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Insurance Companies Gain Competitive Edge with Prepaid Cards | B4B Payments

Increased demand by consumers for faster payments makes prepaid cards a strategic choice for insurers looking to gain an edge

The competitive landscape between insurance companies continues to be fierce as new technologies and digital-first entrants penetrate the marketplace. A significantly growing area of competitive differentiation that has come into focus is the ability of insurers to provide payment options and instant payments.

Digitally connected customers are seeking carriers providing instant and same-day disbursements. The change in consumer behavior and expectations has paved the way for more insurers to leverage instant issue and reloadable prepaid cards as a simple and cost-effective means of growing and retaining their customer base. Additionally, using these products is one key step companies are using to prevent the loss of market share to so-called “digital born” competitors.

The delays between filing a claim and receiving reimbursement can be frustrating for insured individuals. Without the funds to pay for things like repairs or medical bills, policyholders may need to use their savings – or worse yet credit cards – until an insurance payment is made.

However, by using prepaid insurance cards, insurers can immediately provide the necessary financial support, reducing the pressure on both you as the insurer and your customers while significantly simplifying claims processing.

In a recent study by PYMNTs , when given the option, consumers chose instant payouts 23% of the time, followed by its closely related cousin, same-day bank account transfers, at 21%. These choices were far and away favorites compared to checks at 12% and cash at 7%.

Prepaid cards present carriers with the opportunity to eliminate manual processes and greatly reduce the time and cost associated with cutting checks, including printing, postage, and replacement costs. Should a check go missing, issuers may have to take on the cost of stopping payment, and if recurring payments are required, the time and cost associated with doing so add up quickly. Beyond the time it takes to get a check, recipients, who may need funds urgently, must wait to use the funds after making a deposit and for the check to clear.

A digital, prepaid approach to disbursements provides an enhanced customer experience and reduces costs associated with service calls. Customers want to know where their checks are, and in today’s market, they are quick to make their frustrations known on social media.

Additional benefits also include:

· Minimizing fraud issues. If a customer misplaces or loses a card, an insurer can quickly cancel the card and instantly reissue a card.

· Avoiding fees and fines through better compliance with state “prompt pay” requirements.

· Delivering funds domestically and cross-border safely and securely.

· Provide funds to unbanked or low-banked customers.

· Use physical or virtual prepaid cards to make multiple claim disbursements on a reloadable card (e.g., worker’s comp/disability) or make an instant one-off disbursement.

· Create physical and virtual cards with your company’s logo to promote your brand and attract new customers.

services are under pressure to provide card services for versatile use within their consumer communities. 

Using prepaid cards for insurance claims changes how funds get distributed to the insured. Otherwise, the process of completing an insurance claim is like the traditional filing method. Once a claim is approved, an insurer can act as its own card issuer.

· Prepaid cards can be provided to customers with no funds added to the cards until a claim is filed.

· Adjusters can provide insurance carriers with a prepaid card, and the adjuster can load cards instantly based on their assessments. If repairs exceed the initial assessment, the agency or the adjuster can instantly add more funds.

· Insurers can instantly issue a virtual card that recipients can add to a digital wallet and use immediately, especially when needed to support emergencies.

In each approach, a disbursement can be made quickly rather than rattling around internal systems and processes.

Card recipients can use the card at an ATM to withdraw cash, pay bills in person, transfer funds to their bank account, or make purchases from online and brick-and-mortar merchants. This provides customers with total flexibility to address their needs better.

By adding prepaid cards as a payment option, insurers can stand out from competitors and go beyond protecting them financially. B4B Payments has built an end-to-end, embedded payment offering, that offers insurance companies everything needed to develop their own embedded finance offering, from flexible payment accounts to instant payments on easy-to-use prepaid cards and seamless APIs that easily integrate into existing systems.

If your company is looking to streamline its disbursement processes, gain the needed competitive advantage, and deliver immediate payments to your customers, contact us for more information or to request a short demo.

Company News Newsroom

Soothe the Pain of Expenses, Payment & Payroll |B4B Payments

Discover how to take the stress out of payroll, reduce FX fees, and manage corporate expenses with B4B Payments card services and platform solutions

Finding solutions to common business challenges in a digital world is no easy feat. Whether businesses are looking to tackle payroll challenges, take the effort out of corporate expenses, or transform payments and FX, there are solutions out there to cater for every need. 

While countries worldwide are transforming into cashless societies, the power of the card continues to grow. 

Although some might contend that smartphones and electronic payments are the way of the future, the statistics suggest that card payments are stronger than ever. 

In fact, in the UK alone, we saw 2.1 billion transactions with debit cards in August 2022, 8% more than the same month in 2021, representing a 4% higher total spend at £64.1 billion. 

With this in mind, card services are quickly becoming the top way to pay for consumers and businesses alike – but can they be used to solve payroll, expense, and FX challenges too? Read on to find out how the card services from B4B Payments can help businesses achieve just that. 

Tackling payroll challenges

According to global research findings, 16% of companies operate remotely, providing better work/life balance opportunities for those working at a distance from their company headquarters. As a result of the so-called ‘Rise of Remote Working,’ the need for employers to provide flexible payment services has also increased. 

Add to this the widely reported The Great Resignation phenomenon leading to talent shortages across industries. Many in-demand professionals are finding themselves in the advantageous position of being able to opt for new, highly-paid flexible contracts with better employee perks. Subsequently, more companies are being forced to explore outsourcing, turning to temporary contractors overseas to fill their skill gaps or restructuring their benefits packages in a bid to retain their existing employees. 

However, paying contractors or remote workers overseas can be tricky to navigate, often subjecting finance teams to complex FX fees and currency complications. Using card services can reduce foreign transaction fees and offer more currency choices for employees, contractors, or even affiliates based abroad. 

B4B Payments payroll card services are the perfect solution to the challenges of paying remote workforces, offering multi-currency support in up to 25 countries.

With reduced cash and cheque handling fees, companies can reinvest the money saved and put the funds towards providing better benefits packages. Increasing employee incentives does more to attract new talent to organisations. It can also lead to greater employee retention in the long term, so it may be an excellent option for brands that want to increase employment opportunities at their firm.  

Simplifying expenses with card services

Managing corporate expenditure is a monolithic task for finance departments, whether handling employee travel, event costs, food and drink, entertainment, or office supplies and inventory costs. 

To illustrate, in 2020, the global business travel market alone was worth approximately $700 billion and is set to grow by 188% by 2028.

Keeping track of all company expenses can take a lot of work. But, B4B Payments card services make it easy for businesses to control expenditures efficiently. We provide a safe and secure platform to load cards with funds entirely remotely. We can even help businesses set up automatic money top-ups for frequent corporate expense users. 

From a business owner’s perspective, it makes sense to allocate specific departments with carefully budgeted spending limits. B4B Payments categorises all business expenses through an easy-to-use platform that tracks and manages card expenditure on a departmental level. 

In addition, B4B Payments provides a downloadable app for employees to upload receipts. This feature centralises and stores all crucial VAT receipts from anywhere in the world, making it straightforward for accounts teams to process them for their financial statements. 

Transforming corporate payments and FX

Cross-border payments bring numerous challenges in navigating and applying fees for multi-currency transactions. 

According to Mckinsey, the total revenue of cross-border fees, mainly FX and transaction fees, can amount to up to $200 billion per year globally.

Cost-saving on these types of expenses is crucial for large or scaling businesses. In some cases, fluctuating currency rates can make long-term supplier contracts unaffordable overnight, forcing companies to look elsewhere for a better deal. 

At B4B Payments, we offer a solution with our payment and FX services that provide cost-effective solutions for corporate payment needs. 

For example, for large or scaling companies with a high volume of transactions, using B4B’s platforms will execute low-cost transfers, offer competitive FX rates, and facilitate speedy settlement times to ensure that cross-border payments in over 25 currencies remain as cost-effective and efficient as possible. 

Our B4B Payments platform is highly customisable, and delivered through a robust API that integrates into various existing systems such as Xero. Plus, businesses can export data easily in XLSX, CSV, QIF, and OFX to use in other accounting solutions like QuickBooks and Sage. Our user-friendly interface simplifies bulk payment processes and provides a clear transaction audit trail for businesses to use for reporting and analytics activities. 

Furthermore, many companies across the EU are fluent in several banking rails and card formats, including SEPA, Faster Payments, CHAPS, (USD) ACH, DKK intraday, and SWIFT. 

B4B payments instantly recognises all of these payment rails and card formats, providing businesses with a complete solution to cross-border payment needs. 

Finally, transparency is the key to managing overseas payments, and with B4B Payments, businesses are not subject to any hidden costs. We even offer a free FX transaction calculator, letting stakeholders know how much a multi-currency transaction will cost ahead of payment. 

B4B Payments make managing business finances easy

Here at B4B Payments, we have over 15 years of experience in payment innovations. We offer a host of unique card services that make handling expenses, payments, and payroll easy and highly secure. 

Our goal is to keep our clients one step ahead of their competitors and to ensure that they can keep their teams (no matter where they’re working in the world) happy by facilitating fast and transparent global transactions.

So, book a demo with us now if you would like to learn more about our card services, corporate payments, and FX transactions and how they can help stabilise your cash flow. 

Company News Newsroom

Powering Regulated EMIs with BIN Sponsorship | B4B Payments

Discover how B4B Payments BIN Sponsorship 2.0 can support regulated EMIs in the next stage of their payment journey with settlement solutions.

As of 2021, over 26,000 fintech companies are operating globally, of which 1,600 are based in the UK. With that number set to double by 2030, the race to market is highly-competitive. 

With more fintech services set to hit the market, innovation is key to staying ahead of the competition. For both start-ups and established services, tackling electronic payments (or e-payments) can be daunting. 

For regulated Electronic Money Institutions (EMIs) yet to secure a scheme licence, navigating the strict payment rules while suffering from stretched resources and, sometimes, a gap in expertise can be a huge challenge.  

In this article, we’ll take a look at the advantages of being a regulated EMI, the importance of working towards a scheme licence, and how B4B Payments BIN Sponsorship 2.0 can help companies overcome their e-payment hurdles and get to the next stage of their growth journey. 

What is a regulated Electronic Money Institution

Fintech services are under pressure to provide card services for versatile use within their consumer communities. 

Electronic Money Institutions (EMIs) are businesses that can help fintech thrive in this area. They are licensed to offer financial services to their fintech clients while also keeping their clients’ money in specialised segregated accounts. The EU regulates EMIs, and some examples of well-known EMIs include PayPal, Google Pay, and Apple Pay. 

EMI payment services include:

  • Cash withdrawals from an e-payment account 
  • Money transfer to third parties
  • Money remittance
  • Providing payment cards that allow individuals to withdraw money and load funds into their secure account
  • Provide account details

What are the advantages of becoming a regulated EMI?

EMIs present an alternative to traditional banking, enabling both small and large companies to send and receive e-payments faster with less red tape than going through a conventional financial institution. 

Additionally, business owners can become a regulated EMI without needing to visit a bank to get set up with an IBAN (International Bank Account Number) to facilitate multi-currency transactions.

Further advantages of becoming a regulated EMI include the following: 

  • Security: All EMI transactions are encrypted and secure. 
  • Compliance: EMIs deploy modernised compliance procedures offering enhanced fraud protection capabilities with less paperwork. 
  • Future-proof services: EMIs provide multiple payment options, giving more choices to their clients. 

To apply for EMI-regulated status, businesses must provide in-depth information about the structure and objectives of their organisation. In addition, they must prove that they hold a significant amount of starting capital. To find out more about submitting an EMI application, visit the UK’s Financial Conduct Authority’s guide here

EMI regulation should be a top priority for fintech brands, as it protects both the business and consumers. However, the journey to facilitating e-payment services doesn’t stop at obtaining EMI-regulated status. The second hurdle is to apply for an EMI card scheme licence. 

The EMI card membership or scheme licences allow forward-thinking fintech companies to connect with consumers through card issuers in multiple regions. Providing card services can be a crucial differentiator for businesses, making the need to move on to this next stage of EMI scheme membership vital. 

Securing a scheme licence

To become a card scheme regulated as an EMI, businesses need to work with a card scheme like Mastercard or Visa. A card scheme licence authorises a company to issue unique payment cards by giving them a BIN number. The BIN number is the first six digits on an individual payment card. 

However, it’s important to note that card scheme membership requirements can be just as challenging to secure as meeting the FCA licensing requirements at the EMI application’s initial stage. Furthermore, it can take time for EMI card scheme applications to be approved. 

Fortunately, during the EMI card scheme verification process, payment companies (such as B4B Payments) can extend their own scheme membership to other companies to act as a stop-gap. That means we can support fintech business services during the approval stage by getting them set up with e-payments quickly and securely. 

B4B Payments is an FCA and Bank of Lithuania Authorised E-money Institution. We’re also a Principal Member of Mastercard and Partner in the Mastercard Fintech Express Programme. In addition, we hold Visa Inc Partner status for card issuing in the US states. These credentials make the B4B Payments BIN Sponsorship 2.0 service the ideal programme for regulated EMIs in the application stage of their scheme licence journey. 

For instance, we can provide a range of settlement services for fintech brands that have gained EMI-regulated status or are in the process of obtaining card scheme membership and need some additional e-payment support. 

Lightening your load with BIN Sponsorship 2.0

If your fintech service is at the regulated-EMI stage, our BIN Sponsorship 2.0 service can offer enhanced Settlement-Only support. 

These advanced services are made possible through our card scheme memberships with Mastercard in the UK and Europe and Visa in the USA. 

As a BIN Sponsorship member, as well as alleviating the pressures that go hand-in-hand with facilitating your own scheme memberships with our Settlement-Only services, we can build custom interfaces using APIs or our B4B Payments’ interface. 

We can even help you set up account screens, which include your company name. Plus, you will be able to set up T+Cs, which reflect you as the account issuer.

We also offer Turnkey Settlement-Only services. Here, we leverage our issuing capabilities and build your own custom interface using APIs, or you can use the B4B Payments interface. We can also ensure that client accounts remain in your business name and that your payments T+Cs reflect you as the account issuer.

BIN Sponsorship 2.0 from B4B Payments offer unparalleled EMI support

With 15 years of experience in payments, B4B Payments can support you through and beyond your EMI membership scheme journey. 

From safeguarding funds to managing accounts to even handling e-payments once you have signed your EMI licencing agreement, our BIN Sponsorship 2.0 programme is tailored to suit your unique business needs. 

So, if you’re interested in learning more about how BIN Sponsorship 2.0 might benefit your financial start-up and help you stay competitive, contact us now.  

Company News Newsroom

B4B make it as finalists for the biggest awards event of the payments industry for 2023

We are thrilled to be shortlisted as a finalist for the Best Payment Facility category

We are delighted to be shortlisted as a finalist for the Best Payment Facility category by the Cards and Payments Awards.

The Card & Payment Awards serve as a beacon of excellence, recognising success and innovation across the Payments industry over the past two decades. Each year, many organisations apply for one of these prestigious awards that are judged by an independent panel of esteemed industry experts. As one of the UK and Irish’s leading networking events, The Card & Payment Awards galvanise key players in the sector to celebrate their achievements with fellow card and payments professionals. 

For the Best Payment Facility category, B4B and Voly have worked in partnership over several years, and provide a 360 financial solution to niche verticals. Voly leveraged B4B’s payments knowledge to extend their offering in the musical tours industry, where tracking expenditure is paramount. The partnership has also developed from a card-based solution to a complete payment offering for Voly’s international clientele.

To find out more about the partnership with B4B and Voly, read our case study here.

For further questions about our products and services, please complete our contact us form here and our team will get back to you!

Company News Newsroom

UWL student completes internship programme with B4B Payments

Jenny highlights her incredible experience as an intern at B4B Payments

About Jenny Sherpa

Jenny is an ambitious and engaging entrepreneur who is currently studying International Business at University of West London in her final year. She has experience working in the Financial Services, IT Services and Insurance industries, giving her a well-rounded background to innovate in the Entrepreneurial world. In 2018 she launched her own Textile start-up on top of that. But Jenny does not limit herself; she also indulges her passion for fashion, as well as taking a keen interest in Real Estate and the Fintech markets. With such an ambition and engaging spirit, there’s no telling what innovative ideas she will come up with next!

Account Management Department

Account Management Team and Jenny on a social outing

In the first 4 months, Jenny had an opportunity to experience the London-based Account Management team up close and personal. Through face-to-face training, she was able to gain a comprehensive understanding of their roles and working styles. She took part in numerous activities that honed her resourcefulness, like looking after small client accounts, sending emails and calling clients, preparing presentations for meetings and organising trips all while attending various events too.

Upon the end of her 4 months, Jenny gained a wealth of new skills. She developed proficiency with Zoho CRM for emailing, creativity with Powerpoint for presentations, as well as obtaining knowledge from the Data Warehouse to produce reporting – enhancing her analytical acumen. Additionally, she strengthened her communication skills giving her great confidence going forward.

Marketing Department

Jenny engaged in a stimulating 3 months at the company’s Marketing department, gaining an invaluable learning experience. Under the guidance of the Marketing Manager, she learnt new skills that included crafting captions for social media campaigns, preparing email communications for clients, conducting market research as well as liaising with event organisers for Money 20/20.

At the end of her three months, she came away having gained an abundance of knowledge. She was able to further develop her marketing skills, learning new platforms such as Google Analytics, Hootsuite, Canva and Jaspa, and honing her already existing skills in terms of being more on the go, creatively engaging with language and researching for marketing purposes.

Sales Department

Jenny at the Luxury Travel Fair

Jenny was eager to begin her journey in the Sales department, and the Chief Commercial Officer’s guidance on the first couple of weeks provided valuable insight. Jenny initially received 1-1 training from all the Business Development Managers and had the opportunity to observe prospect calls where she learnt more about negotiation techniques. She quickly familiarised herself with her role as a ‘Sales associate’, engaging in activities such as cold calling, emailing potential prospects, extracting data reports, and attending events. Jenny’s enthusiasm and dedication to these tasks proved to be beneficial for one of the Christmas campaigns she was involved in at the time – her efforts yielded a considerable number of leads that proved fundamental to the business.

After 3 months of hard work, she emerged a more engaging communicator. Her newfound confidence lent itself to tailoring her emails and calls to fit a more sales-driven approach. She even became adept at dealing with rejections in the course of cold calls and other situations where she received no response. In short, her communication skills were vastly improved due to her diligent training over the previous months!

The end of her internship at B4B Payments

B4B at the UWL Careers Fair

Overall, her experience was a rewarding one in every sense of the word; she gained valuable knowledge from attending events and socialising with people from different vocations. By far the most engaging aspect was that everyone at B4B made her feel as though she were truly part of their family; appreciated for the work she put in and making a difference. It was evident that this internship allowed her to get an exclusive peek into what operations at financial services would be like, a great starting point to head into real-world roles!

We’re so pleased to announce that Jenny Lama has completed her internship with B4B Payments. Jenny came to us last year from her studies at The University of West London as our first ever intern. Over the last year, Jenny has spent time in Account Management, Marketing and Sales where she has been working with the various teams and learning all about the business from different aspects.

We’ll miss Jenny’s smiling face in the office but we know she’ll make a success of whatever she chooses to do in life. B4B will be looking for a new intern in September.

B4B Account Director and Jenny’s Sponsor, Tim Robson

Applications for the internship programme will start in July 2023! In the mean time, if you have any questions please email

Company News Expense Management Newsroom

Out with the Old: A Better Way to Manage Ad Buying with Prepaid Cards

Advertising and marketing agencies can struggle to manage budgets and gain greater control over ad spending while working to meet the demands of multiple clients. 

The ad purchasing challenges agencies face commonly stem from the use of credit cards and legacy payment processes (e.g. bank wires). Using credit cards for managing ad campaigns creates the chance of overspending and predefined credit limits being hit unknowingly, resulting in the account being frozen and campaigns jeopardized. The same holds true should a credit card be reported for suspected fraud or as being lost or stolen. In such cases, the credit card account must be frozen, with few ways to resolve issues until a replacement card is presented. 

The risks are higher for agencies using a single, company-wide credit card to manage multiple client accounts. Some agencies have painfully learned that single credit card use opens the door to fraud and other issues due to the challenge of tracking various transactions on a single account. 

In any of these scenarios, an issue with a credit card can challenge payment obligations and affect an agency’s relationships. 

A Simple and More Efficient Approach to Account Management

In the digital age of doing business, more and more agencies are using virtual prepaid cards (accounts) to overcome long-standing issues tied to traditional payment methods. These advanced payment products offer a more flexible and effective way to manage accounts, simplify ad buys, improve transparency, remove tedious reconciliation processes, and present real-time reporting and payments.

Prepaid virtual accounts are just like debit or credit cards but are pre-funded account-based payment solutions that use a secured 16-digit number instead of a physical card. Virtual cards work just like traditional cards but without going through the process of ordering cards and waiting on the production and shipping of a physical card. 

Additionally, virtual card numbers can be programmed with custom parameters such as expiry dates, spending limits, and category information. Credit cards do not allow for the same level of customization or caps and require more time-consuming due diligence to ensure spending stays within budgeted amounts. 

Virtual prepaid accounts can be created instantaneously by the agency and used immediately. An agency can create as many virtual card accounts as they need for their business, and there is no connection with an agency’s business banking account. These self-funded solutions enable expense managers to easily decide the amount of funds allocated to each virtual card and make it easy to automate media buys and handle affiliate commissions and payables to vendors and suppliers.

Conveniently, virtual accounts can easily be reloaded in real-time at any point or set for automated, scheduled reloads. If needed, a virtual account can be frozen immediately, and a replacement account can be created instantly, giving agencies the ability to scale security to the maximum. 

Control At Your Fingertips

B4B Payments’ all-in-one, intuitive management platform gives agencies full control and the power to instantly create multiple virtual card accounts and allocate sums efficiently for different teams, campaigns, and accounts. Agencies gain a new level of transparency in tracking each account and payment made, alleviating issues associated with account reconciliation. 

The interfaces typically used for managing company credits are often clunky and do not seamlessly integrate with in-house accounting software. B4B Payments is a technology-first company, and we have designed an easy-to-use platform that flawlessly integrates into existing AR and accounting software.

Additionally, you may be interested in reading our Case Study to learn how B4B Payments partners with Imperious Media to streamline media buying and standardize reconciliation.

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

Company News Newsroom

Rewards and Incentives made easy with B4B Payments

With economies across the globe on the brink of recession, retaining important figureheads in business has never been more important.

Some minds would automatically flip to customer retention, and rightly so – customer churn rate can be as high as 30% in some global industries, and as cost of living increases, we can only expect this to rise. However, it’s not only customers that will help businesses sail through hard times. Retaining staff and partners is crucial to keeping businesses afloat, recession or not.

Creating reward and incentive programs for employees, partners, and customers alike could be the key to maintaining a healthy business in the near future. But with different needs, cultures and locations to take into consideration – a one-size fits all approach is hard to come by.

Are you incentivising the key players in your business? Read on to find out the different approaches to incentives, how they can help your business, and what B4B Payments can do to give you the master key for you

What are incentives?

Rewards and incentives come in all shapes and sizes. Whether you’re focused on B2B, B2C, or B2B2C, there’s always a way you can utilise incentives to create value, loyalty and retention for customers, partners and employees.

Customer loyalty rewards

84% of global customers are more inclined to shop with retailers if they offer a loyalty reward programme or scheme. Some of the popular types include: 

Point based reward systems

Offering customers points in return for their purchases or continued service is an effective incentive to encourage them to stay a loyal customer. Points are usually tradeable for certain prizes, products or cash sums through these types of loyalty schemes.

Tiered incentives

Cashback incentives can be offered to customers that hit a certain tier level with their purchasing. With tiers completely customisable by companies themselves, often taking the form of length of contract or amount spent, they are a great way to ensure that people are getting extra value for their custom.

Omnichannel incentives

Want to inspire customers to use different channels in your business? Offering cash rewards or discounts to customers who are purchasing or completing actions on different channels like mobile applications is the way to go. Not only can these incentives phase out the resource intensive channels like phone or email.

Staff retention incentives

Retaining trained employees has never been more important than it is today, and with 74% of employees saying that incentives and rewards were important to them, offering schemes like this can be an easy win to keep them onside:

Time-based incentives

Rewarding staff for their ongoing service, or keeping employees happy during the holidays is becoming more common in competitive industries. Through prepaid or cash offerings, your staff are motivated to stay with your business until the next milestone, and are more likely to be satisfied when they return from traditional periods of annual leave.

Target based rewards

Traditional bonus schemes are a great way to incentivise staff to go the extra mile while in service, whether it’s based on deals completed or targets met. Offering percentages of business deals, or flat rate recurring bonuses through prepaid cash cards will help retain staff, as well as attract new employees to the business.

Partner incentives

Partners are among the most important people in your business, and may hold the key to continued business. In fact 57% of companies use partnerships to acquire new customers. Popular ways to incentivise partners include:


Rewards based on referrals are popular for partners and individuals alike. Schemes that involve cash incentives for business referrals can bring new business into your organisation, negating some of your existing sales and marketing process.


Knowledge is power, and market research is the key. Rewards for partners who engage in market research is a great way to strengthen connections, as well as ensuring constant visibility on the state of B2B and B2C markets.

How incentives help

Incentives provide a constant reason for staff, employees and partners to continue to interact with your business.

However, in an international, diverse, and often remote-based society the trend for the instant gratification of cash is emerging moreso. In fact, 84% of remote employees surveyed named prepaid cards their preferred reward.

Not only is cash universally accepted for partners, employees and customers around the globe, it also eliminates the need to navigate cultural and political trends, as well as logistical issues that can stem from availability and delivery of alternative physical rewards.

The B4B Payments solution

B4B Payments allows businesses to execute their rewards and incentives scheme in one unified manner – thorough physical and virtual (closed and open loop) services.

Prepaid virtual and physical cards can be distributed as rewards on incentive schemes to partners, customers and employees alike to encourage referrals, repeat business and retention. Instead of receiving bespoke rewards or gift cards that can only be redeemed in certain stores, B4B Payments allows payments that are recognised internationally, and managed through an easy-to-use iOS or Android cardholder app, giving your recipients the oversight on their spending and remaining balance.

What’s more, B4B Payments allows you to brand your card services, extending the reach of your marketing efforts, as well as incentivising the key players in your business.

Discover more about B4B Payments engaging rewards and incentives

Looking to add prepaid virtual or physical cards into your incentive schemes? Take a look at how B4B Payments’ solution can help you maximise your goals through seamless reward payments.

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

Company News Newsroom

Evolving fintech businesses with BIN Sponsorship 2.0

By 2030, the global fintech market is projected to reach circa $700 billion representing a compound annual growth rate (CAGR) of 20.3%, it’s clear that businesses and individuals alike are continuing the trend of using technology for their payments.

With the competition in the sector fiercer than ever, and only expected to grow, speed-to-market has become a crucial factor when it comes to establishing new startups in a crowded market.

While direct scheme memberships through the likes of VISA and Mastercard can often be a laborious, time consuming process requiring significant investment, there is a quicker alternative to card issuing. BIN Sponsorship bridges the gap for fintechs wishing to offer payment solutions to their customers straight out of the gates.

Read on to find out how BIN Sponsorship can benefit your fintech business, and how B4B Payments BIN Sponsorship 2.0 could give you the tailored support needed to get your product to market quickly.

What is BIN Sponsorship?

For fintech start-ups, BIN Sponsorship is a solution that allows them to connect to the card scheme network through an e-money organisation, like B4B Payments. This allows them to perform the operations of a financial institution, before becoming principal members of card issuers like Visa and Mastercard. Drastically speeding up product launches, it is the perfect way to to bypass long and arduous direct scheme applications, and get products to market ahead of the competition. With an industry saturated with over 27,000 startups worldwide, gaining a speed-to-market advantage can prove significant.

Here’s a breakdown of BIN Sponsorship…

A Banking Identification Number (BIN) references the four or six initial numbers on the front of a payment card and helps to identify the issuer of the card during the transaction, giving fintech companies the ability to make payments quickly and efficiently between accounts.

Sponsors are third-party payment providers or e-money institutions, like B4B Payments, that connect fintech start-ups to approved BINs and account ranges. Sponsors effectively act as the middle-men to enable new businesses to offer payments solutions, allowing businesses to leverage their scheme memberships with issuers.

Looking for BIN sponsors to kick-start your fintech operations can be a tricky process. It’s important to consider a number of factors when partnering with a sponsor, including compliance, speed-to-market, and experience within the industry.

At B4B Payments, we have used our 15 years’ experience in the payments industry to evolve our BIN Sponsorship offer to the next level with BIN Sponsorship 2.0.

How does BIN Sponsorship 2.0 set you apart from the competition?

Using our extensive experience in payments, we have developed an end-to-end bridging solution for fintech startups. This best-in-market offering  provides support to businesses as they launch their service, connect with card issuers, and beyond.

We go the extra mile with BIN Sponsorship 2.0, extending our service to cover the most important areas of partners’ needs:

Functionality and compliance

Functionality and compliance are priorities for fintech businesses – often the deciding factor for whether new products and companies sink or swim. BIN Sponsorship 2.0 puts compliance at the heart of its offering, combining the responsibility to handle Anti-Money Laundering (AML) and Know Your Customer (KYC) checks, with funds safeguarding and fraud monitoring for all partnering companies.

More importantly, B4B Payments offers complete authorisation from the Financial Conduct Authority (FCA), and the Bank of Lithuania with e-money licences, as well as Mastercard Principal Member status, which can be leveraged by startups wishing to expand internationally into European markets.

Tailored support

While BIN Sponsorship is sometimes used as a quick-win when gaining an e-money licence, B4B Payments offers an extended service outside of regulated EMIs, allowing businesses to continue to outsource scheme management, collateral requirements and settlements.

BIN Sponsorship 2.0 is not an off the shelf solution, it can be tailored to Fintech needs. It offers partners the chance to use our e-money permissions while building their own relationships with card issuers.

Partnerships to suit fintech needs

With BIN Sponsorship 2.0 there are a variety of partnerships to suit fintech businesses, whatever stage in the cycle you may be at.

For unregulated EMIs businesses, we offer a full end-to-end package. This allows total use of our scheme licences and e-money permissions, with the support of our experts as you choose your own suppliers and develop your own card programme using our framework. For fintechs who require a less hands-on approach, we also offer a BIN sponsorship light package, allowing direct integration into our platform, and enabling speed-to-market. 

For regulated EMIs without a scheme licence, we offer settlement, or turnkey settlement only packages, allowing you to leverage our issuing capabilities, while building your own UI.

What’s more, B4B Payments also offers a support service for regulated EMIs with scheme permissions, providing a continued service for safeguarding, accounts and payments.

Proven Speed-to-Market success

Our BIN Sponsorship 2.0 partners’ success speaks for itself. In 2021, Juni, an e-commerce fintech, partnered with B4B Payments.Through using our solution, they were quickly able to bring their card to market without first needing to navigate the process of gaining their own e-money licence and card scheme membership.

Juni continued to lean on B4B Payments as a partner for support throughout their rapid scale-up as they became one of 2021’s fastest-growing fintech startups, taking advantage of BIN Sponsorship 2.0’s product flexibility, as well as the experience of the experts behind the scenes.

Discover more about BIN Sponsorship 2.0 with B4B Payments

Do you want to know more about how BIN Sponsorship 2.0 can make a difference to your fintech startup? Discover our memberships and how B4B Payments’ experience in the industry can help keep you competitive.

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

Company News Newsroom

The Smarter Way to Transform Your Payment Service

If you’re looking to optimise your B2B payment services, or provide innovative Fintech payment opportunities to others, there are several key challenges with overhauling or expanding payment solutions that you’ll need to deal with.

These issues are particularly significant for those working toward optimising payment, payout, and card services.

The granular complexities of payment processes can sometimes be overlooked by businesses (particularly those in the start-up phase), who will instead focus on acquiring new customers and boosting brand awareness. However, without an effective payment process in place, organisations are more likely to experience abandoned carts and delayed payouts. Two-thirds of adults worldwide now make or receive a digital payment, and 80% of B2B payments are now digital. So, the time for streamlining your online payment process is now.

A common misconception by companies building out a payment solution is that speed to market can easily be gained by using multiple third-party providers. However, managing these specific payment capabilities can be extremely challenging and time-consuming, resulting in greater investment and loss of time to market. In this article, we examine the key challenges in managing payment processes and how to optimise them effectively.

The key challenges of payment optimisation

Legacy technology

Legacy technology can be problematic for your payment infrastructure. Disconnected tech stacks (i.e. legacy tools that do not integrate with new technology) can increase the amount of internal and customer touchpoints when making payouts and receiving payments.

Shockingly, over 90% of UK financial firms still rely on legacy tech. Businesses that rely on those firms for payment solutions will likely experience a high rate of abandoned carts as customers give up on lengthy payment processes. Legacy technology can also lead to a delay in receiving payments, which could cause operational and financial problems for any business.

Multiple payment services

Implementing multiple payment services, and forcing users to negotiate the different platforms, is a serious drain on your company’s resources. Among other issues, doing so can drastically affect speed to market and create supply chain disruptions. Instead, a company should look to connect services where possible, or offer all payment options under one platform.

Multiple third parties

As with using multiple digital solutions for your payment services, relying on multiple third parties can cause delays in payment and payout processing. These delays stem from the increased approval times, spread out permissions, and extra steps in authorisation users must take when navigating a payment system that uses multiple third parties.

For Fintech companies, the solution is to utilise a platform that allows you to manage your own payment processes and retain control. Having complete authority and a solid understanding of your payment infrastructure is the key to quicker payments and payouts.

Hidden fees

Another issue to consider when optimising your payment infrastructure is if your plans have greater internal build requirements than originally planned. Without careful budgeting beforehand, you might find yourself without sufficient resources to cover the increased costs.

Partner-specific challenges

There are various partner types that have their own unique challenges. For example, utilising a bank or niche service provider to support instant payment can lead to a loss of management control and added expenses in transaction fees.

Streamline your payment process with B4B payments

A 360° payment solution

B4B Payments can help you achieve your payment optimisation goals quicker through an effective all-in-one solution. We offer an easy-to-use platform that connects services together under one roof. This includes prepaid, instant virtual, and branded card creation as well as handling, payout and payment processing across multiple countries.

By leveraging a single source solution for card issuing and payment services, companies can avoid the heavy lifting of building out functions and quickly enhance the user experience without disrupting existing services. This also means a faster path to revenue, which is an easy target to miss when you’re trying to collaborate or build out the necessary operations.

Latest technology

Being held back by legacy systems? B4B uses robust APIs and cloud-based solutions that can be embedded in their native form, which saves companies from having to develop or manipulate new infrastructures.

Flexibility & security

Our system combines all our products into an all-inclusive platform for businesses to manage their payment processes. We offer everything you need to launch a card programme in a single turnkey solution, with advanced features, full flexibility and industry-leading security.

We have built for Fintech success and ensured that internal and external management is all in one place, so payers and payees have real-time views of all payment and card functions.

Take full control of your own payment processes

B4B Payments offers a tried and tested infrastructure that allows you to manage your own payment services and permissions, and remove the need for engaging third-parties through our sleek and easy-to-use platform.

Clients are provided with the full infrastructure and permissions to manage their own payments or Fintech within the UK and Europe. Our single unified service removes the need for overloaded tech stacks and reduces touch points from both business and customer standpoints.

Payment services from B4B

Optimise your payment processes with B4B Payments. We have over 15 years of experience in innovations in the payments space, and our unique card services can help you overcome any payment service challenges.Our focus is ensuring our clients are ahead of the game with fast and efficient transactions around the globe.

Discover more about B4B Payments and the services we provide on our website. If you’re interested in working with us, you can contact our team HERE.

Company News Newsroom

How to streamline your corporate expenditure process

Keeping track of corporate expenses can be difficult for companies of all sizes, particularly those operating globally.

Tracking receipts and managing timely repayments for an extended team spread across multiple locations is a complex task. Human error and convoluted reporting systems can create much confusion and cause problems with budget monitoring.

In some cases, the expenses process might have taken a back seat during the COVID-19 pandemic. However, as the world returns to a sense of post-pandemic normality, this means business-related travel, networking events and Christmas parties are back in full swing. As a result, it’s crucial to ensure that your expense management strategy is functional and serves your employees effectively.

Weak expense processes can cause dissatisfaction among employees, set your business back, and prevent your organisation from claiming back tax deductions. Read on to discover more about key challenges in corporate expenditure, and how to streamline your expenses process.

What is corporate expenditure?

Expense management determines how employees are reimbursed for business-related spending, including travel, food, supplies, and more. Typically, employees will need to fill out an expense claim form with details of their expenditure, and then the accounts team will process this information in the finance system and provide a reimbursement.

A good expense process should be quick, fraud-proof, easy to use, trackable, and provide timely repayments. There should also be a clear, enforced expense policy so that employees know what they can expense, how to expense it, and what their daily or monthly limit is.

Key expense management challenges

Complexities of numerous stakeholders, multiple locations, and manual processes can make streamlining expense management strategies a challenge. Here are a few of the main difficulties that businesses can often run into.

Manual error processes

The world is still swimming in spreadsheets and paper receipts. Over 43% of businesses still rely on manual expense processes. Manual processes make the capturing, recording and claiming of expenses awkward and prone to mistakes.

The probability of human error when manually entering data into spreadsheets is between 18% and 40%.The high error rate means there is likely to be misalignments between the receipts received and the amounts claimed, causing difficulties for the accounts team and inaccuracies when providing reimbursements.

Slow payment

Many employees cite an arduous reimbursement process as a key problem, with 40% of expense claimants experiencing cash flow issues because of slow repayments from their employer. During the current cost-of-living crisis (when many are already struggling with cash flow problems), difficulty in claiming expenses could cause serious discontentment among employees.

An estimated 38% of all employees pay for business expenses out of their own pocket at least once a month, which is likely due to a combination of payment delays and  a lack of clarity on the expenses system, or inefficiencies in the process itself.

Insufficient reporting visibility

An effective business should have complete awareness of what their employees are spending company money on and why. However, just like the ongoing use of manual processes, many businesses still rely on out-of-date tracking and monitoring systems. In fact,  26% of enterprise-sized companies have no awareness of how many expenses submitted are actually compliant with their corporate expenditure policy.

The lack of visibility means that companies aren’t able to keep track of employee spend, which could lead to expense fraud and exaggerated claims. It also means that businesses may struggle to understand how much they spend on corporate expenses. By streamlining their tracking and monitoring system, they could optimise their budget and save costs.

How to improve corporate expenses process

There are a number of ways businesses can work to improve their corporate expenditure processes. These include:

  • Adopting a cloud-based expense management system to replace manual processes, reducing the the number of lost receipts and preventing delays
  • Refreshing your policy to ensure it’s fair, compliant, and easy to understand
  • Categorising expenses to make tracking and reporting expenses a lot easier
  • Making use of mobile technology, so that receipts can be digitally uploaded instantly using an app

One way to quickly and efficiently optimise your corporate expenses program is through the use of a virtual prepaid card. Commercial card services are becoming increasingly beneficial in a cashless society, allowing customers and clients alike to make and receive payments instantly across the globe.

Card services also give companies of any size a flexible, all-in-one expense management solution that allows them to easily keep track of where money is being spent and on what. Not only do virtual cards make accounting and money management a lot easier, they also reduce the risk of theft and fraud while saving both time and money. Plus, businesses can easily access data which enables them to track spending habits and improve their financial strategy.

Enhance your expenses strategy with B4B Payments

B4B Payments provide virtual, or digital, prepaid cards which allow businesses to make a large number of online payments which are secure and within the expenses budget. Each transaction is tracked and receipt uploads are a breeze with the mobile app.

The self-managed, unified platform is quick and easy to install, and allows businesses to pay anyone overseas instantly. As a streamlined and one-stop solution, you can reload and deploy funds as you see fit to ensure that your employees are always covered for their travel and expenses. Meanwhile, the iOS and Android application lets employees track their expenditure and store photographic proof of purchase receipts at the click of a button.

Find out more about how B4B Payments could help you optimise your expense management process today, by booking a demo.