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COMMONLY ASKED QUESTIONS

BENEFIT.X SUITES

Digital Loans

CORPORATE CARD

SECURITY & TECHNOLOGY

FEES & CHARGES

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 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 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 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 9456 3340.

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 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 loan process like with Benefit.X?

1. Our loan partner conducts a credit assessment on your company
2. Loan Rates are generated based on the credit assessment outcome
3. Loans will then be disbursed through the Benefit.X platform for your business expenditures

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.

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 be delayed until further notice. 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 (usually takes about 5 business days)
  4. Our Credit Rating team will then evaluate your Credit Score and notify you once it is ready (usually takes about 5 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 2-3 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?

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.

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. (do note that the physical card has not yet arrived due to the pandemic lockdowns, and we will inform customers again when they do).

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 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 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 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 customise my Corporate Card to display my company identity?

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

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

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