The Corporate Cards offer business owners credit limits of up to Rs 20 lakhs and flexibility that they can also extend these corporate cards to their employees to create a smooth reimbursement experience.
Apart from managing operations during the weekend, the 'early credit' product can also be used during bank holidays when businesses don’t get paid, causing further delay in their operations.
Razorpay, a financial solutions company, and Visa today announced the launch of RazorpayX Corporate Cards. These bank-issued cards will help provide relief and stabilize the financial operations of severely impacted business owners of startups and SMEs, who are grappling with a chaotic economic environment.
With a higher credit limit as compared to other corporate and personal cards, the company claims that these corporate cards will empower founders to free up working capital expenses with zero personal risks and liability and a convenient repayment offering of up to 45 days of interest-free credit.
The Corporate Cards offer business owners credit limits of up to Rs 20 lakhs and flexibility that they can also extend these corporate cards to their employees to create a smooth reimbursement experience. They can be used to make online payments as well as purchases at a PoS in a brick-and-mortar.
According to a recent Entrepreneurship Survey by GoDaddy, more than 70 per cent of startups and SMEs saw an overall decrease in investment leading to a reduction in revenue and around 48 per cent said that maintaining cash flow was the most pressing need to help keep their business running. From restaurants to manufacturers, gyms to wedding venues, many small businesses are struggling, and owners aren’t sure how they will survive this period that has unfortunately frozen their revenues.
Harshil Mathur, CEO, and Co-Founder, Razorpay said, “We are delighted to partner with Visa and launch the RazorpayX Corporate Cards for Indian entrepreneurs. With RazorpayX corporate cards, we hope to solve the problem of access to finance for business owners and help improve their cash flows. The pandemic has led to a new wave of entrepreneurs and small businesses. We believe financing solutions like these will reignite innovation that can speed up the recovery of the Indian economy.”
These corporate cards will provide business owners with easy access to financing and improved cash flows. The RazorpayX Corporate Cards will help entrepreneurs set up recurring and non-recurring online payments and monitor monthly operational expenses such as SaaS subscriptions, digital marketing expenses, utilities, replenishing inventory, and much more in a digitized and convenient manner.
Shailesh Paul, Head of Merchant Sales and Acquiring, India and South Asia, Visa said, “Small and medium businesses are among the most impacted by the pandemic across the world. This segment contributes to almost 40 per cent of India’s GDP and it is essential that we make it simpler for them to make and accept payments, and access credit, in a seamless digitized manner. We are delighted to extend our partnership with RazorpayX to launch the RazorpayX Corporate Cards which will provide access to secure payments and financing for underserved small and medium business owners.”