Category: Company News

B4B Payments provides smart and flexible payment processing solutions, which enable any size organisation to manage expenses, simplify payroll and offer employee rewards and incentives.

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B4B Payments to Showcase Instant Card Issuing and Payments Innovation at Money 20/20 USA

B4B Payments, a Banking Circle Group company, will demonstrate its robust and scalable corporate card issuing and payments platform for the first time publicly to US companies at this year’s Money 20/20 event in Las Vegas, NV.

Check out further information here.

 

 

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B4B awards Ana for the Above and Beyond Award (US)

She has been awarded a virtual card sent to her email, where she can spend online or in-store.

We are incredibly proud to announce that Ana Santos, the Client Operations/Account Manager for B4B Payments, has won the Above and Beyond Award (US)!

Being recognised for your hard work is always a great feeling. It’s even better when that recognition comes from your colleagues. That’s why we hold this award to give all employees the opportunity, to nominate a colleague they believe embodies our core company values.

This award is also a way to show appreciation for those who go above and beyond in their work. We believe rewarding our employees is essential in creating a positive and supportive work environment where everyone can succeed. Here is what Ana had to say:

1. How do you feel about winning the award?

It’s always nice to be recognized by one’s colleagues for a job well done. The gift of a virtual B4B Payments Visa card is a simple, fast method to acknowledge that hard work, and it allows the recipient the opportunity to use those funds anywhere Visa is accepted.

2. Was it easy to get started?

Registering my virtual B4B Payments Visa card was quite simple on the web browser and took only a few minutes. Once I completed the registration process, I could easily find the card details. In the email instructions are provided on how to use it, as well as contact information for Customer Service should I have any additional questions.

3. Where and when do you plan to spend your virtual card?

I am eyeing a leaf blower (‘tis the season, you know) and this will help me pay for it.

4. Why do you think this is an excellent way to reward employees?

It’s a fast, convenient way for employers to acknowledge their staff for their contributions to the enterprise. B4B could not make it any easier.

Prepaid virtual cards are the perfect choice

Organizing an effective reward and recognition scheme in the workplace can be a challenge. You want to give your employees something that will boost motivation and productivity, but you also don’t want to break the bank. Our prepaid virtual cards are the perfect solution! They’re flexible so that you can tailor them to everyone’s needs. They’re a great way to attract top talent into your business. You’ll stand out from the competition by giving them something they want.

We provide the option to brand your cards with a cardholder app fully. Your employees can also add the card to their Google Pay and Apple Pay wallets!

Our prepaid virtual cards are the perfect choice if you’re looking for a way to give your employees the recognition they deserve. To find out more, contact us today!

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B4B Payments at Money20/20 USA: globalising US fintechs for European issuing and payment expansion

We look forward to attending Money 20/20 USA and discussing with industry friends and partners how we can help them achieve their payment vision.

Check out further information here.

 

 

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B4B are proud finalists for The Banking Tech Awards 2022

We are delighted to be shortlisted as a finalist for the Best FinTech Partnership and COVID-19 Response by Financial Inst The Banking Tech Awards 2022, hosted by FinTech Futures.

The Banking Tech Awards recognise excellence and innovation in the use of IT in financial services worldwide, and the people who make it happen. 2022 will be the 23rd year for these prestigious awards.

For the COVID-19 Response by Financial Institutions category, B4B played an important role in supporting Patient Primary, a division of the mdgroup, in their clinical trials journey helping to drive improved participation levels and maintaining smoother and more efficient processes.

For the Best Fintech Partnership category, B4B’s next-gen BIN sponsorship solution supported Juni through all the stages in bringing their business to the next level. You can find out more about this partnership here.

Best of luck to all the finalists! We look forward to the awards ceremony on the 1st of December at the 5-star Royal Lancaster Hotel in London.

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B4B Payments named the best end-to-end issuing and payment solutions company in the UK

We are proud to have won the Best end-to-end issuing and payment solutions UK category from the World Business Outlook Awards. The application was supported and substantiated by our partner, Voly.

Voly is an award-winning fintech provider specialising in financial management for the yacht and multi-assets industry. Recently the Voly offering has been successfully adapted to support the music, TV and film industry.

They were looking for a card issuing and payment platform to help streamline and scale their yachting and music business more quickly, and B4B was able to support them through this journey.

B4B and Voly partnership

Our partnership with Voly has successfully developed over many years. Although the financial services landscape has changed significantly during that time, both companies were committed to innovating to stay at the forefront of their industries. We have understood the ever-changing needs of Voly’s business and have worked hard to adapt and evolve our offerings, to ensure they have the best solution available in the market.

Talking about the partnership with B4B, Ian Flanagan, Found and CEO of Voly Group says:

Voly’s collaboration with B4B has been a great success. B4B understands our product and the industries in which we provide financial management services. In working with B4B, we have built a relationship that provides a market-leading treasury management solution for the yachting and music space. It was definitely a learning experience for both parties to begin with, but one which has gone from strength to strength over the years and we look forward to continued growth and collaboration with B4B

Next-gen solutions for future businesses

B4B Payments’ next-gen solutions are designed to scale flexibly over time to support fintech companies like Voly. From direct payments to client branded cards, B4B’s offering is designed to be either embedded within a client’s infrastructure or as a stand-alone product.

Our commercial model is streamlined, and uncomplicated, technical requirements are minimal and significant control is placed within our client’s hands. We believe these attributes are fundamentally important to corporates who wish to save time, money, and hassle.

Paul Swinton, CEO of B4B Payments says:

We value our partnerships and our relationship with Voly has lasted many years and will continue building together a leading-edge solution for the yachting, music,  TV and film industry. We’re committed to providing innovative solutions that make a difference to our clients and being recognised for this is a big honour

Partnering with B4B Payments allowed Voly to provide more value for their demanding customers and helped the company to scale quickly while also giving them an edge over the competition.

To find out how our solutions can help you, contact us today!

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Case studies Company News

B4B digital and safe solutions supports ‘Thames Reach’ help protect the homeless

We are proud that our solutions have helped protect the homeless during the pandemic by providing shelter.

About Thames Reach

Thames Reach is a charity based in London, supporting people facing homelessness through prevention, response, and recovery. The charity specialises in helping people with complex and multiple needs, including mental health, drug and alcohol use. It manages a range of services, including street outreach, frontline hostels, and day services, specialising in support of housing and employment schemes. Thames Reach’s mission is to assist homeless and vulnerable adults in finding decent homes, building supportive relationships, and leading fulfilling lives.

The situation

The financial exclusion was a massive hurdle for homelessness during the pandemic. Homeless people don’t have the facilities and documentation to open a typical bank account. As measures were introduced to curb the virus, many services moved online and being unbanked created additional problems with day-to-day payments and accessing government support systems. At the height of COVID-19, when paying for things in person became a problem, this group of individuals was more excluded than ever.

During the pandemic, payments were provided under Government contracts, following an order to get everyone off the streets. This allowed Thames Reach to provide essential payments to help victims during the most challenging times of need. 

An issue for them was how to pay government aid in a way that doesn’t put support victims at risk of being targeted as known carriers of cash.

They wanted to implement better control over expenditure and reduce the risks associated with the distribution of funds for both the recipient and the charity workers.

The solution

Thames Reach plays a crucial role in helping to address social inequality and providing intervention to individuals at critical times of need. Its mission is to assist the homeless and vulnerable men and women to find decent homes, build supportive relationships and lead fulfilling lives off the streets of London.

B4B Payments expense cards have been one of the critical measures put in place to help support those who are homeless and at risk.

Working with B4B Payments, Thames Reach found an easy-to-use digital solution to help clear the streets of homelessness during the pandemic. Homeless people were deemed the most at-risk group due to their inability to shelter and protect themselves against COVID-19.

The B4B payments system and card allowed outreach workers to make direct payments to support vulnerable people on the capital’s streets. Their team leaders used the B4B system to keep track of government disbursements when buying food, clothing and shelter, subsequently helping at-risk individuals get on with their lives and reach more positive outcomes. 

The benefits

With their B4B prepaid cards, Thames Reach received unique login details for the management portal that enabled access only via their fixed IP address.  The burden and risks associated with cash handling were eliminated by putting funds on a virtual prepaid card. Our prepaid cards have reduced administrative strain and overall cost for the charity, making them more efficient and agile and ensuring more donations and payments were spent supporting the victims in need rather than paying for support services. 

Once an individual was identified as at risk and in need of support, the process of paying for accommodation was fulfilled digitally – benefitting both workers within the Thames Reach offices and the people they serve.  Funds were safely transferred to the B4B float, and payment was made to the merchants without needing cash or vouchers, all administered by an intuitive, easy-to-use payment card and management portal.  

Here is what Martin Hubbard, Head of Finance had to say:

By providing our front-line staff with pre-paid credit cards we enable them to provide immediate support to our clients but within a framework that gives us control over how much can be spent by each employee

Fintechs have a considerable responsibility to break down legacy barriers within the banking and financial services and make financial services more accessible to those in need. With our help, Thames Reach has now achieved the best possible system for supporting victims’ homelessness, allowing payments to at-risk individuals remotely and securely.

To find out more, contact us today!

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Case studies Company News

B4B awards Steve for the Above and Beyond Award (UK)!

He has been awarded a virtual card sent to his email, where he can spend online or in-store.

We are incredibly proud to announce that Steve Meacher, the Customer Service Manager for B4B Payments, has won the B4B Above and Beyond Award (UK)!

Being recognised for your hard work is always a great feeling. It’s even better when that recognition comes from your colleagues. That’s why we hold this award to give all employees the opportunity, to nominate a colleague they believe embodies our core company values.

This award is also a way to show appreciation for those who go above and beyond in their work. We believe rewarding our employees is essential in creating a positive and supportive work environment where everyone can succeed. Here is what Steve had to say:

1. How do you feel about winning the award?

At first, I was surprised as I didn’t expect to be nominated. It’s lovely being recognised for my contribution to the business by colleagues.

2. Was it easy to get started?

Registering for my virtual Mastercard was very simple when using the B4B Payments app. It took no more than two minutes; the longest part was trying to choose a username! Once I was registered, it was easy to find the card details. There is also information on how to use the virtual card and the contact us button so I can send a message to Customer Service should I have any additional questions.

3. Where and when do you plan to spend your virtual card?

I plan on spending my virtual card funds on new winter clothes, as it’s just around the corner. It’s great that I can use my virtual card online, add it to my Apple wallet and use it in-store to pay, should I see anything I like whilst I’m out shopping.

4. Why do you think this is an excellent way to reward employees?

I think it’s a great way to reward staff because they will feel acknowledged for their hard work by their employee and colleagues.

Prepaid virtual cards are the perfect choice

Organising an effective reward and recognition scheme in the workplace can be a challenge. You want to give your employees something that will boost motivation and productivity, but you also don’t want to break the bank. Our prepaid virtual cards are the perfect solution! They’re flexible so that you can tailor them to everyone’s needs. They’re a great way to attract top talent into your business. You’ll stand out from the competition by giving them something they want.

We provide the option to brand your cards with a cardholder app fully. Your employees can also add the card to their Google Pay and Apple Pay wallets!

Our prepaid virtual cards are the perfect choice if you’re looking for a way to give your employees the recognition they deserve. To find out more, contact us today!

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Case dismissed: Digital payments outperform checks in class action disbursements

Class action lawsuits can take years to negotiate and for courts to approve a final settlement. Historically, managing settlement disbursements have been equally time-consuming due to labor-intensive, and costly check-cutting processes.

Digital payments are now changing the disbursement process and creating greater efficiencies for litigators, claim administrators, and payees.

The use of digital payments had lagged from the court system’s initial foray into digitizing the class action process with the adoption of the 2018 amendments to the U.S. Federal Rule of Civil Procedure, notably Rule 23(C)(2)(B). This rule allowed class-action notices to be conducted through electronic channels such as emails and social media. With growing consumer preference for electronic payments, it was only a matter of time before court systems would see electronic payment distribution in business-to-consumer legal cases as a viable option for disbursements. Today, more courts embrace digital payment options such as automated clearing house (ACH) deposits, wire transfers, and prepaid and virtual card-based payments.

Checks continue steady decline in usage

The frequency of using checks continues to be on the decline in the U.S. for consumers and businesses. According to data from the Federal Reserve, the use of paper checks amounted to 15% of transactions in 2012 and fell to 8.3% in 2019*. Visa’s unreleased Q4 2021 “U.S. Share of Wallet Report” paints a similar picture with U.S. consumers using checks only 7% of the time to make payments, down from 54% in 1996.

According to Aberdeen Strategy Research and Bank of America, the cost of cutting and managing checks is not cheap either and averages about $7 to $15. In some instances, the cost to disburse checks can reach up to $20, considering the required mailing and processing. These incremental costs add up quickly and can sometimes exceed the settlement disbursement amount. Unclaimed checks from settlement cases create issues related to unclaimed property liability from uncashed checks, which are considered funds outstanding in company ledgers. In class actions, payers must report on the settlement funds, which sometimes leads to the daunting task of tracking down recipients who have not received or cashed their checks.

Digital payments is a win for financial inclusion

Beyond the general declining value of using checks, courts have embraced digital payment as a viable option to address financial inclusion issues. Approximately 25% of U.S. households are unbanked or underbanked. In many cases, unbanked class members receiving checks are forced to pay substantial fees for check cashing services. To open a bank account simply to receive their payments, these class members would be required to open a new account and prove creditworthiness if they have not already.

Issues regarding unbanked populations have been a big challenge to legacy settlement fund distribution. In a cashless system, prepaid cards can ensure that people without bank accounts can still participate and access benefits.

Integrating digital payments enables claims administrators to offer claimants the choice of how they would like to receive payments, from direct-to-bank account options to popular virtual cards / digital wallets.

Digitizing and streamlining the fund distribution process can help create greater efficiencies for legal claims disbursements in multiple ways. B4B Payments provides an innovative and flexible digital payment solution that enables class member settlement and mass tort disbursements to be paid quickly and efficiently with virtual and physical Visa prepaid cards.

Get in touch today to find out how B4B Payments can help you make your fintech ideas a reality with our next-gen BIN Sponsorship services.


*The 2019 Federal Reserve Payments Study,” Federal Reserve

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How our contactless prepaid cards can benefit the travel industry

The travel industry was particularly hard-hit by the COVID-19 pandemic, but the future looks brighter. Industry bodies expect to see a boom in travel as people make up for years spent at home due to the COVID-19 pandemic.

As travellers return to the road or the skies, there are signs that they’re prepared to spend more to make their next trip special – As of December 2024, nearly 80% of U.S. adults plan to take a vacation within the next 12 months, with an average vacation budget of $5,051. 

With consumers champing at the bit to jet off, travel and tour operators are in an ideal place to capitalise on the situation, offering new and innovative ways for their guests to make their trip extra special. 

Prepaid cards have a long history of use in the travel industry – foreign exchange providers have offered prepaid currency cards for many years, giving travellers a convenient, secure alternative to carrying large amounts of foreign currency when they travel. In 2022, there are tons of ways prepaid cards can be used to elevate your customers’ travel experience and increase their lifetime value. 

Post-COVID recovery

While many holidaymakers can’t wait to get away without the stress of masks and restrictions, others remain cautious. Data from booking.com suggests that nearly half of all travellers opted to avoid public transport while travelling in 2021, and 79% of global travellers will take more precautions due to COVID. 

With consumers looking to travel companies to support them to stay safe while travelling, contactless prepaid cards could be a useful way of reducing potential transmission points and help customers feel more confident bouncing back from the pandemic. 

Cruise onboard spend

Prepaid cards are the perfect choice for cruise onboard spend, allowing your guests to purchase everything from spa treatments and souvenirs to onshore excursions. Prepaid cards are particularly useful for cruise passengers as they can be used in multiple currencies, making it easy to make purchases onshore as well as on board. 

A branded card makes it easy for guests to manage their onboard funds, as well as offering an easy method for applying any incentive or reward payments they may have earned. 

Best of all, funds loaded onto a branded card can be saved for a future trip, encouraging repeat travel and increasing customer lifetime value. Payment cards could even be used to incentivise customers when they’re not travelling – for example, by offering discounts at select partner retailers. 

Tour groups

Security is a high priority for many guided tour groups. Organised tours are highly visible and can easily become a target for pickpockets and thieves, leading many tour operators to set requirements that guests wear travel belts or take other security precautions to keep their belongings safe. 

Branded prepaid cards could help you offer another level of security to your guests. By requesting that funds are stored on your company’s prepaid cards, you can easily freeze lost or stolen cards to avoid funds being lost, and can quickly transfer your guest’s funds onto a new card instead. This means that if the worst happens, you’re able to respond quickly and get your tour back on track – saving your guests the hassle of having to call their own banks to freeze cards, or arrange alternative payment methods in the interim.

Tour guide expenses

Prepaid cards aren’t just useful for your guests. They’re also perfect for employees like travel representatives or tour guides. 

Prepaid company expense cards can make it easy for your representatives to manage expenses, both for themselves and on behalf of the groups they’re working with. With the option to set automatic top-ups to a preset limit, your guides will always have access to the funds they need to deliver amazing experiences for your guests, and with easy photo upload of receipts and automatic integration with your accounting system, reporting is a breeze too. 

Delay subsistence funds

Every travel organisation occasionally runs into problems with delays or cancellations. While these are unavoidable, the way your brand supports customers can have a significant effect on their experience with you, and on the effect of disruption on your reputation. 

While many travel operators provide vouchers to delayed or stranded guests, prepaid cards could be a more user-friendly and modern option. While vouchers are only accepted by specific outlets, a prepaid MasterCard or Visa can be used in millions of locations worldwide, giving your guests more choice and a better customer experience. Prepaid cards can also be topped up instantly, allowing your customers to cover the cost of pre-approved expenses like taxis or hotels without needing to front the funds from their own money and claim back later. 

Trust B4B to elevate your guest experience

Prepaid contactless cards from B4B can help travel companies deliver an elevated customer experience to their customers, and help make their return to travel extra special. To find out more about how we can help, book a demo today.

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Meet B4B Payments and Banking Circle at Money20/20 Europe in Amsterdam!

This week B4B Payments and Banking Circle will be exhibiting at the biggest fintech event in Amsterdam taking place on 7-9 June!

Money20/20 Europe is a global fintech event focused on payments and financial services innovation for connected commerce at the intersection of mobile, retail, marketing services, data and technology.

Who is B4B Payments?

Check out further information here.