Merchantrade Money Biz set to challenge corporate credit cards

• Aims to simplify expense management for a wide range of businesses
• Claims to be M’sia’s first corporate prepaid card, redefining expense management

Gone are the days of 'pay & claim,' where countless hours are wasted with the hassle of stockpiling receipts, mixing personal and work funds, or reimbursement delays increasing the risk to employee finances and good governance.

By digitising and automating old processes, Merchantrade Asia Sdn Bhd (Merchantrade), a leading innovator in digital financial services, unveiled their Corporate Card, Merchantrade Money Biz, which it claims is Malaysia's first Visa Business Prepaid Card.

This innovative product aims to simplify expense management for a wide range of businesses, spanning from corporations to SMEs, helping them save time, reduce errors, and maintain better control over their finances with an easily scalable solution.

Revolutionising Corporate Expense Management and Payment Solutions Merchantrade Money Biz seamlessly combines three innovative tools: a Visa Business Prepaid Card (with a US$10,600 (RM50,000) limit and unlimited card issuance per company) linked to a multi-currency eWallet, and an expense management portal with functions designed for the modern business.

Ramasamy K Veeran (pic), founder and managing director of Merchantrade, said Merchantrade Money Biz aims to disrupt traditional corporate credit cards issued by banks. Unlike traditional cards reserved for senior executives, Merchantrade Money Biz empowers employees across all levels with corporate prepaid cards. This innovation not only provides employers with robust expense management controls but also offers a viable alternative for companies unable to secure traditional corporate credit cards, ensuring no risk of overspending and interest-free transactions.

Streamlining Global Payments, Multi-Currency eWallet, and Advanced Automation Powered by Visa, the business prepaid card can be used by employees to make payments worldwide, both online and retail, for various company-related expenses. It is also paired with a multi-currency eWallet that allows users to convert up to 20 major foreign currencies with locked-in rates for international payments. The expense management portal, on the other hand, not only automates and digitises business processes, it also provides 100% visibility on all transactions and includes robust controls, enabling finance teams to close books faster.

Roy Choudhury Debarun, head of Commercial and Money Movement Solutions for Regional Southeast Asia at Visa, said: "We are delighted to work with Merchantrade Asia to introduce the first prepaid card for Malaysian corporates and SMEs. This is a relevant and timely solution, as we have seen a double-digit growth in commercial card spending in Malaysia compared to the previous year. This shows the increasing demand for businesses in the country to adopt digital and innovative payment methods. At Visa, we are committed to empowering businesses with our global network and expertise in payments. Our collaboration with Merchantrade is a demonstration of our vision to enhance financial inclusion in the B2B payments space and support sustainable economic growth for Malaysia."

To date, over 80 companies have registered for the solution during the pilot phase, signalling strong demand and positive reception for the new product. This underscores Merchantrade's commitment to delivering inclusive digital financial solutions that effectively address the evolving needs of companies in Malaysia.

With new tools, functions, and partnerships in development, the company is confident the solution will transform the way companies operate. Merchantrade's vision also aligns with the government's push to encourage companies to digitalise operations and embrace automation in building a more cashless economy.

For more info, visit https://www.merchantrademoney.com/business/