Brex, a company that delivers corporate cards to startups, has introduced a new credit card designed specifically to for e-commerce businesses.
The Brex e-commerce card will enable the online retailers to overcome the issues of legacy banking systems.
It also has additional functionalities and is simpler to manage compared to other credit cards with similar offerings, the company said.
Brex co-founder and CEO Henrique Dubugras said: “Legacy card companies view businesses as a monolith and create products that are expected to serve all of them.
“Brex sees the world differently. Startups are not like other businesses, and neither are e-commerce companies. Now the latter, too, can benefit from Brex.”
The new Mastercard offering provides an open line of credit with 60 day payment terms and interest-free financing.
Accordingly, the user receives the benefits of float generally associated with working capital loans. The card does not carry any foreign transaction fees.
The Brex e-commerce customers can use the card to buy inventory, ads, software and other associated services.
They will also receive the usual service benefits offered by Brex including instant online underwriting without personal guarantees, transparent statements and expense management.
Furthermore, the customers will also be entitled to exclusive partnerships on e-commerce tools and solutions to help their business grow.
Earlier this month, Brex announced that it will issue the World Elite Mastercard for Business with new rewards and benefits.