Entrepreneur

This Startup Can Make Your Online Business Legit—And They Just Raised RM500k To Do So

Social media and technology has given people the avenue to set up their own businesses and to deal with their personalised list of clientele. Individuals that would have never thought about entrepreneurship before are now self-employed, thanks to the advancements in tech.

In an effort to give such businesses, home traders, online sellers and freelancers, more of a professional touch, David Sin and Belinda founded GiveReceipt.

GiveReceipt is a simple and easy to use e-receipt platform to quickly generate PDF e-receipts and send them out to customers. When I last wrote about them, they were still testing out their beta version but since then they’ve made improvements and fine-tuned their features.

At the present moment, the team behind GiveReceipt have launched a robust web application and are also working around the clock to release native apps for both the Android and iOS platforms.

Image Credit: GiveReceipt Facebook Page
Image Credit: GiveReceipt Facebook Page

In essence, GiveReceipt provides a simple and user-friendly interface that allows users to quickly create and send out digital e-receipts via email. Small businesses can make use of GiveReceipt’s GST support and input their company registration numbers. Once they sign up for an account and key in their company details, they can quickly input a transaction along with its item and price, and GiveReceipt will automatically generate and send out a PDF e-receipt to the customer’s email address.

The founders of GiveReceipt
The founders of GiveReceipt

Sellers that set up shop on e-commerce platforms like e-bay, social media platforms like Facebook or even small businesses can provide a certain level of reassurance for their buyers. They could use the receipts to settle any disputes and address issues that might arise between them and their customers.

David Sin, the founder said, “Issuing a receipt for any sale is some form of legal transaction. It’s a form of reassurance for buyers that they are dealing with a legit seller. Sellers who issue receipts would also protect themselves in the event of disputes on price and goods sold. All details would be locked down between buyer and seller.”

givereceipt 3

GiveReceipt currently offers 3 pricing plans. Interested sellers can sign up with a basic account that gives them the option of sending out a maximum of 30 receipts. They’d then have to opt between the premium and the professional account.

They launched the premium plan after operating for 2 months and this plan allows users to send more receipts every month and customise the platform to suit their preference. The plan starts from as low as RM15 per month and it can be very beneficial for small businesses for a start.

In the beginning, GiveReceipt did experience some difficulty in getting users to opt for the premium or professional plans primarily due to the fact that people are used to free services on the Internet. However, once users get a taste of the app, they are more than willing to switch over to the premium plan. You can click here to know more about their pricing.

GiveReceipt has been operating for the past 3 months and has managed to capture a market slice of 500 active users approximately—a number that continues to rise.

Image Credit: GiveReceipt
Image Credit: GiveReceipt

In order to fuel their continuing growth efforts, GiveReceipt just raised RM500,000 from Cradle Fund Sdn Bhd (CFSB) as part of their Cradle Investment Program (CIP) 500 seed fund. Previously, they also managed to raise an undisclosed seed round of funding from investment firm Qeerad.

Given that the platform was built and bootstrapped by a team of Malaysian entrepreneurs, this will give them sufficient capital to expand quickly and capture newer markets in the ASEAN region.

He said, “We’re very thankful to be a part of CIP500. It’s very exciting to see others believing in the solution and product we’ve created. It’s a huge opportunity and from this point onwards, we’re going to have to move fast and grow exponentially across the region.”

The founder, David and the development team, Chris Droom and Hassanin Ahmed
The founder, David and the development team, Chris Droom and Hassanin Ahmed

Once they expand their operations beyond Malaysia, it’s a well-known fact that they will face new competitors and they’d also have to deal with a more complex set of dynamic market forces. However, David affirmed, “Our main competitors are on the other side of the world. In terms of features like GST, company details, ours are more catered ”

“Our advantage is understanding the local needs when it comes to issuing receipts,” he also added.

If you’d like to send out professional receipts and make your business more legit, you can sign up at GiveReceipt for a free account.

The team at GiveReceipt has generously offered a voucher code for Vulcan Post readers who would like to upgrade from the Basic plan to the Premium plan. For RM120 off, which is worth 6 months, use the voucher code Vulcangivereceipt when upgrading the account. This is valid for the first 200 users.

 

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