In 2019, when we announced RazorpayX Corporate Cards, little did we know that the business world was about to experience a defining change in 2020. Due to Covid-19, all businesses have been forced to move into the online realm.
Being successful online doesn’t just mean opening an online storefront, but also digitizing your marketing and business management.
During this time, a lot of small businesses either started their first online marketing campaigns or scaled to make them more consistent. Not only that, many businesses scaled usage of SaaS tools and cloud servers that make operations much easier.
This is a story of how we reimagined RazorpayX Corporate Cards for every business that is going through this transition. The RazorpayX Corporate Cards are developed in association with SBM India, one of the biggest banks in the APAC region.
Getting Corporate Card into the hands of growing business
While speaking to customers about how Covid-19 impacted their business, we realized that they were significantly strapped for working capital required for marketing and other digital expenses. They were also unable to get business credit cards from traditional sources due to lack of a strong business credit score.
Moreover, most corporate cards require businesses to create a fixed deposit (FD) as a security on the credit line. With RazorpayX Corporate Cards, the business credit score alone does not dictate the fate of getting the cards. More importance is placed on real business activity and the quality of customer payments.
Additionally, we don’t require any deposits from businesses to get started, making it easier to access a credit card for businesses.
Dynamic credit limits with RazorpayX Corporate Cards
Many entrepreneurs use personal credit cards for business, which are completely decoupled from the reality of businesses although they enable business spends at a small scale.
Personal cards have limited credit limits and personal liability is on users. What often follows is the usage of multiple personal cards and reimbursement nightmare to just keep things running. This is why we designed the credit limits on RazorpayX Corporate Cards to be dynamic.
Dynamic credit limits scale with businesses and provide a buffer by keeping limits upto two times the regular usage.
Payments for all business needs
Some businesses that continue using netbanking and debit cards often face the reality of failed transactions. They have to manually ensure payments for services integral to their businesses.
RazorpayX Corporate Cards are universally accepted Visa cards, so businesses don’t have to think twice about setting up recurring payments to subscribe to a service, or make an international payment.
If a business wants to stop all payments from their credit card to balance the budget, it is as easy as a simple toggle from the RazorpayX dashboard. The RazorpayX Corporate Cards dashboard takes care of visibility with nuanced reporting and ability to set limits on cards, users and types of spends.
This enables businesses to visualize their budgets and cap expenses whenever required to maximize their return on spends. With RazorpayX, moving to credit cards doesn’t mean growing businesses have to lose control over their budgets.
Stunning design with personal approach
RazorpayX is levelling the field for all businesses and that includes the attention to detail that every business receives.
We have designed every RazorpayX Corporate Card to be not just smarter than an average card but also to carry the logo of businesses in all their glory. The application process is also very simple.
If a business is already a Razorpay or RazorpayX user, they are halfway there. Businesses can also join the waitlist and get fast-tracked on the basis of their current transactions.