Establish a good business credit history
Having a good credit history is important for businesses. To boost your credit score, be prompt and consistent in paying off your debts timely.
Good business credit history could help your business qualify for higher loan amounts and lower interest rates. It could also mean paying less for business insurance and receiving better agreements with suppliers.
When it comes to business credit, there are many options available—depending on the size of your business and the loan amount required. One such option is a Visa business card.
Business benefits when you pay with your business card
Visa business cards are a secure, easy and convenient way to pay for day-to-day expenses, and enable easy tracking of payments with automatic transaction records. This makes it easy for you to separate business expenses from personal ones, allowing you to easily manage and track your expenditure.
When paying with your Visa business card, you are also entitled to a variety of rewards and Visa Commercial Offers. To apply for a Visa Small Business card in Malaysia, visit our website here.
Managing your cash flow
When running your small business, being able to predict and manage your cash flow is crucial for success. Creating a budget will help you determine your monthly income and expenses, and allows you to look for ways to increase income and reduce expenses to improve your cash flow. You can also look for ways to get paid more quickly and manage the schedule of when you have to pay your business suppliers.
Optimising your working capital through a business card
Managing payments to suppliers can be a complicated process and the core challenge is not all suppliers accept card payments. With Visa’s Business Payment Solution Provider (BPSP) which sits between buyer and non-card accepting supplier, you can now leverage your Visa business card to optimise your working capital with up to 55 days of interest free days for payments made to your business-to-business suppliers.
With this model, remittance advices will be sent to your suppliers to ease their reconciliation process. It can also help you to digitise processes to schedule recurring payments, set payment reminders, and monitor payment status - all from one integrated dashboard (subject to the availability of services provided by our respective BPSP Partner). To learn more about Visa’s BPSP Partners in Malaysia which can help you pay non-Visa accepting suppliers with Visa business cards, click here.
Found these tips useful?
Check out these articles for more ways to grow your online business:
Manage your online business like a pro with these five tips
Four best practices to grow your business