Category: FinTech

Unlocking Rewards for All

In a world where companies struggle to offer incentives that truly satisfy their employees and traditional benefits often miss the mark, a significant change is happening. Performance Bonus solves the pains of incentive and rewards scheme administration and delivery whilst also increasing companies’ Return On Investment(ROI).

Teaming up with B4B Payments since 2019, Performance Bonus specialises in delivering BONUS rewards through prepaid Visa / Mastercard products. These cards, accepted globally in over 30 million locations, comply with the UK’s taxation requirements.

David Burton, CEO of Performance Bonus Ltd, states, “Partnering with B4B Payments has created exactly the ‘win-win’ result we intended. For Performance Bonus, it has broadened our offering, already winning new clients, and for B4B Payments, it has opened up a ‘turn-key’ solution through us into the incentives and rewards market”.

To date, Performance Bonus has successfully administered over £20 million in rewards through various programs, including Business (B2B) promotions, in-house sales incentives, and staff recognition initiatives.

Physical and Digital Channels and Personalised Gifts

Experts in leveraging accessible digital channels, Performance Bonus ensures effective communication and delivery of incentive programs. This extends to embedding the reward payment solution into clients’ Intranets/Apps or their BONUSme Microsoft Azure Hosted application.

Clients can either outsource their complete programme fulfilment through Performance Bonus or have direct access and control of their brand solutions using their systems and support as required.

Building a Collaborative Culture: click as a team

The Performance Bonus success story includes helping a lead client dominate the motor finance incentive space for over a decade. This was achieved through a bespoke incentive solution that evolved to reward salespeople based on customer satisfaction and NPS score achievement via a branded prepaid card solution.

To achieve Performance Bonus’ potential, they found B4B’s flexibility, capability and approach enabled them to 

• Create a core ‘non-cash’ compliant, contactless prepaid product in the Mastercard ecosystem. 
• Future-proof their product for GooglePay/ApplePay (using B4B’s one-click adoption) 
• Quickly and cost-effectively launch co-branded prepaid cards for their clients, featuring either the clients’ branding or an ‘off the shelf’ BONUS card.
• Provide their clients with the choice of both eco-friendly plastic cards and/or virtual cards.
• Use API access to build client-branded cardholder applications and incorporate them into our own Microsoft Azure-hosted Bonus Administrator app.

David Burton continued, “We had experienced a couple of ‘false starts’ with other possible partners, but the ‘can do’ attitude at B4B has made the creation of our joint offering a real pleasure to be involved with”.    

Conclusion: Paving the Future of Rewards

Together, Performance Bonus and B4B Payments have built the strategic asset that Performance Bonus sought by adding compliant prepaid capabilities alongside their performance measurement and rewards administration offerings.

Tim Robson, Account Director at B4B Payments, expresses optimism for the future, stating, “It’s really good to see the incentive and reward products we have created together working so well, and with much of the market turmoil of the last few years hopefully now behind us, we wish Performance Bonus every success in our partnership moving forward”.

Background

Swedish startup Juni was listed as 2021’s fastest-growing fintech startup in Europe. With a goal of eliminating common challenges faced by e-commerce businesses, Juni provides a financial platform that gives them complete visibility and control over their cash flow with a unified view of multi-currency business accounts, corporate virtual cards and flexible credit with unparalleled insights and analytics – all in one place. 

Since 2022, Juni has leveraged B4B Payments’ BIN sponsorship service to power its prepaid Mastercard card proposition and make it easy for businesses to keep track of their finances across multiple platforms. By partnering with B4B, they can ensure compliance, strengthen our presence in the UK, and enhance scalability. This collaboration reinforces our commitment to empowering FinTech innovators and established players alike, fostering a more inclusive and efficient financial landscape for SMEs.

B4B: Full digital payment solutions within one provider

B4B Payments stands out by providing a full range of financial services as a regulated Electronic Money Institution (EMI) in the UK and Lithuania. As a Principal Member of Mastercard Europe and a partner of VISA Inc in the USA.

Following Brexit, many pan-European fintechs that operate in the UK have been impacted by the change in regulation. Therefore, teaming up with Banking-as-a-Service(BaaS) providers, like B4B, ensures they can still provide the unwavering compliance, security, and quality service we pride ourselves on.

Strategic partnerships take businesses to the next level.

The partnership between Juni and B4B Payments is a significant step towards achieving our mission of empowering businesses with practical and secure financial management solutions. By leveraging B4B Payments’ licensed capabilities in the UK, they can navigate the complexities of the post-Brexit regulatory environment while maintaining the highest security and compliance standards for their valued customers.

Samir El-Sabini, Co-founder and CEO of Juni, highlighted the benefits of partnering with B4B. 

“We have a long-standing partnership with B4B, primarily in the UK, that has enabled us to scale Juni and continue our fast-paced growth while, most importantly, giving our customers more value when using our platform. Through B4B, we’ve launched both new currencies and cards, and we’re looking forward to building out our offering in 2024.”

Paul Swinton, CEO of B4B Payments, also shared, 

“We’re delighted that we supported bringing the Juni prepaid Mastercard to market at its early stage and to see our payment solutions leveraged innovatively to empower e-commerce and digital marketing entrepreneurs. As an established fintech firm ourselves, we’re excited to be part of Juni’s continued success, and we look forward to working closely with them to achieve their ambitious roadmap.”   

Future: Power any idea to the global market:

Utilising BaaS, companies can seamlessly embed financial services from B4B’s Banking Stack and License, fostering innovation. This streamlined approach reduces operational costs, enhances the customer experience, and accelerates the development of the fragmented B2B FinTech Market. Startups can scale rapidly, delivering exceptional customer value and addressing underserved markets more effectively.

The partnership with Juni exemplifies B4B’s Bin Sponsorship, facilitating global growth post-Brexit, accelerating the development of the B2B FinTech market, and removing barriers and costs for unserved markets, allowing SMEs to grow quickly and at a low cost without compromising quality.