Financial solutions provider, Razorpay and Visa have announced the launch of RazorpayX Corporate Cards. The new launch will help in providing relief to start-ups and SMEs. The bank-issued cards will focus on stabilising the financial operations of start-ups and SMEs whose owners are severely impacted by struggling nature of the chaotic economic environment.
RazorpayX Corporate Cards offer higher credit limits than other corporate and personal cards. This will help companies to free up their working capital expenses with zero personal risks and liability. They provide a convenient repayment offering of up to 45 days of interest-free credit. Business owners are offered a maximum of Rs. 20,00,000 credit which is flexible enough to be extended to employees for creating a smooth reimbursement experience. RazorpayX Corporate Cards offers both online payment and purchase facilities at a point of sale in a brick-and-mortar.
Based on the survey done by GoDaddy related to entrepreneurship, more than 70% of start-ups and Small Medium Enterprises had to suffer an overall decrease in the investment leading to a reduction in revenue, and half of them said that they had to maintain cash flow as a pressing need to keep their business running. Currently, small businesses are going through a period of frozen revenues and the owners are confused about how to keep their business surviving.
CEO and Co-Founder of Razorpay said that they are happy to introduce RazorpayX Corporate Cards by partnering with Visa for Indian entrepreneurs. With this new product, they aim at solving problems of access to finance for business owners and to help them in improving their cash flows. Being affected by the impact of the pandemic many have lost their jobs and have started doing small businesses. Razorpay believes that innovations like RazorpayX Corporate Cards can speed up the recovery process of our economy.
By the launch of corporate cards business owners will be able to have easy access to finance and improved cash flows. It will help entrepreneurs in setting up recurring and nonrecurring online payments and facilities to monitor monthly operational expenses like digital marketing expenses, utilities, and SaaS subscriptions in a convenient manner.