Did you know? HReasily in partnership with VISA allows Singapore companies to pay salaries via credit cards?
This guide will cover:
Paying Employees Salary using VISA Credit Card
1. Firstly, please set up the credit card setting for company and employee payment mode: Click here.
2. Next, go to Manage Company on the left side bar menu
3. Navigate to Payroll tab
4. Scroll down until you find Credit Card Payment
5. Click on Manage button of payroll that you wish to be paid. Then select employee that you wish pay the salary and click Pay by Credit Card
6. Salary with status "Failed" means it fail to be charged to credit card. You can generate the GIRO file for this failed payment by tick it then click on "Bulk Generate GIRO File".
Note:
- This feature is only available for Singapore Payroll version.
- Paying employees via credit card usually it takes 3 working days.
- Usually it arrives on employee bank account around 4pm to 6pm.
Credit Card Payment FAQ
Paying employees salary using VISA Credit Card is only available for Singapore Payroll version.
Kindly refer to the terms below:
- What are the benefits of paying salary via credit card instead of bank giro?
- Is there a cap on amount payable through credit card?
- Is paying salary available to credit cards across all banks?
- Amounts are to be repaid within the next statement cycle?
- How long does it take for salary payments to reach employees?
- Can I decide when is the payment date ?
- Is there a processing time that I need to be aware of?
- Am I notified when the payment is declined?
What are the benefits of paying salary via credit card instead of bank giro?
You'll get the benefits as listed below:
Points accrue for these transaction. You'll need to check with the respective banks on the points awarded.
Payment is a simple 1-click process on our platform. (No need to export giro files into bank portals to process)
Extended credit for better cash flow.
Low interest of 1.8% (Visa exclusive offer)
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Is there a cap on amount payable through credit card?
Yes, it is capped on the card holder's credit limit. HReasily does not impose any cap.
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Is paying salary available to credit cards across all banks?
Paying salary via credit card is applicable to all visa cards
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Amounts are to be repaid within the next statement cycle?
Yes. Next billing cycle. Thereafter the usual statement payment cycle applies.
Example:
Transaction made 20 January 2020.
Billing Statement Date : 15 February 2020.
Payment Date for the 15 February Statement : 6 March 2020.
Therefore businesses enjoy an extended payment from 20 Jan when salary is processed to the actual cash out of the bank on 6 March.
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How long does it take for salary payments to reach employees?
Employees will receive their salary in D+3 (working) days
Example:
Admin click on "Pay by Credit Card" button on Friday, 29 Sep 2017, then employees will receive their salary around Wednesday, 4 October 2017 [D+3 working days].
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Can I decide when is the payment date?
No. Paying employees via credit card will be an auto payment at D+3 days
Example:
If Admin click on "Pay by Credit Card" button on Friday, 29 Sep 2017, then salary payment will be automatically made at D+3 working days [Wednesday, 4 October 2017]
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Is there a processing time that I need to be aware of?
There are times when the transaction fails due to:
Insufficient funds
More recently banks block online transactions and customers need to process the payment again
KYC failed. The standard documents given by the customer is not clear and therefore not approved. As a result, payment declined.
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Am I notified when the payment is declined?
Yes, customers are able to view "Paid", "Unpaid" or "Failed" status.
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