As a small or medium-sized enterprise (SME) based in Singapore, managing company expenses can be a daunting task. With limited resources and manpower, busy business owners can find it difficult to keep track of spending and ensure that budgets are allocated correctly. This is why having a corporate card with the ability to issue unlimited sub cards to your team can be incredibly helpful for your company’s overall expense management. Read on for a guide on how to use Elevate for SMEs.
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Introduction to Elevate Add-on Virtual Card
Elevate is a powerful solution for business expenses designed specifically for SMEs in the region. It contains a credit line, granted by FS Capital Pte. Ltd., and an add-on virtual card, powered by MatchMove, developed in partnership with MastercardⓇ. The free add-on Elevate virtual card enables payment capabilities, such as making payments at online checkout, or tapping the virtual card through the FS Business – Elevate Card mobile app on the merchant’s POS device contactlessly.
“I just needed to add Elevate to the supplier’s payment system. It was fuss free and easy to use.”
–said Vanessa Lai, Owner of Shop Patrol Pte. Ltd.
Benefits of Using the Add-on Virtual Card and Sub Cards
The National Business Survey 2022/2023 conducted by the Singapore Business Federation revealed that 36% of all businesses surveyed chose to improve their financial planning in order to mitigate inflationary risks, while 66% of SMEs in Singapore face significant challenges when it comes to rising costs in the country. This is a clear sign that without proper control of business costs and keeping track of spending habits, small and large enterprises alike face difficulty in sustaining their operations.
Having a corporate card with the ability to issue unlimited sub cards to your team can help alleviate expense management issues. With Elevate, SMEs can set flexible spending limits on each sub card, giving your team more flexibility when it comes to making purchases on behalf of the company across any spend category. This helps your business to stay on top of your financial management needs, and obtain real-time insights into how money is being spent, leading to better cost control and improved cash flow.
Additionally, with access to detailed spending reports on a single dashboard on the mobile app, SMEs can also gain valuable insights into your business operations, which can help you make more informed financial decisions in future.
So how do you use Elevate for SMEs?
How to Issue Sub Cards to Your Team with Elevate
Step-by-Step Guide on Issuing Sub Cards Instantly
- Log in to your account on the FS Business – Elevate Card mobile app and navigate to the ‘Cards’ tab
- Select ‘Add card for’ from the dropdown menu
- Select ‘New User’ or ‘Existing User’
- Enter the details of the sub cardholder
- Give this sub cardholder a role ‘Admin’ or ‘User’ to determine if they can issue cards to others
- Set their spending limit
- Confirm the details and click ‘Continue’
- The sub cardholder will be informed
Tips for Managing Unlimited Sub Cards Effectively
1. Set clear spending limits for each sub card holder
It is important to set a spending limit for each person who holds a sub card. This will ensure that they do not go over their allocated budget and it will also help you to keep track of the overall budget. Additionally, make sure that the spending limit is appropriate for the individual’s role and responsibility.
2. Monitor spending activity regularly to ensure compliance with budget restrictions
Monitor the spending activity of each sub card holder regularly to ensure that they are adhering to their spending limit. You should also review any transactions that appear suspicious or out of the ordinary to prevent any misuse of company funds.
3. Utilise features such as transaction alerts and real time tracking for added control over spending
Elevate offers a range of features which can be used to enhance your control over the team’s spending. These include transaction alerts which can notify you whenever a purchase is made using one of your sub cards, as well as real time tracking that allows you to view all transactions in real time. By utilising these features, you can have greater visibility over how your funds are being spent and take action if necessary. Additionally, Elevate’s virtual card offers businesses a more secure way to pay without having to worry about fraud or theft, with a 2-factor authentication feature.
Elevate Your Business with Funding Societies Today
Elevate’s add-on virtual card provides SMEs with an efficient and secure way to manage your finances. With its ability to issue unlimited sub cards to your team, set spending limits, and protect against fraud, it’s no wonder why businesses are turning to this powerful tool.
If you’re looking for a way to streamline your business’ finances and increase security, consider giving Elevate a try today. Check out our website for more information on how you can get started.
Disclaimer: 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.
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.