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Check out how organisations large and small use their prepaid Mastercard and Visa payments solution. 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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Sports after COVID-19

COVID has changed everything. The pandemic, which has swept the globe and affected nearly every country on all six continents, has caused cities to lockdown and normal activities to stop on a scale that has never been experienced before in living memory. However, there is light at the end of the tunnel – cities are now beginning to adapt to ‘the new normal’ and things are gradually opening up.

So, how does ‘the new normal’ affect sports? Competitive sports are loved by people all over the globe. In normal times, we flock to stadiums to watch our favourite football or rugby teams. But with some games being dubbed ‘super spreader events’, what is the answer for playing and watching sports during and after COVID?

Some competitive sports have already started to be played again, with strict testing and isolation procedures for the players. At the moment, no spectators are allowed in venues.

Undoubtedly, a lot will change. Social distancing will need to be undertaken by everybody involved in games for quite some time and this will cause a range of economic and social factors. Let’s look at some things that might change.

How can b4b simplify payments in sport? learn more

Virtual reality will become more common

Virtual Reality, or VR, helps people to see something as if it is actually taking place, and there will be a lot more of this as time goes on. Whether that be 360-degree photos on Facebook or fully immersive video, it will become much more normal to see games through this lens.

Journalism will focus on local sport

COVID is a time when everybody is looking inwards, focusing on their local area and what it has to offer. During the pandemic, it is harder for journalists to travel to report, meaning they may be more likely to focus on small, local teams rather than large-scale national reporting.

Athletes will seek independent forms of employment

It is projected that contracts for athletes will decrease, meaning that they will need to find other ways to fund themselves. They might become influencers, using their platforms to talk about certain topics and making money from sponsorships.

Coaches will become more tech-savvy

COVID is made much easier by technology – from the fact that we can pay using contactless cards to the ever-growing amount of TikToks to keep us amused – and coaches will undoubtedly become more tech-savvy throughout this crisis. During the pandemic, big decisions have been made over Zoom meetings, and with the pressing environmental crisis that will remain after the pandemic, this might be rolled out permanently.

Therefore, during and after COVID, coaches will likely rely on apps to communicate with their team members, draw up timetables and even train remotely.

School events will become important

Schools will need to adapt to playing sports safely, but they are likely to be children’s main involvement with the sporting world for some time. Sporting education in school will be crucial to the physical and mental health of students, as will education into different types of sports and advice on sporting careers.

Payments will change

Additionally, teams will have less funding and find themselves having to adapt in order to find the money to pay their staff. B4B offers safe, easy to use payment solutions for sports teams around the globe. Our contactless, prepaid business cards work anywhere where Mastercard® can be used, and can easily be topped up and utilised by players and organisation-staff alike.

Our prepaid card solutions are great for staff members earning anything from a few hundred to thousands of any currency a month, and they can be used to make payments across the globe. They are a fantastic way for any kind of sporting enterprise – from grassroots campaigns to full-scale sporting events – to organise their money better and reassure people of their job security during this difficult time.

Dos and don’ts of sports payments

As COVID-19 lockdown restrictions begin to ease around the world, many sports fans and athletes are rejoicing as sports games and tournaments are preparing to resume once again. If you’ve recently been put in charge of the sports payments for a travelling sports team, ensure you follow our guidance below…

DO elect a team treasurer

If you are unfamiliar with managing a travelling sports team or have never handled sports payments before, you may be tempted to split the financial responsibilities of your sports team. This, however, will only lead to confusion and make your finances difficult to manage and organise. Instead, elect one treasurer and find a simplified financial system, such as a prepaid payment solution, that will unify your financial expenditure.

DON’T use cash

Whether you manage a small grassroots sports team or an international team of athletes, you should avoid travelling and paying for services with cash where possible. When you travel with cash, you make yourself incredibly vulnerable to theft and put yourself at risk of fraud. With cash, it is almost impossible to track your team’s spending and can be very time consuming to manage and distribute.

In light of recent global events, avoiding the use of cash where possible is essential. Many businesses will only now accept contactless card payments due to the social distancing measures put in place due to COVID-19. Cashless card payments will help to reduce the spread of the virus and help safeguard your sports team and employees from putting themselves at risk of infection.

DO stick to your budget

To ensure you don’t overspend and harm the financial position of your sports team, it is essential you create a precise budget and stick to it. Pre-paid cashless payment cards will ensure your sports team do not go over budget as they will have a specific amount allocated to their card. It will also be easier to track where you have been overspending due to their digital spend visibility.

B4B Payments, voted the Best Prepaid Product of the Year in 2019, offers payment solutions without regional limitations, as they are Mastercard® approved, ensuring your team can travel with ease without having to change payment type frequently.

DON’T mix funds

If you manage multiple sports teams it may be tempting for you to only open one bank account and blend all of your funds and expenses. It is essential, however, that each sports team you manage has a separate bank account and you do not use your personal account to keep any of your sports team expenses.

DO create a payment plan

As sports games begin to take place once again, it is essential you keep your team safe and your finances organised. This is why before hosting or attending a sports event you should contact B4BPayments, to order your prepaid business cards. All prepaid cards are managed with a robust, flexible, and easy to use digital platform and mobile app.

To learn more about how sports events and other organisations are benefitting from contactless payment solutions read our customer stories.

The Future of Payments in Sport

Hint: It’s cashless

According to UK Finance, there were 39.3 billion payments made in the United Kingdom in 2018. Only 28% of these payments were made in cash, which is a 32% decrease over the past 10 years. By 2028, only 9% of payments are expected to be made in cash, so a huge number of businesses are choosing to ditch the payment method altogether.

The use of debit cards is on the rise and 98% of the UK population now use them regularly. Mobile and contactless payments are also on the increase and businesses from multiple industries, including hospitality and live events, are beginning to see the many benefits that cashless payment models have to offer.

Graph showing payment trends prepaid vs debit and credit

How can b4b simplify payments in sport? learn more

Sports stadiums, however, have been slightly more hesitant to adopt a cashless payment system, due to their long history of customers bringing wads of cash to spend on refreshments and merchandise. However, whether you organise grassroots, domestic, or international sports events, utilising a cashless payment solution in all aspects of an organisation can offer the following benefits:

Prevent Fraud

Many sports venues employ a more transient workforce than other businesses, which can increase the likelihood of employees committing fraud or theft. Using cashless payments for business supplies, employees have fewer opportunities to steal from the organisation and any strange payment anomalies are easier to identify via the data collected from digital transactions. Physical cash can be extremely difficult to keep track of. With a prepaid, cashless payment solution, temporary employees will not be tempted to slip some into their pockets.

Increased customer spending

Research suggests that customers are likely to spend significantly more at sports stadiums when they are paying via card or mobile payments rather than with cash. When your customers don’t have to worry about calculating how much cash they have in hand and physically hand it over, they are much more likely to be freer with their spending, whether they’re purchasing food, drink or sporting merchandise. Depending on the size of your sporting venue, that could add up to hundreds of thousands of pounds more per event and could lead to a significant increase in profit.

Save time and money

Businesses are required to pay a small fee for every cashless payment transaction, but this is insignificant when compared to the money that they could save. Manual cash management takes a significant amount of time and it can often take several hours a day to maintain accurate accounting records. From making trips to the bank to counting cash at the end of the day, the minutes spent handling cash can add up and staff will often have to be paid overtime. Cashless sports venues don’t have to worry about the time spent handling manual payments and will find that they have more time to invest in more important tasks.

Social Distancing

The current global pandemic has seen a huge number of businesses switch to contactless card payments to maintain social distancing measures and reduce the spread of the coronavirus. UK sports stadiums are predicted to reopen as early as autumn, but the post-COVID-19 world is likely to see social distancing measures continue. With cashless payments, customers can safely and hygienically pay for items in sports arenas without having to worry about coming into contact with each other, so it’s likely that we’ll see a further spike in the use of cashless payments in venues all over the world.

Powering through the Covid-19 crisis

“When the wind of change blows, some build walls, others build windmills.” Chinese proverb.

Do you know who’s powering along during the Covid-19 ‘crisis’? Fintech company B4B Payments is, and here’s how:

Thursday evening; a dreaded text

B4B CEO Paul Swinton was notified that one of his team had been exposed to the Coronavirus. Fortunately, the company had a Crisis Plan in place. One they’d wisely updated when Covid-19 first hit the headlines. Advance preparations included making sure all the team had access to well-configured technology designed for remote working. Including securely held systems on the Cloud. An email had already been sent to clients and other contacts saying B4B Payments was ready and well prepared to keep operational if the worst did happen. So, B4B was already equipped to offer ‘Business as Usual’ when the virus got too close.

Thursday evening part 2; so it begins

With a click, Paul activated well-considered protocols. All staff were told to start working from home with immediate effect. The Tech team responded by setting up a Whatsapp group to provide them with support and advice, and a way to ask for help.

Friday; getting things into perspective

By 9 am the whole company was self-isolated at home, ready for action and online. They were also displaying their strong sense of unity and community in this challenging time. Paul Swinton, B4B Payments CEO said: “Most importantly, robust steps had been taken to control the potential spread of the virus and to protect our valued staff members and their families. Our second priority that day was to underpin services offered to clients.”

One week later; windmills all working

The team, using a selection of tools including Slack, Trello, internal VOIP telephony, and Signal encrypted chat software is now a true ‘digital workplace’, connected online and powering along as efficiently and effectively as ever. That’s been achieved without compromising any of the comradery and team spirit that makes B4B Payments a first-class employer. Instead of banter around the coffee machine, the team now communicate, collaborate and just ‘chat’ in the virtual realm. Clearly, fully adhering to the self-isolation and social distancing advice from the Government and NHS. All proving the power of preparation, positive thinking and being agile.

Which brings us to another insightful quote: “It is not the strongest of the species that survives, nor the most intelligent. It is the one that is most adaptable to change.” Charles Darwin

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Tags B4B News, COVID-19

Newsroom Tools & Guides Uncategorised

Simple alternative to cash for tour guides

Cash causes so many problems for tour guides out in the field from security issues to admin issues and fraud. It can become extremely complex and troublesome when tour guides are a part of your business model and are out in the field or are working remotely.

Due to this increased demand and opportunity, travel and tour guide companies are now looking at alternatives to streamline their processes, reduce stress and improve business administration, as cash is often a headache to administer and audit. It is also open to fraud and expensive to manage. Cash is a complication that shouldn’t exist in the travel and tour guide sector.

Businesses in the sector are starting to turn to prepaid cards to eliminate cash-based problems and to provide an expenses solution that makes operations smoother.

Solving payroll and funding issues

Prepaid cards allow travel companies to send funds electronically to tour guides or guests, instantly anywhere in the world 24/7. It can also remove any delays caused be traditional banking processes or cash distribution. Eliminating any potential payroll and funding issues can increase employee motivation and as a result, have a positive effect on your business’s customer service.

Increase security and protect your employees

Cash is outdated. Instantly eliminate the burden and risk of carrying or storing cash when travelling is involved, for both tour guides and guests, by using a secure prepaid card. Moreover, prepaid cards are reloadable 24/7 so your employees will only need one card at a time saving your business time and money.

No need for any pesky administration

Prepaid cards can replace petty cash completely. Once combined with expense systems and powerful receipt management tools, companies can manage all of their expenses, payroll, funding and much more on one system. Furthermore, you are able to monitor spending in real-time and integrate with any existing accounting or ERP systems in your business, giving you full peace of mind.

Other benefits

Prepaid cards have obvious cost-based benefits however removing the hassle and headaches associated with inefficient cash-based systems can lead to happier employees. Moreover, this can free up time for your employees and tour guides so that they can focus on their job to create entertaining experiences for tourists and not on their finances. This can lead to higher retention rate with higher performing tour guides who are often difficult to source.

How to choose a prepaid card solution for your travel company

The prepaid solution from B4B Payments offers a Mastercard prepaid card that can be used in the millions of locations globally that accepts payment by Mastercard. Funds can be spent in-store or online, meeting the needs of tour guides, travel companies and other travel stakeholders.

The B4B solution is currently enabling travel companies, tour guides and tourism establishments to replace inefficient cash-based systems for the past 5 years. It was named winner of the Best Prepaid Card Programme category of the Card & Payments Awards 2019. To find out more about how we work with travel companies and tour guides, and how we can help you, call us on 020 3137 3420 or email us at sales@b4bpayments.com.

Tags Advice, Expenses, Payouts

Insights Newsroom Tools & Guides Uncategorised

Eliminate payroll pain for Christmas events

According to the 2018 Pulse Report, the UK events industry is estimated to be worth £42.3bn and much of that figure is likely to be spent on corporate Christmas events. Not only is organising festive events a significant expense but it also can be an organisational headache, especially payroll for temporary or seasonal staff.

With December rapidly approaching, now is the ideal time to look for new ways to make your Christmas party planning simpler and more efficient for this and coming years.

Eliminate the inefficiencies of cash

The security risks, painful administration and accounting complexities have made paying people in cash unviable with company credit cards being even more frustrating. Prepaid cards are the first choice for companies looking for new and more versatile ways to manage corporate expenses, payroll and incentives.

The ideal tool for event organisers

Give your event organiser a prepaid card loaded with an amount you decide and keep track of their spending in real-time. It also means that you are not putting your team in the position where they have to fund expenses out of their own pocket and go through a time-consuming and frustrating manual expense claim process.

Also, you might need to enable multiple people or departments to pay for different aspects of the event such as travel, venue management or sourcing gifts. In that case, it would be impractical and undesirable to issue more company credit cards for a short-term project. With prepaid, you can instantly issue additional cards with different amounts loaded to other team members. This allows you to make completely bespoke employee incentive programmes instantly.

If you are arranging an event abroad where card payments aren’t always accepted, your team can always withdraw cash using their prepaid card from a local ATM, usually incurring lower fees than if withdrawals were made using credit cards.

Stay on budget

While everyone wants their event to be a great experience, nobody wants to find they have gone over budget to achieve it. One of the many drawbacks of paying with cash is that you’ll find it almost impossible to tell if you are nearing or exceeding your staffing budget. Using prepaid cards from B4B Payments would enable you to see exactly how much is being spent in real-time.

Pay a few or a few thousand staff

Whether you’re hosting a Christmas party, impressing your clients or putting on an awards evening, prepaid cards can help you manage events where you are employing a few to a few thousand temporary staff. As you can re-load cards remotely, you can pay staff via a prepaid card once or multiple times using the same card.

Another important advantage is that prepaid cards don’t have to be physical plastic. Today, you could issue virtual prepaid cards that can be issued instantly to anyone in the world. It’s the ideal solution for when you need to set up a method of payment fast for workers in other geographies.

Maximum spending appeal

Some prepaid cards, such as the ones you can issue to staff via B4B Payments, can be used to pay for goods and services anywhere that accepts payment by Mastercard online or offline. That means that you are well positioned to attract temporary staff for your event, especially those who don’t have bank accounts. Your seasonal workers will enjoy the benefit of being able to spend their pay immediately, virtually anywhere.

Expenses for staff

In addition to payroll for seasonal staff, you might also need to cover their expenses incurred such as travelling to your venue or meal allowance. The process of claiming staff expenses is quick and simple for both you and your employees with the ability to upload receipts electronically. No more inefficient manual processes or paper receipts to process and file.

Celebrate your brand

An event is a great opportunity to show off your brand. If you are looking for some extra visual impact, your cards can be branded with your logo as part of a production run from just a few hundred units.

Prepaid cards – not just for Christmas

Mastercard published details of how more companies than ever are finding they can benefit from financial services from suppliers other than traditional banks. The Mastercard Prepaid Consumer Experience Index stated that prepaid use is predicted to grow by 133% in the next five years globally. The figures state that using prepaid cards to manage expenses is likely to be the number one reason why more companies will begin using prepaid cards.

B4B Payments is a multi-award-winning provider of Mastercard prepaid cards to companies, government departments and other types of organisation for uses such as expense management, gifting and payroll. To hear more about B4B Payment product updates, the latest Fintech news or how clients use our products get in touch with us on Linkedin, Twitter or via our website.

Tags Advice, Payouts, Payroll

Company News Newsroom Uncategorised

B4B Payments shortlisted for two PayTech Awards 2019

B4B Payments is delighted to have been shortlisted for the PayTech Awards 2019 in two categories. The nominations are in the Best Corporate Payments Initiative and Best Prepaid Initiative categories. Both awards present the very best in the use of B2B prepaid technology and highlight B4B’s expertise in corporate expense management.

‘We are proud to have been shortlisted for these two awards, which really signifies the strides we have made over this past year as a company,’ said Paul Swinton, CEO. ‘It also demonstrates that the hard work the team has put into our solution and technology, through continuous innovation and improvement, is not only paying off but also leading the industry.’ Winners will be announced at a ceremony on 5th July 2019 at the HAC, London.

Tags Awards, B4B News

Company News Newsroom Uncategorised

CEO Featured as special guest on FinTech podcast

B4B Payments CEO & PIF Chairman, Paul Swinton, recently featured on Fintech Unplugged, a leading podcast for the fintech industry.

Paul joined hosts Robert Courtneidge from Moorwand and Suresh Vaghjiani from Tribe Payments, where he discussed what makes B4B Payments an award-winning business, how he got involved with industry-body PIF and his rise to the position of its Chairman. Paul also offers his opinions on the perception of prepaid cards in the market and his views on the current fintech scene.

Listen to the full podcast here.

Tags B4B News, Events

Company News Expense Management Insights Newsroom Uncategorised

GLA Renews ambassador card programme

B4B Payments has extended its relationship with the Greater London Authority (GLA) and Team London to provide prepaid cards for its London Ambassador Programme.

For the past five years the volunteering programme, driven by the Mayor of London, has welcomed nearly one million visitors to the capital every summer. The Ambassadors are the friendly face of London welcoming and assisting visitors at some of the capital’s top tourist hotspots and major sporting or cultural events.

The Ambassadors give their time freely but receive a prepaid card to use for the small expenses that enable them to carry out their duties.

Tim Robson, B4B Payments Account Director, said: “We are delighted to be renewing our relationship with the GLA to support this valuable service and the tourism industry here in London. These voluntary Ambassadors do a great job and we make life easier for both the volunteers and the GLA by streamlining their expenses process.”

The B4B solution was named Best Prepaid Product Of The Year 2019 at the prestigious Card and Payments Awards earlier this year.

Tags B4B News, Case Studies, GLA, London

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A GUIDE TO THE NEW GIFT VOUCHER VAT CHANGES

Is this the end of vouchers for your business?

Does your company give gift vouchers as part of its employee recognition or incentive schemes? If so, you need to be aware that UK VAT rules have changed and your company can no longer claim back the VAT on gift cards purchased.

This 20% increase in the cost of gift cards is likely to come as a surprise to many companies as the demand for gift cards has continued to increase in recent years. Annual sales for gift cards and vouchers had been on the rise. According to Mercator, sales stood at £6 billion in 2017 with projections of that figure reaching £7.4 billion.

New VAT rules on gift vouchers were introduced on 1st January 2019. Unfortunately, every company using vouchers will have to learn some new and quite complicated rules and definitions as well as suffering a hike in the cost of their vouchers.

Why the change?

Last year, HMRC explained that previous VAT rules on gift vouchers resulted in vouchers being taxed double or not taxed at all. The new rules now define how vouchers with a single and/or multi-purpose should be treated and crucially, when VAT should be applied.

New definitions

You may be already be familiar with the current definitions of Single Purpose Vouchers (SPVs) and Multi-Purpose Vouchers (MPVs). The new legislation will change the current definitions. SPVs are vouchers where the place of supply of the goods and services, and the vat liability on the supply are all known at time of issue. This will mean that many MPVs will now be considered as SPVs.

VAT will be due when it is issued and not when the goods or services are actually provided, VAT will always be due even if it is never used. As a result, potential business cost has increased.

The new VAT gift voucher changes, implemented at the start of the new year, will cause many businesses to re-evaluate whether vouchers are worth the extra cost and complication for what is quite a dated concept. B4B have created a simple infographic that breaks down the changes using an example.

Download the Infographic

Is there an alternative to vouchers?

The introduction of the new VAT laws will prompt many companies to re-evaluate whether vouchers are worth the extra cost and complication for what is quite a dated concept. Gift vouchers have several drawbacks that your employees or other recipients will find irritating.

Gift vouchers can usually be used at only one retailer which limits their choice. Also, expiry dates on gift vouchers can lead to frustration and disappointment if your recipients don’t use it in time.

B4B are the alternative

The changes to the VAT rules mean that gift vouchers are now treated the same as prepaid cards yet prepaid cards offer a number of advantages. Prepaid cards such as those offered by B4B Payments are accepted worldwide anywhere that accepts Mastercard payments.

Now is the ideal time to take a fresh look at how your company uses cards and the most effective way to reward employees and partners. To find out more about how prepaid cards can be a much simpler alternative to vouchers, contact us at 020 3137 3420 or info@b4bpayments.com.

Tags Advice, Infographic, Regulation, Rewards & Incentives