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Empowering SMEs to Take the Friction Out of Card Payments With Suppliers

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Cash is king. Every business owner knows these three words by heart, and for good reason. Cash is the lifeblood of every business: more cash means better access to working capital, which means more flexibility in business operations, and a stronger buffer against black swan events.

But the most obvious problem for small business owners is that cash isn’t often as readily available as they would like.

There are a number of ways to get cash — unsecured overdrafts, working capital loans, family and friends for the truly desperate — but most of these sources require a great deal of documentation, stringent criteria, or are subject to long processing times, which isn’t ideal when you need working capital immediately.

So the next best thing is a credit card.

Why suppliers may not be accepting card payments today

Over the years, many suppliers have gotten used to receiving cheques or bank transfers, with most banks only charging a monthly, often negligible fee to process cash and cheque payments. However, this is set to change as Singapore accelerates digitisation and aims to be cheque-free by 2025.

While cheques or cash payments offer lower costs of acceptance, they’re undeniably antiquated and labour-intensive, requiring quite a bit more paperwork and processing time.

But what if you don’t have the cash on hand? You can’t exactly keep issuing IOUs to your suppliers, with the promise that you’ll have some liquidity within the next two weeks. And if suppliers don’t accept credit cards, what are you supposed to do?

How to pay non-card accepting suppliers with your Visa card

This is where ipaymy comes in.

ipaymy is a secure payment platform that lets small businesses pay their suppliers or vendors with a Visa card — even if they don’t accept cards.

How does this work? It’s just like making any other card payment. Just register your Visa card and input your supplier’s bank account details into ipaymy, then make the requisite payment.

Within two business days, ipaymy settles the payment with the payee, sidestepping any processing fees on a supplier’s part. To them, it’s just like receiving any other bank transfer — not like a typical credit card, where processing fees would have been incurred.

On your part, all you have to do is pay off your statement when it’s due.

But what if you don’t have a Visa card? Or if you do have one, but your credit limit is insufficient? As per Monetary Authority of Singapore regulations, personal credit cards have an upper limit of four times your salary, with the actual limit often being less in practice.

This is where Flex comes in. A cash management solution aimed at helping small businesses and startups, Flex’s greatest pride is in its name: flexibility. Manage your spends with Flex physical and virtual Visa Commercial Cards, and access an integrated credit line up to S$100,000.

Typically, getting loans from financial institutions requires extensive documentation and weeks of wait time, as applications have to go through a lengthy approval process. But Flex promises up to S$100,000 of interest-free credit for up to 35 days, within 48 hours of businesses submitting their documentation. No foreign exchange fees, no transaction fees.

“The sign-up process for Flex is fast and only takes minutes. With Flex on ipaymy, I can quickly access a credit line approved under 48 hours to manage my payroll expenses.”

says Jason Phua, director at Hong Ye Group.

And that’s the magic of Flex and ipaymy working in conjunction. Through ipaymy, your Flex credit line can be used to pay anyone with a basic bank account, whether it’s to suppliers, landlords, or even payroll for your own employees.

Plus, doing so is easy. A big draw of Flex is its ease of use, with a clean, clutter-free interface and myriad functionalities. Plus, a web app gives real-time transaction visibility and spending controls.

“Flex is easy to use, with a dashboard that’s easy to navigate. It makes hassle-free payments possible.”

says Lim Xinying, director at S.K. Weighing Pte Ltd.

Flex also sets itself apart with its interest conditions. Most sources of working capital loans have draconian interest conditions that put small business owners off. Some start to charge interest the moment the money is spent; others, the moment the loan is even disbursed.

But there’s none of that with Flex. As mentioned before, so long as it’s paid off within 35 days (or however long your billing period is), there is no interest incurred.

As with all credit cards, however, ipaymy does have transaction fees, even if Flex doesn’t. The former typically takes 2.25% off each transaction, which is roughly the prevailing market rate.

However, the current partnership with Flex means that making payments with a Flex Visa card through ipaymy cuts the transaction fee to just 1.5% until March next year — a good deal lower than what you’d get using other cards.

Flex on ipaymy offers a better working capital solution for small businesses today. Getting started is as simple as signing up here. Your worries about paying suppliers on time end today — never mind if they “don’t accept credit cards”.

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Source: https://fintechnews.sg/55395/sponsoredpost/empowering-smes-to-take-the-friction-out-of-card-payments-with-suppliers/

Fintech

PNC cuts nearly 600 apps for BBVA conversion

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PNC cut nearly 600 apps during its $11.5 billion acquisition of BBVA, which closed in June. That’s roughly one app for each BBVA branch. Chief Executive Officer Bill Demchak said PNC retained only two BBVA apps when all was said and done. The $553.5 billion PNC converted approximately 2.6 million customers, 9,000 employees and nearly […]

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Source: https://bankautomationnews.com/allposts/retail/pnc-cuts-nearly-600-apps-for-bbva-conversion/

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State Street sees CRD tech acquisition pay off with 22% YOY revenue growth

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State Street saw 22% year-over-year growth in revenue from deployments of Charles River Development (CRD), a front-office software firm it acquired in 2018. The revenue growth was primarily related to professional services and its software-as-a-service (SaaS) offering, which together grew 18% YoY, Chief Financial Officer Eric Aboaf said during today’s third-quarter earnings call. The technology […]

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Source: https://bankautomationnews.com/allposts/business-banking/state-street-sees-crd-tech-acquisition-pay-off-with-22-yoy-revenue-growth/

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Fintech

More Than $1.1 Billion Raised by 14 Alums Q3 2021

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For the third Q3 in a row, Finovate alums have raised at least $1 billion in equity funding. This year’s third quarter is consistent with both the amounts raised ($1.1 billion) and the number of alums securing investment (14) from the same quarter last year.

Interestingly, August continues to be a strong month for alum funding during the third quarter; for a third consecutive year, August investment has exceeded that of both July and September for our Finovate alums.

Previous Quarterly Comparisons

  • Q3 2020: More than $1.2 billion raised by 14 alums
  • Q3 2019: More than $1 billion raised by 21 alums
  • Q3 2018: More than $400 million raised by 19 alums
  • Q3 2017: More than $1 billion raised by 31 alums
  • Q3 2016: More than $500 million raised by 30 alums

The third quarter of 2021 also saw one company, DriveWealth, become far and away the biggest recipient of investment dollars, topping the second biggest fundraiser by 3x. Three companies, M1 Finance, Alloy, and AuthenticID, secured triple-digit investments of at least $100 million.

The top ten equity investments, in a quarter with fourteen total alum fundraisings, represented the lion’s share of Q3’s investment total. Approximately 90% of the quarter’s total funding was represented by Q3’s top ten investments.

Top Ten Equity Investments for Q3 2021

  • DriveWealth: $450 million
  • M1 Finance: $150 million
  • Alloy: $100 million
  • AuthenticID: $100 million
  • Ocrolus: $80 million
  • Paystand: $50 million
  • Sezzle: $30 million
  • Dwolla: $21 million
  • Moneyhub: $18 million
  • Capitalise.com: $13.8 million

Here is our detailed alum funding report for Q3 2021.

July 2021: More than $469 million raised by seven alums

August 2021: More than $476 million raised by five alums

September 2021: More than $180 million raised by two alums

If you are a Finovate alum that raised money in the third quarter of 2021, and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.


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Source: https://finovate.com/more-than-1-1-billion-raised-by-14-alums-q3-2021/

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Pagaya and SoFi Team Up to Broaden Access to Financial Services for Borrowers

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A newly announced collaboration between AI-powered credit and analysis technology company Pagaya and personal financial services innovator SoFi will help more eligible consumers find and secure financing. The partnership will enable SoFi members to leverage Pagaya’s AI network to access a wider range of financial solutions in what Pagaya said is the largest deployment of its technology in the fintech space to date.

“We are excited to leverage SoFi’s sophisticated tech platform, strong brand, and consumer appeal to originate loans through Pagaya’s AI network,” SoFi CEO Anthony Noto said, “extending its business to a broader audience, so more people can access credit and achieve their financial goals.”

Pagaya’s technology and infrastructure enables financial institutions, including lenders and fintechs, to offer their customers access to financial products beyond those available via traditional credit models. Using both AI and machine learning, Pagaya lowers risk for lenders and helps them make better credit decisions. The goal is to provide a better, more positive experience for borrowers, and higher conversion rates for loan providers, as well as improving the overall credit ecosystem.

“As Pagaya grows, it is imperative that we partner with companies that share our vision of providing increased efficiency through our AI network for lenders and access for its customers,” Pagaya CEO and co-founder Gal Krubiner said. “Working with a company such as SoFi, we are able to apply our artificial intelligence in a way to not only help SoFi extend capital to more people, but do so in a way to create less risk for our partner. This creates a symbiotic, win-win-win ecosystem across all parties.”

Founded in 2016 and maintaining offices in Tel Aviv, New York, and Los Angeles, Pagaya became a public company earlier this fall in a $9 billion SPAC merger with EJF Acquisition Corporation. Earlier this month, Pagaya appointed former JP Morgan CMO Leslie Gillin to the post of Chief Growth Officer. Gillin arrives at a time when the company is looking to expand into new markets including personal and auto loans, credit cards, point-of-sale financing, single-family residencies, and more.

SoFi is an alum of our developers conference FinDEVrNewYork in 2017, which the company participated in with financial data platform Quovo. In the years since, SoFi has grown into a digital financial services giant with more than $50 billion in funded loans, and more than two million members who have paid off a total of more than $22 billion in debt. Additionally, the company recently has launched solutions such as SoFi Money and SoFi Invest which offer cash management (including early payday) and brokerage services, in a major expansion beyond its roots as online loan financing and refinancing innovator.

SoFi is a publicly traded company on the NASDAQ under the ticker SOFI and has a market capitalization of more than $16 billion. SoFi is headquartered in San Francisco, California.


Photo by Magda Ehlers from Pexels

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Source: https://finovate.com/pagaya-and-sofi-team-up-to-broaden-access-to-financial-services-for-borrowers/

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