Electronic commerce is a booming industry. According to Google-Bain-Temasek’s recent e-Conomy SEA report, Singapore’s internet economy is expected to grow 35%, from $ 11 billion in 2020 to $ 15 billion this year.
As ecommerce becomes a lucrative business opportunity, it’s no surprise that many have decided to fight for a piece of the pie and start their own ecommerce business.
However, the life of an e-commerce entrepreneur is not easy – it is often characterized by irregular work schedules, looming tasks, and the constant search for income.
E-commerce is an extremely competitive industry, where small businesses are closely linked to each other, as well as to established markets and their wide range of products.
Not to mention that an ecommerce startup usually has a small team, which means a lot of time and energy is spent on administrative and financial tasks.
The people behind Aspire are entrepreneurs themselves, so they have a first-hand understanding of the personal challenges that business owners face. Andrea Baronchelli, co-founder and CEO, was Marketing Director of the Lazada Group before joining Aspire.
With the rise of e-commerce businesses, the team began to notice the demand for unique business solutions.
To recognize the challenges of owning an e-commerce business, Aspire wants to “reward” them for their efforts by launching the very first card designed for e-commerce businesses.
This card rewards them for their efforts with relevant savings and helps streamline processes to save time.
Earn Unlimited Cash Back Rewards on Most Ecommerce Business
It’s no surprise that thousands of e-commerce businesses have taken to using the Aspire card to manage all of their business expenses.
Unlike other startups or digital service providers, ecommerce businesses have to deal with suppliers of inventory, logistics and delivery services, and ecommerce platforms.
Ecommerce businesses also need to run a lot of advertisements across digital platforms and marketplaces to generate demand. While these are all the costs involved in running a business, Aspire hopes to ease the burden by offering unlimited cash back on these essentials of ecommerce.
Aspire offers unlimited 1% cash back on qualifying online purchases. This cashback is spread over four different categories of merchants: software and services, inventory and supplies, logistics and delivery, and digital marketing.
There is a curated list of trusted merchants such as Alibaba, Taobao, Ninja Van, SingPost, and Shopify as part of Aspire’s refund program. Business owners can also submit a request if the merchant they want is not listed.
For example, it costs around S $ 5,000 for an advanced Shopify platform for a year. While 1% doesn’t seem like a lot, multiply it over multiple expenses, and they add up to a substantial amount. A little goes a long way for budding entrepreneurs, and Aspire understands it.
A simple, clear and transparent system, Aspire’s cashback program is much preferred over a points system because the latter usually has confusing features such as a multiplier program.
Cashback payments are credited directly to their Aspire Business account. This allows entrepreneurs to reinvest their savings in expanding their business and ease their financial burden.
Get the lowest exchange rates to boost your business bottom line
The Aspire e-commerce card offers the lowest foreign transaction fee rates, up to five times cheaper than traditional banks, with no hidden fees.
This is especially important for e-commerce businesses that make international purchases, either through the card or through outgoing foreign transfers using their Aspire business account.
When using Aspire’s e-commerce card for international spending, Aspire charges a transparent 0.7% fee on Visa rates and offers an additional 1% cash back. This contrasts with the 3.7% average foreign exchange margin imposed by traditional banks.
This helps e-commerce businesses avoid sneaky bank exchange rate mark-ups, and foreign transaction fees and businesses also receive much higher cash back.
You don’t buy your inventory by card? No problem. The same is true when businesses use the Aspire Business account to send money overseas. They pay the lowest transparent fees available on the market, which are up to five times cheaper than banks.
With FX transfers, Aspire has a calculator available on their website that takes into account their transfer fees and exchange rate.
All you need to do is enter the amount you want to transfer, and Aspire’s calculator tells you exactly what the exchange rate and their fees are.
Entrepreneurs will always know the true cost of transfers up front, and there are no surprises here.
The Aspire ecommerce card also doesn’t have an application or annual card fee, so business owners don’t have to worry about the extra costs. There are also no minimum expenses required to maintain the card.
Issue unlimited cards to manage expenses and subscriptions in one place
As we know, the life of an entrepreneur is extremely busy. Aspire makes it easy with real-time tracking and categorization of business expenses so they can focus their efforts on growing their business.
The Aspire eCommerce card comes in the form of a virtual Visa business debit card that is immediately issued upon approval of your business account.
Aspire also allows the issuance of unique and unlimited cards. Business owners can issue separate cards for each type of provider or subscription, allowing them to track different types of spending in real time.
They can also cancel or freeze these cards at any time with a single click.
A carefully categorized view of overall spend, along with the ability to manage entitlements on a card, speeds up and facilitates the decision-making process, such as terminating an unwanted subscription.
Ecommerce businesses also sometimes face scenarios where advertising platforms can block their cards.
Having multiple cards as a backup is of immense value in such situations. They can help prevent advertising efforts from stalling, especially during peak periods.
Aspire also allows e-commerce business owners to issue multiple cards to employees, helping them to allocate expenses so they can speed up purchases.
It also removes the frustration and wasted time of sharing one-time passwords (OTP) for all transactions.
They can not only speed up the buying process, but also stay informed with real-time notifications. To avoid costly surprises, ecommerce owners can set spending limits on each card and make sure they’re always on budget.
The invaluable e-commerce card for any business
Designed with the challenges and demands of e-commerce businesses in mind, this makes Aspire’s e-commerce card the first of its kind.
With cash back rewards on e-commerce services, a transparent system on currency exchange, and an efficient way to track spending, the Aspire E-commerce card is proving to be an invaluable tool for entrepreneurs.
Aspire offers up to S $ 500 in cashback when entrepreneurs sign up with the promotional code “ECOMCARD»Before November 30, 2021.
They will receive S $ 100 for a minimum total spend of S $ 1,000 per eligible merchant, for a maximum of five merchants, by December 31, 2021.
The experience of an entrepreneur is compared to having too many tabs open at once and no idea where the music is coming from. Aspire makes life as an entrepreneur a little easier, so take full advantage of this promotion and sign up for the card here.
This article was written in collaboration with Aspire.
Featured Image Credit: Aspire
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