CardUp reveals new pairing with Visa

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and FXC Intelligence and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors.… Read more
  • CardUp, which acts as a credit card enablement service, will pair up with Visa to collaborate on cross-border payments – powered by borrowing.
  • The new service, which will be aimed at the Singaporean market, will allow firms to pay foreign providers that don’t usually take credit cards – and there will be no transaction limits in place either.
  • A leading figure at CardUp said that cashflow management was becoming increasingly important given the context of the coronavirus pandemic.

Global digital credit card enablement service CardUp has announced a new service designed to help firms make cheaper credit-powered cross-border payments.

CardUp said that it will work with Visa to offer the service, which will see companies now able to make credit card payments to their suppliers abroad – even if those suppliers do not usually take credit cards.

The service will be targeted at users in Singapore, the firm said.

A firm will now be able to manage its outgoing payments more effectively by putting a hold on the payment for a maximum period of two months.

Payments made via the service will be able to be received in more than 100 nations around the world.

In a statement, CardUp’s chief executive officer Nicki Ramsay went into more detail about why this move is so important in the current context.

“Sustaining cashflow continues to be a problem for Singapore’s businesses during the economic slowdown,” she said.

She also pointed out that while the pandemic may have posed some problems for firms, they still have to operate in a globalised marketplace.

“At the same time, businesses are operating in an increasingly global market, and make payments to suppliers around the world,” she said.

For her company, this partnership with Visa represents a chance to provide an “alternative credit facility” designed specifically for firms operating abroad.

“We saw an opportunity to provide a solution that offers an alternative credit facility on these international payments, using available credit card lines while equipping businesses with the tools they need to automate their payment processing,” she said.

The arrangement comes as a result of CardUp’s designation as one of Visa’s appointed Business Payment Solution Providers (BPSPs).

The BPSP designation is powering CardUp’s ability to help Singaporean firms make the most of credit limits offered to them by financial providers.

It is believed that in some cases, firms do not necessarily know that they have as extensive credit limits as they do.

CardUp passes a transaction fee on to the customer – however, given that the company is a designated Visa BPSP, bespoke fees are able to be offered to firms.

A spokesperson for Visa said that the partnership between the two companies would mean more “options for businesses to pay with their cards”.

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