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COMMONLY ASKED QUESTIONS

BENEFIT.X SUITES

Digital Loans

CORPORATE CARD

SECURITY & TECHNOLOGY

FEES & CHARGES

Rewards

What is Benefit.X?

Benefit.X equips Small Businesses with Corporate Cards, and also compliments their business operations with a cutting-edge Benefits and Human Resource Management (HRM) solution.

We want to make running a company as simple as possible by eliminating credit woes and focus on scaling your business. Alleviate your HR frustrations by providing convenient access to self-administered tools for your employees to manage their HR entitlements and benefits information.

Through these features, you can provide your employees with access to self-service human resource tools and quick, easy access to benefits information on their mobile phones. The key features of Benefit.X are as follows:
• Budget and expense management (using Benefit.X Corporate Card and wallet)
• Membership and employee benefits and discounts
• Leave management
• Payroll (Singapore only)

What is a Digital Loan offered by Benefit.X?

Benefit X collaborates with our loan partners to make loans more accessible for our customers and to streamline the loan application process. If successful, the loans offered are disbursed through the Benefit.X platform.

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 wihtin 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 eligible for the Benefit.X Corporate Card?

Small businesses with a valid UEN in Singapore can register for the Benefit.X Account and Corporate Card.

What are the advantages of the Benefit.X Corporate Card?

Corporate Card
Employees no longer have to use their personal credit cards for business expenses. The company is able to have a more comprehensive budgeting by distributing the credit limit among the employees’ Benefit.X Corporate Card for expense management.

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 top-up.

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.

What is Benefit.X?

Benefit.X equips Small Businesses with Corporate Cards, and also compliments their business operations with a cutting-edge Benefits and Human Resource Management (HRM) solution.

We want to make running a company as simple as possible by eliminating credit woes and focus on scaling your business. Alleviate your HR frustrations by providing convenient access to self-administered tools for your employees to manage their HR entitlements and benefits information.

Through these features, you can provide your employees with access to self-service human resource tools and quick, easy access to benefits information on their mobile phones. The key features of Benefit.X are as follows:
• Budget and expense management (using Benefit.X Corporate Card and wallet)
• Membership and employee benefits and discounts
• Leave management
• Payroll (Singapore only)

How much does Benefit.X cost?

Benefit.X operates on a simple pricing structure with no hidden fees. We will only charge you a small subscription fee for the SAAS (Software-as-a-services) you use for the HRMS, and an annual fee for each Corporate Card (annual fee waived for first 5 years for customers who signed up during the promotion period). Please find our pricing structure for more info or contact us at contact@benefit.exchange.

How does Benefit.X work?

Benefit.X offers a cutting-edge portal and mobile application for everything a small business needs for their operations, these ranges from human resource management to budget management.

After setting up a Benefit.X account, the small businesses can be granted a Credit Limit up to 4 times based on their deposit placed. This credit limit is dependent on a proprietary credit scoring engine developed by Hearti Lab.

Distribute the credit limit among employees in the company, and start spending!

Are you a P2P (peer-to-peer) lending company?

No. We are an excluded money lender under Moneylenders Act regulated by Monetary Authority of Singapore (MAS) for financing activities to limited liability partnerships and companies.

What is a Digital Loan offered by Benefit.X?

Benefit X collaborates with our loan partners to make loans more accessible for our customers and to streamline the loan application process. If successful, the loans offered are disbursed through the Benefit.X platform.

How long is the loan period and repayment tenure?

The loan period with GrabFinance will last for a period of 1 year, and repayment tenure is 60 days.

The loan period with FundTier is dependent on their assessment of your company at the point of application.

What is the loan process like with Benefit.X?

1. Apply for a digital loan through the Benefit.X platform
2. Your details would be passed to our loan partners and their consultants will contact you directly for a detailed screening process
3. If the loan application is successful, you will be granted a Credit Line of up to $100k

What are the advantages of getting a loan with Benefit.X?

Loans that are successfully approved by our loan partners will be disbursed through the Benefit.X platform into 3 categories: Corporate Card, Salary Crediting, and Invoice Payments. Customers can choose to allocate the amount they want to go into each category so that the business can track spending and make sure that funds are not misplaced.

In addition, Benefit.X helps to perform the salary crediting and invoice payments with a few clicks of the button, adding convenience, so that you can streamline your business processes, and focus on the things that matter more.

Who is eligible for the Digital Loan?

Registered local companies who fulfill the requirements below may apply for the digital loan:
– It is a limited liability partnership or limited liability company
– At least 30% of the company is owned by a Singaporean or Permanent Resident
– Company over 6 months in operation

What are the documents needed for loan application?

– Colored NRICs of the Shareholders
– Colored Past 6 months Bank Statements of their business operating account – electronic version
– Colored Personal CBS Report of the shareholders (with majority shareholding > 50%) – electronic version *30 days validity at point of submission
– Colored Latest Notice of Assessment (IRAS) for the same shareholders (with majority shareholding > 50%) *Date of Assessment to be year 2019 onwards
– Latest year financials (if available)

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 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.

How is the card application process like?

Do note that sending of the physical card will take longer than usual due to the Covid-19 pandemic. The process is as follows:

 

  1. Download the Benefit.X app from Google Play or App Store
  2. Log into the app and upload your ID document and selfie (details contained within the app)
  3. Wait for your KYC submission to be verified (within 3 business days)
  4. Our Credit Rating team will then evaluate your Credit Score and notify you once it is ready (within 3 business days)
  5. The “Get Card” icon will then be unlocked on your app, and you would be able to submit your details
  6. Once details are submitted successfully on “Get Card”, your virtual card would be issued immediately
  7. Proceed to place deposit via instructions on the app
  8. Once transfer is verified by our team (usually 1-2 business days), you would be notified that your card is ready for spending

What is KYC? Why do I need to complete the submission when applying for the Corporate Card?

KYC stands for Know Your Customer. It is a standard process in financial and banking operations in verifying the identity of a customer, and helps to prevent identity theft, money laundering, terrorist financing, and financial fraud. Therefore, Benefit.X requires all company administrators to complete the KYC process in order to access the services of the card.

With our Artificial Intelligence (A.I) engine, Benefit.X ensures that the identity of the customer tallies with the ID provided.

What are the requirements of KYC?

KYC submission on the Benefit.X platform requires users to provide the following:
– Proof of Identity
– Selfie with ID in hand

Proof of Identity
– Identification document can be one of the following: NRIC or passport. For passports, do provide additional documents detailng your residential address ((Telco bill, utility bill, IRAS letter, etc)
– Document should include full name, date of birth and a picture of yourself.
– Photo should clearly show the required information.
– Photo should be well lit and in focus.

Selfie with ID in hand
– Photo of yourself, with your entire face visible.
– Your ID document/Passport should be held in your hand.
– Photo should be well lit and in focus.
– Photo of an existing picture or computer screen is not suitable.

What is my Credit Limit?

Your credit limit will be the multiplier of your credit score given and deposit placed, capped at S$20,000.

Is there a minimum deposit for the Corporate Card?

Yes, there is a minimum deposit of $500.

What are examples that will increase (or decrease) my credit limit?

We conduct periodical reviews of our customers’ credit limits. You may also ask for a re-assessment by emailing us additional documents at contact@benefit.exchange.

Positive examples for your credit limit:
– Increased usage of the Benefit.X HRMS (claims, leave, payroll)
– Higher web presence (Official Company Website, Facebook, LinkedIn pages)
– Using the Benefit.X card for official business expenses
– Using the Benefit.X platform to pay salaries and invoices (additional fees apply)

Negative examples for your credit limit:
– Using the Benefit.X card for personal expenses
– Using the Benefit.X card to top-up other card avenues (eg. GrabPay card) would not be recorded as a business expense and thus not taken into account for scoring
– Incurring late fees on your corporate card
– Incurring interest charges on your corporate card

How do you compute the credit score?

Market sentiments, industry outlook, credit history, employee statistics, and management’s conscientiousness and connectedness are some of the factors which play a part in the credit scoring. We look at the customer usage of our Human Resource Management System (HRMS) to compute the patterns from employee statistics, claims, leave and payroll generation. Your credit score can be improved with long-term usage of the HRMS. For SPs however, the credit score can only be 1 in order to adhere to MAS guidelines.

What are my Benefit.X balance and transaction limits?

Balance

Currently, the Benefit.X balance for an entire company may only hold a maximum of SGD 20,000 at any given time. This balance may be distributed among different employees within the company as long as the said employees have a valid Benefit.X Corporate Card.
eg. Company ABC has a credit limit of SGD 20,000, and has 3 employees with the cards. The administrator decides to allocate SGD 5,000 to Employee A, SGD 7,000 to Employee B, and SGD 8,000 to Employee C. All these adds up to SGD 20,000.

Transaction

The card transaction limit is dependent on the amount of credit limit allocated to your card. In the example above, the transaction limit for Employee A would be SGD 5,000 since he only has that amount allocated by the aministrator.

*There is a limit of SGD 5,000 per transaction, SGD 7,000 per day and SGD 20,000 per month.

How do I cancel my card if it is lost, stolen or damaged?

If your Card is lost or stolen, please block your card immediately using our Mobile App and request for a replacement instantly.
If your Card is damaged, you can also request for a replacement instantly using our mobile app.

How do I assess my card statements online?

You can view your latest statements in the Benefit.X Mobile App. All you need to do is to click on ‘Statements’ under the Corporate Card section, and key in the period of the transactions you want to view.

How do I activate my new Benefit.X Corporate Card?

There is no activation needed for the virtual card. It 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.

However, as a security measure, you will be required to activate your physical card before usage. For activation guide, please click here.

To do so, you would need to have your Card and mobile phone with you. Follow the instructions in the “Activate Card” page in the Benefit.X Mobile App and you will be able to use your card instantly in the card management page once the activation is completed.

Why are people switching to Benefit.X?

Benefit.X is easy to start—it offers a 2 minute online application with eKYC rather than the paper-based, 30-day+ drawn-out process offered by other financial institutions offering Corporate Credit Cards. Benefit.X is also great as your scales or expands, offering higher limits supported by an integrated software suite that makes expense management, accounting, and budgeting, simple and easy.

What is Intelli-CreditRating and how it works?

The Intelli-CreditRating is an AI-based credit rating engine developed by our in-house team. The engine will base on many factors like your company’s public profile, industry and spending behaviour etc. to determine how much credit limit you will have. It is a fully-automated process, and we will not ask for your organisation’s confidential data in order to do a financial assessment like other traditional financial institutions.

What are the advantages of the Benefit.X Corporate Card?

Corporate Card
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 get up to 4 times credit limit of your deposit for your business expenditure.

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
Different from the other bank cards in the market, there is instant alert on your Mobile App every time your card is used, and instant card lock in the Mobile App if you see a fraudulent payment.

Save when you spend abroad
When using your bank cards abroad, most banks add up to 5% in 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 top-up. The only card you need to pack.

A bookkeeper in your pocket
Benefit.X makes bookkeeping effortless. All designated business expenditure is instantly categorized 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.

How do I apply for the Benefit.X Corporate Card?

Your company would need to sign up for a Benefit.X account and download the mobile app. After doing so, you would need to login to the app and submit your KYC documents in order to be considered for the Corporate Card application.

Who is eligible for the Benefit.X Corporate Card?

Small businesses with a valid UEN in Singapore can register for the Benefit.X Account and Corporate Card.

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.

Is my deposit refundable?

Yes the deposit is fully refundable. You can request for it to be taken out after any outstanding card bill is fully paid. Note that the refund takes 3-5 business days to process and a processing fee of $1 will be charged.

Can I pay my card bill using the deposit amount?

Deposits do not offset your card bills.

Is there any way I can get a credit limit higher than the cap of S$20,000?

Digital loan requests can be made if you need to use the Benefit.X platform for expenses far more than our current credit limit cap of S$20,000. Please visit https://benefit.exchange/digital-loan/ for more information.

Is my deposit safe with Benefit.X?

We ensure that deposits placed into Benefit.X would be safely parked in an escrow account. An escrow account is an account where funds are held in trust whilst two or more parties complete a transaction. This means a trusted third party will secure the funds in a trust account.

Is the Benefit.X Corporate Card secure?

The Benefit.X Corporate Card has the same security level like any other Credit Card. On top of that, for every transaction, our real-time notifications will help you to track your spending in the Mobile App regardless of whether you are at home or overseas. Furthermore, using Intelligent fraud detection, the system can automatically detect and lock your card when it is lost or if there is any suspicious transaction.

Is my data safe with Benefit.X?

In Benefit.X, data security is of the highest concern. We understand that the data regulations change over time. Therefore, we design our system and procedures in such a way that not only meet the current standards (PDPA and GDPR) but can also adapt for stricter rules.
Furthermore, the Benefit.X infrastructure is developed with the backbone of a highly secure bank-grade architecture designed by our cloud platform architects with decades of experiences in banking and technological industries. The creation, transmission, and storage of your data are secured with multiple layers of encryption technologies such as Transport Layer Security, Encrypted Token Access System, SSL certificates and Data Encryption at Rest.

Does Benefit.X support integration with other systems?

We offer reporting services at no fee, and tailor-make API integration with your existing systems with a negotiable fee. Starting from year 2020, Benefit.X will integrate directly with QuickBooks®, NetSuite®, and Expensify®.

Is there a Fee for the Benefit.X Corporate Card?

The company will be charged S$1 per card per month and that comes with a free virtual card on your Mobile App. However, if you intend to opt for the physical card, you will be charged a one-time fee of S$10 (inclusive of delivery fees). There are no other administrative nor hidden fees for the card.

How long is the interest-free period?

There is up to 50 days interest-free credit to help extend your cash flow.

Are there fees if I don’t pay by the payment due date?

A late payment charge of $50.00 will be levied, and an interest charge of 25.90% per annum will be applied to the outstanding balance after the payment due date of each billing cycle.

What is the card interest fee?

An interest charge of 25.90% per annum will be applied to the outstanding balance in and all new purchases charged to your card account from the date each purchase is made.

What is the minimum Monthly Payment?

As of October 2020, there will be no minimum payment scheme. A late payment charge of $50.00 will be levied if the full payment is not received by the Payment Due Date.

What is the exchange rate used to convert my foreign currency transactions when I use my card overseas?

It is based on the exchange rate from Mastercard. You can check the current rates on the Mastercard website here: https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html.

Are there any fees for placing deposits or getting refunds?

There is a 1% fee for deposits placed via the Credit Card method and the amount will be indicated in your app and deducted accordingly while you are making a deposit request.

There is also a processing fee charged by the banks for every Bank Transfer or PayNow transaction and Benefit.X will cover these fees during customer deposits.

However, we will charge a flat fee of $1 for refunds in the event of account closure.

What happens if there is a refund/reversal for an item that is already on my issued card statement?

You would still have to pay off the outstanding amount stated on the card statement by the payment due date. If you have paid off the full amount on the card and not used it since then, there will be a positive balance on the card.

Usually, customers will use their cards regularly, and that results in the amount due on the next statement to be reduced by the amount of that earlier refund.

What is the Benefit.X Reward Points?

For every $500 deposit placed in your account, you will earn reward points on a daily basis. These accumulated points could then be converted into extra credit for your Benefit.X account! T&Cs apply. For more details, visit https://benefit.exchange/reward-points.

How are my reward points calculated per day?

For deposits ranged from $0-$3,000 per day, you will get 45 points for every $500.
For deposits ranged from more than $3,000 per day, you will get 50 points for every $500.
If you have made a new top-up today, reward points that add up will only start accumulating from the next day onwards.

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