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COMMONLY ASKED QUESTIONS

BENEFIT.X SUITES

CORPORATE CREDIT CARD

SECURITY & TECHNOLOGY

FEES & CHARGES

What is Benefit.X?

Benefit.X equips Small Businesses with Corporate Credit 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 the Benefit.X Corporate Credit 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 Credit Card wihtin an integrated Mobile platform.

Use Benefit.X Corporate Credit Card to pay for all business expenses, ranging from physical stores, online and even overseas.

Who is eligible for the Benefit.X Corporate Credit Card?

Small businesses with a valid Business Registration Number can register for the Benefit.X Account and Corporate Credit Card.

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

Corporate Credit 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 Credit Card for expense management.

High Credit Limit
Your company can be granted up to 10 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 +1%. 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 Credit 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, and an annual fee for each Corporate Credit 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 or +65 6670 6682.

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 10 times based on their deposit placed. This credit limit is dependent on a propriatary credit scoring engine developed by Hearti Lab.

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

What is the Benefit.X Corporate Credit 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 Credit Card wihtin an integrated Mobile platform.

Use Benefit.X Corporate Credit Card to pay for all business expenses, ranging from physical stores, online and even overseas.

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

Yes, there is a minimum deposit of $500.

How do you compute the credit score?

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.

Are I able to apply for additional loans through Benefit.X?

Yes, we work with a lending partner to provide additional loans on top of the credit limit your company receives. The additional loan will also be disbursed through the credit card (via another wallet) in order to prevent fraudulent use.

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

If your Credit Card is lost or stolen, please block your card immediately using our Mobile App and request for a replacement instantly.
If your Credit Card is damaged, you can also request for a replacement instantly using our mobile app.
You will receive your replacement Credit Card & PIN separately within 3 to 5 working days from the requested date.

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 ‘Transactional History’ under the Card section, and key in the period of the transactions you want to view.

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

As a security measure, you will be required to activate your Card before usage.
To do so, you would need to have your Credit Card and mobile phone with you. Click “Activate Now” on the Benefit.X Mobile App and you will be able to use your card instantly once the activation is completed.

Why are people switching to Benefit.X?

Benefit.X is easy to start—it offers a 5 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 Credit Card?

Corporate Credit 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 Credit Card

High Credit Limit
Your company can get up to 10 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 +1%.
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.

Can I customize my Corporate Credit Card to display my company identity?

Yes, we offer the option to customise the design of your Benefit.X Credit Cards at a small fee.

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

Your company would need to sign up for a Benefit.X account and register interest for the Corporate Credit Card. After doing so, you would need to upload the KYC documents via the mobile app in order to be considered for the Corporate Credit Card application.

Who is eligible for the Benefit.X Corporate Credit Card?

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

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 Credit Card secure?

The Benefit.X Credit 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 Credit Card?

The company will be charged $1 per credit card per month and that comes with the virtual card on your Mobile App. However, you will be charged a one-time fee of $5 for every issuance of a physical card. 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 statement date?

You will be charged S$50 per month if the minimum payment specified in the card statement is not received on or before the due date specified in the card statement.

What is the minimum Monthly Payment?

5% of outstanding balance or S$100, whichever is higher.

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

Transactions in foreign currency other than US Dollars will be converted into US dollars before being converted into Singapore dollars. All conversions shall be based on the prevailing market rates or the government-mandated rate.

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