Malaysia, one of the largest economies in South-east Asia, is a popular location that appeals to tourists and businesses alike, from near and far. As a leading industrial centre and an expanding tech hub, Malaysia continues to attract small-and-medium-sized businesses that are looking for opportunities to prosper in this country.
One of the first few steps of setting up a business in Malaysia requires having a real physical space for employees and a professional place to hold meetings with prospective clients – or, if you are setting up a shop, renting a retail space is a definite must-do. However, rental costs are one of the largest overhead expenses incurred each month and can weigh heavily on start-ups and smaller SMEs – many are finding ways to negotiate for lower rent or source for alternate financial options.
Currently, office space rental in Kuala Lumpur averages at RM6 per square foot, while retail space rental averages slightly higher at RM 8 per square foot. That can set you back by a few thousand ringgit each month just from rental fees. In addition, with vacancy rates under pressure due to increasing demand as Malaysia’s retail market expands, rental rates might foresee an increase over the years.
Why should you pay your rent with your credit card through CardUp?
Are you seeking a solution to your business’ tight cash flow? Juggling the finances for a business can be a handful and the monthly occurrence of rental payment dues only adds to the list of things to pay for. Try using your credit card to pay your monthly rent via CardUp. It allows you to free up cash on hand for other important business operations and even business growth. Here’s why:
Never miss a payment with automated and recurring schedules
Making your rental payments through CardUp can alleviate a major monthly chore. It allows you to schedule recurring payments so that you don’t have to worry about due dates or late fees. Once set up, it is all done automatically – every month, your card is charged for the rent amount with a processing fee, and your landlord receives the rent payment on time – leaving you with one less concern and you can focus on your business operations.
You can also monitor every transaction – past and future – on the user-friendly dashboard, making it easier to browse through all your payments.
Free up cash for other uses
If you already own a credit card for your business, your credit limit is pre-approved, so using it to free up your cash may be a prudent decision. If you have yet to get a credit card for your business, here’s why you should. By paying your rent with a credit card, you can free up those purse strings. By putting your rent payment on credit cards, your landlord gets paid on time, while you only have to pay up to two months later when your card bill is due.
This opens up more capital on hand for you to be able to focus on other growth or expansion plans.
> Read: 4 more ways CardUp can help your business
Easy to get started
The beauty of using CardUp is that your recipient doesn’t need to accept credit card payments or even have a CardUp account. In fact, your landlord doesn’t even need to know! Your rent payments will be charged on your credit card and processed as a bank transfer to your recipient.
How do you get started paying your rent with your credit card using CardUp?
To get started, you will need a copy of your tenancy agreement, which shows the tenancy period, rental amount, as well as your landlord’s bank account number.
- Sign up with CardUp for free
- Under the ‘Type of Payment’, select ‘Rent’
- Upload your tenancy agreement
- Enter your payment details
- Set up a fixed payment schedule until the end of your tenancy period
- Review and confirm your payment