What's New in Gynger: October 2024

This month, we’ve delivered a completely refreshed Virtual Card experience. Now more than ever, our virtual card empowers you to strategically manage your tech spend in the most convenient ways. We know how important card purchases are to running your business, and we’ve superpowered our card to meet all of your flexible financing needs.

With our virtual card, you can finance recurring expenses or your subscription based billing all within a few clicks.

In this update, you’ll discover multiple new features including virtual card recommendations, increased flexible payment options, multi-vendor card usage, and last but not least, auto-renewal card reloading.

Watch our video recap or read on for a full breakdown.

Virtual Card Recommendations

Through our accounting integration, we can recognize when you’ve purchased technology using a card, and then recommend those payments for financing.

The virtual card recommendations can be accessed directly from your Gynger homepage. You’ll now see a new tile featuring the card and summarizing the recommendations.

When clicking the tile through to the card setup, you’ll see the recommended expenses automatically populated. You can select the vendors you want to pay for using your virtual card moving forward.

More Flexible Payment Options

We’ve extended the range of payment terms for our virtual card to be on par with our loan offerings. Now with your virtual card, you have the option to pay monthly over 3, 6, 9, and 12 months or by defer payment by choosing net terms of net 30, 60, and 90.

Different from what you experience with other credit cards or charge cards, with Gynger, you don’t have to pay off the balance every month. These flexible payment options allow you to pay off the balance on a schedule that works best for your business

30 Day Spend Window

We’ve shortened the spend window to 30 days to fit more in line with common monthly subscription models. The spend window is the set amount of time you have to use the card to calculate the card spend amount and the corresponding loan amount. With the newly shortened window, you only need to budget for the next month and not the next three months.

Also included in this update: you don’t start repaying Gynger until at least 30 days after the spend window ends.

During the 30 day spend window and the following 30 days, no fees are charged.

To imagine how this might work, here’s a quick example:

Let’s say you spend $143,000 on Meta and Hubspot in the next month, and you select monthly payments over 6 months. You spend $143,000 on the card in the next month, and then you have at least 30 days from the end of the spend window before repayment begins. So you don’t start repaying Gynger until 60 days later.

In this example, if today is Nov 7, you don’t start repaying Gynger until 60 days later on Jan 5.

Multi-vendor Card Usage

We’ve now added the option to pay multiple vendors with the same card. This update makes it easier for you to customize your spend management to align with your business goals and strategies. You can still continue to use separate cards for different vendors or leverage the new option to put them all on one. Either way, you have improved flexibility to spend in ways that best suit your needs.

Auto-renewal Card Reloading

You can now reload the same card, month after month, with new funds to put towards next month’s tech spend.

How does it work? You can enroll into ‘auto-renewal’ when setting up your card by toggling the slider to ‘enroll’. Moving forward, we’ll prompt you to request funds for next month’s spend through a new loan once the monthly spend window expires.

If you have any unused funds on the card from the initial 30 days, then those funds are automatically carried over reducing the loan amount that you're requesting for next month. How great is that!