Singapore SME business owners: Here’s how you can solve your cashflow issues and earn miles with your credit card.

SME business owners can definitely relate to this. You’ve delivered your goods to your customers, and are awaiting your payment. In the meantime, you are in need of cash to pay your staff, your suppliers, and your rental. What do you do then?

As a responsible business owner, you would have taken money from your own pocket to pay your staff, suppliers and your landlord, all until your company gets paid. And then the cycle begins again when the next order arrives.

Sound familiar?

Managing cashflow remains one of the biggest challenges  small business owners face today, along with concerns on how to improve profitability and hire the right people to grow your business. Fortunately, there is an easy solution to alleviate cashflow woes.

ipaymy – A powerful solution for short term financial needs

ipaymy is a payment platform that allows you to make bank transfer payments using your credit card.

The Singapore based fintech company with operations in Singapore, Hong Kong, and Malaysia aims to help SMEs free up their working capital by enabling credit card payments for their most critical, and costly monthly expenses. Instead of using cash, ipaymy allows SME business owners to use their credit cards to pay for expenses where credit cards are typically not accepted, like rent, supplier invoices, and staff salaries.

Put simply; if you are using bank transfer or cheque to pay your landlord, suppliers, or staff, you can now make all of these payments using your preferred credit card.

Here’s how it works.

Step by step guide to using ipaymy

Once you have created your account simply follow the steps below:

1. Set up payment
   Select what you want to pay, how much and provide ipaymy with the recipient bank details
2. Your credit card is charged
   ipaymy will charge your credit card for the amount of your expenses plus a 2.25% fee.
3. ipaymy pays for you
   ipaymy pays your expenses by bank transfer to your recipient as early as the next business day
4. Pay your credit card bill
   Finally, you pay your credit card bill after receiving your billing statement from your card issuer – allowing you to delay spending cash while earning credit card points and rewards like never before

Cutting out the hassle of cash payments

As a small business owner, you are already swamped to the eyeballs with urgent matters to handle, and you might be wondering if it would even be worth the time taken to set up an ipaymy account, much less use it.

First of all, you would be happy to know that it takes little to no time at all to set up ipaymy. There are no subscription fees to pay or contracts to sign – you simply pay to use ipaymy when your business needs it. If you value your staff, want to maintain a good relationship with your landlord and suppliers, and want one less thing to worry about every month, then the answer is yes.

Here are some of the many benefits of using ipaymy.

Timely payments with ipaymy

ipaymy can help you ensure your employees and your landlord is paid on time every single month. The platform allows you to set weekly and monthly recurring payments easily, and make adjustments just as quickly.

Your supplier’s invoices can also be paid in a timely manner on the ipaymy platform. Just set an invoice payment, include your supplier’s payment details, and ipaymy pays them as fast as the next business day. That means you could be in a position to enjoy additional early payment discounts and other bulk discounts offered by your suppliers, simply by making use of ipaymy. Those early payment discounts could even offset the ipaymy fees!

For business owners with limited time available, scheduling recurring payments removes the burden of remembering to do this every month. In fact, ipaymy even offers an on-time payment guarantee!

Additional interest-free credit line

Making use of your credit card to pay for your cash expenses offers you even more benefits, like an interest free credit line for up to 55 days. For example, if you pay rent using your credit card on April 1 you may not receive your monthly credit card statement until April 30. The balance due on your credit card does not need to be paid until May 25.

This way you can meet your monthly payment obligations without spending any cash upfront.

Plus, don’t forget that you will still continue to enjoy the cashback and miles rewards from your credit card issuers, all in the course of your day to day work. The miles you earn on your credit cards could go towards paying for business travel, reducing your business expenses even more.

User-friendly secure platform

ipaymy’s easy to use platform means you can start enjoying all these features immediately without a steep learning curve. Schedule recurring payments, manage invoices, set payment reminders, and monitor payment status all from the same dashboard. Additionally, every business is assigned a dedicated Account Manager who is available from helping get your account set up to managing your monthly payments.  Assistance and support is only one phone call away.

You can also be assured that ipaymy is a secure platform, with all payments being made with industry-leading encryption over PCI compliant networks. So your money, and your information is well-protected.

Straightforward fee structure

ipaymy charges a fee of 2.25% on every payment made using a Singapore-issued Visa or Mastercard credit card, and 3.3% for international or American Express credit cards.

ipaymy does run occasionally promotions which is typically announced on their Facebook site – so be sure to follow if you want to be in the know of the latest offers.

ZUU online readers who are first time users of ipaymy can also enjoy a limited time offer.

Use our code “ZUUSG” to enjoy a promotional fee of 1.89% fee (u.p: 2.25%) for Singapore-issued Visa and Mastercard credit cards, and “ZUUSGAMEX” for a promotional fee of 3.1% (u.p: 3.3%) for American Express credit cards.

Get paid faster

Managing your incoming cash is just important as managing outgoing cash. Simply put you can’t operate a business when you are spending more money than you are making.  In a perfect world, SMEs would collect unpaid invoices the second they are sent out. Unfortunately, this is typically not the case as late payments are a frequent occurrence for SMEs. Waiting for a cheque to clear or chasing unpaid invoices not only puts a strain on your resources but these payment delays impact your business’ cashflow health.

Fortunately, ipaymy also offers a digital invoice collection solution which allows you to generate and, send professional invoices to collect payments electronically. By offering your customers the convenient option to pay invoices by credit card, they can enjoy the benefits of delayed cash spend along with the perks of points and rewards – incentivizing them to pay earlier. Unlike other credit card payment facilities, ipaymy will settle the funds directly into your bank account in as fast as 2 days. The earlier you get paid the healthier your cash reserve becomes to manage daily operations as well as reinvest into the growth of your business.

Change the way you manage cashflow

Make managing your cashflow less of a chore for your business. With ipaymy you can better understand your business’ outgoings and incomings and manage these payments with a click of a button. If ipaymy looks like a suitable solution for your SME, then try out the platform here.

Don’t forget to use our promo codes “ZUUSG” (for Singapore Mastercard and Visa credit cards) and “ZUUSGAMEX”(for American Express cards) to enjoy the promotional rates.