Redefining Corporate Credit For Small Businesses
Benefit.X lowers the barriers to entry for Small Businesses in their application for corporate credit. The process is simple: companies just need to sign up for a Benefit.X account with their valid Business Registration Number
WHAT is the Benefit.X Corporate Card?
Benefit.X is the best corporate card for Small Businesses. Enjoy instant approvals, integrated expense management and attractive benefits.
Benefit.X simplifies your budgeting by syncing your business expenditures with claims, payroll and procurement in one smart Corporate Card within an integrated Mobile platform.
Use Benefit.X Corporate Card to pay for all business expenses, ranging from physical stores, online and even overseas.
WHO is this for?
Small Businesses, SMEs and Start-ups in Singapore qualify
Small Businesses are having a hard time getting a credit line from the banks due to their traditional and rigid underwriting procedures. Therefore, most business owners are issued with cheque books and debit cards. Employees, on the other hand, rely on their personal credit cards for business expenses and make a claim afterwards.
The Benefit.X Corporate Card is the first in Singapore to offer Small Businesses with Corporate Credit through our proprietary credit scoring engine. Applicants only need to sign up for a Benefit.X account with their valid Business Registration Number. There are no hidden fees involved.
In addition, all Corporate Card applicants are entitled to our integrated HR platform for FREE.
What is the difference between a virtual card and a physical card?
Virtual Card: This is immediately issued the moment you submit your details successfully on “Get Card” in the app. You are able to start using the virtual card once deposit placement is verified. You are able to see card details like the 16-digit card number, card expiry date, and CVV of your card on the app. With these information, you are able to make online payments on e-commerce sites that accept Mastercard.
Physical Card: This will arrive in the mail based on the company address that you have input, and will require card activation before usage (For activation guide, click here). On top of the features of the virtual card, it can also be used in brick-and-mortar shops and POS terminals that accept Mastercard.
HOW it works?
We want to make running a company as simple as possible by eliminating credit woes and focus on scaling your business.
The steps to get a Corporate Card include:
- Create a Benefit.X account
- Local director to upload the KYC documents via app
- Wait for the KYC submission to be approved
- After KYC is approved, our Credit Rating Team will assess the company and notify you of your Credit Score
- Place your company deposit via the app
- Deposit * Credit Score = Credit Limit
- Distribute the Credit Limit** among employees, and start spending!
**businesses may be granted a Credit Limit up to 4 times their deposit placed. This is dependent on a proprietary credit scoring engine developed by Benefit.X.
4 Steps To Better Credit Access
Employees no longer have to use their personal credit cards for business expenses. The company is able to have a more effective budgeting and expense management by distributing the credit limit among the employees’ Benefit.X Corporate Card.
High Credit Limit
Your company can be granted up to 4 times credit limit based on your deposits.
Smart Claims Submission
Payment made by your employees will be tracked, categorised and auto-generated as a claim for their designated manager’s approval. You can set the approval rules using your own parameters.
Intelligent Fraud Protection
Our Credit Scoring engine uses meaningful data from various sources before assigning the credit limit to the companies. Real-time alerts and card locking features available at your fingertips so you can better understand your spendings and avoid defaults.
Save when you spend abroad
When using your bank cards abroad, most banks add up to 5% currency exchange fee or markup exchange rates. Eliminate those fees with Benefit.X and get access to the market rate for currency exchange. No hidden fees and no extra charges.
A bookkeeper in your pocket
Benefit.X makes bookkeeping effortless. All designated business expenditure is instantly categorised and can be synced/sent to your internal systems, together with digitised receipts. Furthermore, we even let you set up monthly budgets for all types of spending or category.
Benefit.X is currently carrying on business under an exemption granted by the Monetary Authority of Singapore and is currently exempted from holding a licence to provide payment services under the Payment Services Act (No. 2 of 2019). Benefit.X continues to provide such services pursuant to the Payment Services (Exemption for Specified Period) Regulations 2020. Mastercard cards are issued and powered by MatchMove Pte Ltd. Please be advised to read all terms and conditions.