said the corporate cards will help entrepreneurs set up recurring and non-recurring online payments. The would help to monitor monthly operational expenses such as SaaS subscriptions, digital marketing expenses, utilities and replenishing inventory in a digitized manner. They would offer business owners dynamic credit limits of up to Rs 20 lakh. They can be used to make online payments as well as purchases at a PoS (point of sale) in a brick-and-mortar.
“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 (gross domestic product),” said Shailesh Paul, head of merchant sales and acquiring, India and South Asia, Visa “It is essential that we make it simpler for them to make and accept payments, and access credit, in a seamless digitised manner.”
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. 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 frozen their revenues.
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