As a small and medium-sized enterprise (SME) or business owner, do you often find yourself lacking complete control and overview of your company expenses? Well if you face this dilemma, the Elevate Virtual Card is an option on top of a credit line from Funding Societies which can help you solve just that. Elevate contains a credit line, granted by FS Capital Pte. Ltd., and an add-on virtual card, powered by MatchMove, developed in partnership with MastercardⓇ.
With Elevate, business owners have the freedom of accessing funds when necessary, repaying the borrowed amount, and continuing to borrow up to a specified limit agreed upon, giving you the reins of your financial planning.
The Elevate Virtual Card is a valuable financial tool for small and medium-sized businesses, providing a streamlined payment solution for managing expenses and, in return, improving financial management. The Elevate Virtual Card can also be used for online payments and purchases, making it a great option for SMEs that operate primarily online. Listed below are 4 ways the Elevate Virtual Card can help your business reach its full potential.
Table of Contents
1. Increase your SMEs’ spending power
An increase in spending power means SMEs would be able to purchase or subscribe to more goods or services, and in turn make more sales, resulting in an increase in your revenue and growth as a company. The Elevate Virtual Card alleviates the fear of exceeding financial limits, which enables SMEs to prioritise the company’s necessities as a means of boosting work efficiency and productivity. Before investing in a service or product for the betterment of your business, ask yourself the following questions.
- How long will it take until I see the results of my purchase?
- Would my company improve in efficiency or popularity if I invested in this?
(Consider the risks and opportunity for areas which would grow if said service or product is invested into)
- Is the product or service aligned with my overall business strategy?
2. Subscribing or purchasing online services
With an increase in spending power, subscribing to a service with a multitude of options available can be a headache. When in doubt, the best place to start is with extensive research. Cover various mediums of research, such as online reviews or discussions with other businesses within your industry. Highlight important factors as comparison points, such as prices, benefits, and features.
If there is a trial option available, utilise it, then solicit feedback from your employees who used the product or service more closely. Then decide if you would be investing into the product or service for a long term or a short duration of time. Always be aware of the risks an investment can present. Once you have done your due diligence, you can opt in by subscribing to the service that you are comfortable with. Since the Elevate Virtual Card is not only limited to physical payments but allows digital payments, you inadvertently avail yourself and your business to a wider range of options.
3. Increase your spending range with international transactions
International transactions are all the more easier with a Virtual Corporate Card. Sticking to the confines of local investments or products can be somewhat limiting. Perhaps having a world-class integration in your system could be the factor that your business is missing in order to expand and stand out among your competitors.
4. Track expenses and monitor spending patterns
By tracking and monitoring your business’s spending patterns, it becomes easier to digest a more in-depth understanding of your business’s financial means. The Elevate Virtual Card allows you to analyse your expenditures. Making an informed financial decision comes with trial and error—learning which services work and which services are not aligned with your company can take time. However, with this feature, monitoring and analysing expenses can make decision-making easier and eventually less stressful.
Businesses seeking to enhance your financial management processes and optimise expense management can significantly benefit from utilising the Elevate Credit Line and Virtual Card. With its customisable spending controls, flexible credit limits, and detailed transaction tracking, Elevate provides businesses with greater control over finances. This enables businesses to manage cash flow and expenses more efficiently.
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.
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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