day interest-free credit period on the credit line, allowing all small business owners to potentially match your working capital with your sales cycle.
These benefits help SMEs to enhance operations, make supplier payments more convenient and allow small business owners to extend your repayment dates.
With a digital footprint of all your expenditure, small business owners are empowered to keep within budget all while ensuring that the way you spend is relevant.
You have insufficient credit line
Many SME owners in Singapore lack corporate credit lines yet require flexible credit to pay for business expenses.
Owners and directors who do not have corporate cards end up handling business costs and transactions using personal credit cards. However, it is inconvenient since these cards frequently have lower credit limits and mount up personal debts for the business owner. This implicitly creates stress, making it an unscalable and unsustainable model.
How do we solve this? The Elevate solution will remove these liabilities and unlock more cash flow for companies by addressing the critical issues that small company owners encounter, such as lower credit limits on personal cards and insufficient payment terms from suppliers.
With a credit limit as high as S$1M, you can put a foot forward in your business growth plan!
And that’s not all! As an SME owner and user of Elevate, you can independently assign sub-cards to your team and use them to manage your business expenses. Enabled by Mastercard®, users can use the Elevate opt-in virtual card anywhere Mastercard is accepted, and are entitled to Mastercard’s privileges, cashback, and reward programs.
Aside from the numerous advantages, we place a high priority on security and convenience. With our up-to-date FS business – Elevate Card mobile app, small business owners can view past expenses, issue and activate cards immediately, block or suspend cards, and change passwords all at a touch of a finger.
Your supplier does not accept card payments
Digital financial services cover a range of product categories, including payments, lending, and remittances – with paperless payments seeing the fastest growth in use. In a world growing less focused on physical cash, digital transactions are fast becoming the next new normal.
While e-wallets and mobile banking applications would be enough for individual users, what about SMEs processing business expenses? What would a suitable digital payment solution be for this sector?
Are you a small business owner whose suppliers remain bank-transfer only? Combine Elevate with regional payments platform, CardUp, and extend your supplier’s term up to 2.5 times. With this offering, you can also receive payments on time and have more cash on hand to run your business.
Elevate complements CardUp to offer a unified financial experience for SMEs by enabling SMEs to obtain credit, receive payments, and manage and pay expenses all within one digital online platform.
Ready to boost your small business? Elevate is available to apply on the Funding Societies website.
Disclaimer: Elevate is not a credit card product. Elevate is a combination of a credit line facility offered by FS Capital Pte Ltd, with the convenience of quick and easy utilisation at any Mastercard accepted store or merchant via a virtual card separately powered by Mastercard and Matchmove. For more information, please refer to the Product Disclosure Sheet and Facility Terms and Conditions. Brought to you by FS Capital Pte. Ltd.
The information provided to you in this blog post is intended only for general information purposes only and does not constitute legal or other professional advice on any subject matter. The materials and the information provided are not intended to be and do not constitute an advertisement or solicitation. In no event will Funding Societies be liable to any party for any direct, indirect, incidental, special, consequential or punitive damages for use of such information by you or any unauthorised third party.
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