Categories
Incentives & Perks Newsroom

How to incentivise remote employees with prepaid cards

Even as COVID restrictions are rolled back, the likelihood is that for many people, the future of the workplace is remote.

82% of employees who currently work from home want a hybrid approach in future, and increasing numbers of businesses are redesigning office spaces, or even shifting premises entirely, to adapt to a new normal where offices are collaborative spaces, not vast banks of workstations.

Outside of the physical implications of a hybrid or remote office working approach, there’s a HR challenge to be solved: if you’re not seeing your employees in person as often (or at all), how do you keep them engaged?

It goes without saying that good management, excellent communication and a strong employer brand are important no matter where your employees are based, and a lot of these things haven’t changed much in the wake of remote working. However, many of the tools that formed the basis of pre-pandemic employee wellbeing and engagement strategies – fridges full of snacks, office pool tables and in-person team building days – aren’t as effective when your team is spread across multiple locations and are rarely all in the same place at once.

Bringing in cake for a team member’s birthday just doesn’t have the same impact it once used to. So how do you help remote employees feel part of a team, and how do you keep them engaged from a distance?

Bring office treats to your employees wherever they are

A fridge full of drinks and snacks was a common site in pre-pandemic offices, and many companies found that going beyond the basic tea and coffee station was a great way of keeping their teams happy and engaged.

For remote workers, it’s harder – they’re responsible for buying their own tea bags, and while most wouldn’t complain (particularly if they no longer have to keep their oat milk under 24 hour surveillance), it’s difficult to find a direct replacement for such a simple office perk.

Prepaid cards can be a great way of treating your employees wherever they’re based – by loading a regular “tea kitty” budget onto a card for each team member, they can choose their favoured drinks and snacks on you. Go further by offering a monthly “staff lunch on us”, or whatever other perks you provide for office-based staff, safe in the knowledge that your cards can be limited to prevent funds being spent on inappropriate things like alcohol or gambling.

Put teams in control of their equipment

If your employees work remotely, you have a responsibility to ensure they have everything they need to do their job – from a comfortable desk and chair to the right computer equipment and accessories.

Kitting out an office is enough hassle, but arranging home deliveries of equipment for large teams can be an absolute nightmare. Not everybody’s working spaces are the same, and they might benefit from slightly different equipment to make their working days more productive and less stressful.

Instead of shipping out the same equipment to each employee’s address, or managing individual orders on behalf of every employee, consider giving them control over their own equipment. Giving them a technology budget on a virtual or physical prepaid card allows them to choose the equipment that’ll work best in their space, and ensure they’re happy and comfortable wherever they work. Best of all, it’s easy to set controls on a prepaid card to ensure they’re shopping with approved suppliers.

Send perfect gifts without the guesswork

Buying gifts for colleagues is a minefield – you can sit next to somebody for five years and still know next to nothing about their personal preferences. If you’re only seeing them a day per week or less, chances are you have no idea what to pick out for them, leading to disappointment or potentially even offence.

Even “universal” gift options like food and drink can fall flat if they don’t fit a team member’s dietary or religious preferences, not to mention the risk of selecting something based on what you know about their interests (or trying to guess their clothes size!).

Even vouchers can be difficult for remote employees – buying something that can only be used in a specific chain of shops or restaurants assumes they have one nearby, and even the broadest voucher schemes limit the recipient’s choices in a way that might make picking out a gift difficult.

Instead, consider a prepaid card – funds can be loaded onto a physical or virtual Mastercard that your employees can use in millions of locations online or in store. With no limitations, each member of your team can choose a gift that’s perfect for them, with no stress and next to no admin compared to wrapping and shipping physical presents.

Give amazing rewards and incentives

Incentivising your team members with the gift of choice means they can reward themselves with whatever is most important to them. A prepaid card makes it easy to reward your team members for meeting targets, completing training, referring in new clients, or just about any other achievement you can think of.

Your prepaid cards can be branded for the specific incentive you’re running, and employees can receive their rewards instantly to spend wherever they’d like.

For larger companies, partnering with specific retailers can also help land your employees a discount when they use their prepaid card in specific stores, giving them an extra bonus on top of the money they’ve received but if far less likely to be spent on mundane stuff, like groceries!

Make office processes a breeze

While we all love a good office perk, sometimes the most effective way of engaging your teams is by making their day-to-day lives easier. This means giving them the autonomy to control how they work, supported by well-designed, efficient processes where they’re needed.

If an employee’s job requires them to make purchases on behalf of the business, convoluted procurement processes can cause unnecessary stress and hassle and reduce the mental energy they have to focus on more important projects. Similarly, staff who incur expenses when they travel for work shouldn’t have to struggle with claiming back their funds before their credit card bill is due.

A prepaid card scheme can give your teams control over their own spending whilst ensuring that your finance team remains on top of overall company spending – cards can be activated or frozen, loaded or unloaded with the click of a button.

Departmental budgets can be loaded onto a pre-paid card, either virtual or physical, so teams can handle their own specialist software subscriptions or equipment purchases, with the ability to restrict them to only using approved suppliers if required.

For employees who need travel and subsistence expenses, pre-paid cards can be loaded to a predefined top-up limit automatically, so they’ve always got available funds for fuel, food and other necessities while they’re on the road. Better still, they can upload receipts instantly through a cardholder app, so keeping on top of reconciliation is a breeze.

Launch your own company card scheme with B4B Payments

Launching your own branded prepaid card scheme is easier than you think – B4B Payments offer everything you need to get started in weeks, with a powerful management platform, physical or virtual branded cards and a user-friendly cardholder app.

To find out more about how we can help, get in touch today.

Categories
Newsroom

Cashless Payments in the Charity Sector

Cashless payments can help charitable organisations work more efficiently, stay compliant with funding rules or regulatory requirements, and deliver a better experience for everyone involved.

The shift toward embedded payments infrastructure in giving for nonprofits is not just a trend — it’s transforming how the charity sector manages money, donations, and disbursements.

Charities operate on tight budgets, and every penny counts. This can make handling and reporting on cash a complex process, not to mention a source of stress for time-poor finance teams. Moving to cashless payments in the charity sector can help organisations operate more efficiently, reduce risk, and deliver a better experience for volunteers, staff, and beneficiaries.

Here are just a few of the ways reducing reliance on cash using a prepaid card solution for charities could benefit your organisation:

Put staff and volunteers in control of their spending

Charities are often spread out, delivering services across multiple locations. Project workers on the ground, staff working remotely, and volunteers out in the field make it hard for finance teams to keep tabs on spending and distribute funds.

Many volunteers are asked to front expenses and claim them back — a deterrent for participation. Prepaid expense cards for nonprofits solve this problem by allowing finance teams to load funds instantly, even setting auto top-up limits for continuous access. Spend controls can be applied to restrict use at ATMs or specific merchant types.

Ensure transparent use of funds

All businesses need to keep a close eye on their funds, and charities are no exception. Funding of charities can be complex, with money coming in from multiple income streams, some of which will have restrictions placed on their usage. While corporate giving or community fundraising can usually be used for any purpose, funds received through grants or foundations are often limited to being used on project delivery only – work directly carried out on the ground with beneficiaries.

This means every penny needs to be accounted for and recorded to ensure that funding is being used appropriately. If funds are distributed in cash, keeping track of purchases across multiple staff members can quickly become messy and complicated.

B4B prepaid cards make it easy to categorise spending against specific teams, departments or accounting categories, and to see real-time transaction data. This means that finance teams can easily keep tabs on spending across different funding streams, and access in-depth reporting to ensure that any restrictions on fund use are being adhered to.

Distribute cash securely

Trustees have a legal duty to use due diligence in ensuring that funds reach their intended beneficiaries and that they’re used for legitimate purposes. Maintaining compliance with these requirements requires strong financial management.

For charities who distribute funds directly to beneficiaries, cash can seem like a necessary evil. While it’s difficult to track, if charity recipients do not have access to a UK bank account, it can be a challenge to get funds to them by any other way. According to UK Finance, contactless card usage now accounts for over 60% of UK transactions — further validating this shift to cashless payments in the charity sector.

Prepaid cards make it simple to get funds to anybody via a contactless Mastercard that can be used in millions of physical and online locations worldwide, or even a virtual card sent instantly via email. Know Your Customer checks ensure that charities can have confidence that beneficiaries are who they say they are, and the option to set restrictions on card use, such as disallowing online spending, ATM withdrawals or alcohol or gambling-related transactions can help to ensure that distributed funds are being used appropriately.

Improve security and reduce risk

Holding large amounts of cash on premises is messy and risky. If reimbursements for travel fares and meal deals are made in cash, this requires holding a lot of change on site, which not only requires regular trips to the bank for more coins but puts your organisation at risk of theft.

If project teams are signing out petty cash regularly, it’s easy to end up with dozens of pots of cash out and about every day, and this is a nightmare to keep track of. Worse still, even the most reliable volunteers can make mistakes, and funds can be lost or misspent even with the best intentions.

Every penny matters to a charity, and losses can have drastic consequences to the organisation and its beneficiaries. With B4B’s prepaid card platform, cards can be activated, loaded, paused, or blocked instantly — reducing the chance of misuse or error.

Keep on top of reporting

Reconciliation and reporting is a headache for any financial team, and with multiple project team members in the field alongside volunteers, who may be less familiar with processes, it’s easy for receipts to get lost, reports to get forgotten or cash to go missing.

Keeping track of spend on cash funds requires a lot of back and forth between project workers and finance – eating up valuable and expensive time.

With prepaid cards, transactions are instantly recorded and uploaded to a central management platform for a real-time view of spending activity across your entire organisation. And when purchases are made in the field, our handy cardholder app will automatically prompt them to photograph and upload their receipt, reducing the need to chase up volunteers or project teams.

Ditch the petty cash box for good with B4B Payments

Charity finance teams work hard to ensure that their organisations’ funds are being used appropriately, and handling large amounts of cash can make their job more difficult than it needs to be.

A prepaid card scheme from B4B Payments could help take the stress out of managing your charity’s spending, whether you need a few cards or a few thousand.

To find out more about how we can help, get in touch today. 

Categories
Newsroom

How prepaid card technology is transforming insurance

Consumers have ever-growing expectations for the products they use, and insurance is no exception..

Driven by the rise of FinTech and the success of challenger banks, a new breed of InsureTech startups are pushing the boundaries of the insurance industry, rethinking business models to improve security, enhance customer experience, and broaden their product offering.

Insurance is a fertile ground for tech innovation, and organisations who take advantage of the latest technologies could gain a significant boost over the competition.

One tech innovation that is transforming insurance is the use of prepaid cards. Insurers are increasingly seeing the benefits of issuing prepaid cards, with the potential to not only elevate their customer experience, but to drive loyalty and even access new revenue streams. So how are insurers using prepaid cards?

Streamline payouts for all customers

Making an insurance claim is likely to be a stressful process for most people, and with customer experience a key differentiator in a competitive market, insurers are constantly on the lookout for ways to make their customers’ lives easier by streamlining their processes.

For insurance payouts, virtual cards offer a simple, clear method of distributing funds that works for everybody, with no risk of mistyped bank account numbers and no time spent waiting for payments to clear.

Not only are faster payouts good for customers, they’re better for insurers, too – the longer it takes to pay out a claim, the more the risk of inflated claims rises, and the higher the final payout could become. By offering an instant payout to a customer’s prepaid card, final settlements could be reached more quickly, reducing costs.

Simplify regular payments

For customers who are receiving an annuity, disability, or other recurring payments, a prepaid card is more convenient and more cost-effective than other payment methods.

The cost of the resources required to make a bank payment, or worse, issue a cheque, add up over time, particularly for recurring payments, so it makes sense to streamline these wherever possible.

Loading funds onto a prepaid card can be a cheaper, faster and easier option, with the ability to set recurring payments and the benefit of getting customers their funds instantly, with no clearing time.

Support customers in an emergency

In emergency situations, customers rely in their insurers to respond quickly and effectively – their wellbeing depends on it. For customers who are unable to access their bank accounts, for example if payment details have been lost or if they’re stranded in an unfamiliar country, prepaid cards make it easy to disburse funds when time is of the essence.

Cards can be issued virtually 24 hours a day, and made accessible to customers via card details sent over email. So wherever your customers are, it’s easy to get them the right support when they need it most.

Reduce fraud risk

Like any organisation, it’s vital that insurance companies do the right due diligence when disbursing insurance payouts, to make sure that the people receiving the payment are who they say they are.

With B4B Payments’ prepaid cards, Know Your Customer (KYC) checks are carried out when cards are activated, so you can be confident that funds are being sent to the right people. Sending payout funds to a prepaid card issued when a policy is purchased also ensures that there’s no risk of bank details being incorrect or out of date.

This is particularly true if customers are issued their card when the policy is purchased – their payout details are simply stored with their policy and no further checks are required.

Drive customer loyalty

Issuing customers with a branded prepaid card when a policy is taken out not only serves as a quick method of making payouts, but acts as a reminder every time they open their wallet. With a simple, quick payout mechanism on hand, there’s a strong incentive to take out additional policies with the same insurer and keep everything in one place.

Prepaid cards are also the perfect mechanism for incentivising customer referrals – cashback rewards can be loaded straight onto a customer’s card, providing them with a discount at renewal or allowing them to choose their own reward.

Access new revenue streams

Prepaid cards can also offer exciting opportunities for new partnerships or potential revenue streams. For example, a customer shopping for replacement products after a home insurance claim could be offered a discount for using their prepaid card with a selected partner retailer, or the card could simply provide access to a range of exclusive partner offers as a value-add.

The spending data available from prepaid cards is also a powerful tool for insurers – by building a better understanding of their customers’ behaviour, insurance brands can harness vital insights to develop improved product offerings and drive further competitive advantage.

Elevate your proposition with prepaid cards

Insurance payouts made by prepaid card, whether a single payment or a regular annuity, are faster, safer and more streamlined than bank transfers or cheque payments. More importantly, they offer exciting potential to improve your customers’ experience, make cost savings, and drive your proposition forward.

To find out more about our powerful prepaid card platform, get in touch today.

Categories
Newsroom

How cashless payments can drive social inclusion to lead to a fairer and safer society

When the COVID-19 pandemic hit, cash handling plummeted. However, the decline in cash usage had begun much earlier, with the growing widespread use of contactless payments, apps, and virtual cards.

According to UK Finance, cash was used for just 17% of all payments in the UK in 2020, down from 56% 10 years prior. In fact, in 2020, 13.7 million consumers didn’t use cash at all.

Though many do still rely on cash, the move towards a cashless economy is beneficial for more vulnerable members of society, driving social inclusion and a safer, fairer society.

Free school meals

In a school environment, being different from the norm can be an uncomfortable position for students. For those from lower socio-economic backgrounds, receiving free school meals is a lifeline for struggling families, but can affect the students’ ability to fit in with their peers.

Cashless, school-wide schemes have been set up to eliminate this issue, by providing every child with a payment card onto which parents can load money for school dinners. Those in receipt of free school meals receive an identical, pre-paid card, but preloaded with monies from the central funding for schools. This means that no-one will be treated differently when paying for meals. It also means that parents who need support are more likely to accept it as they can be confident that their child will be treated equally and avoid the stigma of relying on government help.

Contractors from overseas

When people from outside of the UK are brought in on projects, the logistics around receiving payment can be complex when they do not have a UK bank account. With cashless payments, this problem is eliminated, and diverse workforces from elsewhere can contribute to the UK economy easily and without fuss.

Safer and more secure

Workers vulnerable to exploitation and/or underpayment through cash-in hand work like young, working class, or immigrant workers, are less likely to be paid unfairly as cashless payments leave a clear paper trail.

A reduction in cash-in-hand payments also means there is less opportunity for tax avoidance practices, meaning more contributions to state funded services.

Inclusion of people without bank accounts

In a cashless system, prepaid cards can ensure that people without bank accounts (like, for example, homeless people, or refugees) can still participate and access benefits. Government bodies, charities, and other organisations can ensure that beneficiaries are able to receive funds without the need for permanent addresses.

Transport

Prepaid cards can ensure that people without bank accounts can travel to interviews or appointments, allowing them to get jobs, access health care, and other essential parts of life.

Cashless taxi systems like Uber of Lyft can help women and vulnerable people access safe transport without the need to carry cash or look for a cash point. This also means that the risk of mugging or theft for cash is minimised.

Food poverty

Tackling food poverty and helping low-income households ensure their children are fed has historically been done through food vouchers, which can lead to stigmatisation and often families refusing help because of this.

With pre-paid cards, families can take advantage of social benefit schemes designed to tackle food poverty without the stigma of using food vouchers or food banks.

An example of this in action is the Best Start Foods project in Scotland, which won Social Inclusion Project of the Year at the 2020 Payments Awards. The scheme allowed the Scottish Gov to send funds to low-income households with children under 3 via pre-paid cards to buy food staples like milk, bread, fruit, and vegetables.

Cashless systems can ensure that the most vulnerable in our society are treated fairly, can access help, and are safer and more secure. At B4B, we offer a range of cashless payment options that can contribute to a more inclusive society. Talk to our team to explore your own cashless systems.

Categories
Incentives & Perks Newsroom

How embedded finance can help drive business growth and bring benefits to your organisation

In recent years, embedded finance has been making waves in the business world, allowing organisations to offer their customers additional services, simplify transactions, and improve customer loyalty.

The new possibilities brought about by embedded finance even led Andreessen Horowitz’s Angela Strange to remark in 2019 that “every company will be a fintech”.

While that prediction may or may not come to pass, the emerging truth is that embedded finance in businesses of all sectors is providing opportunities for growth.

What is embedded finance?

Embedded finance is the integration of banking systems into non-banking organisations – for example, when a business offers ‘buy now pay later’ options on purchases, offers loans, or uses branded debit cards. The likelihood is that these businesses are not registered banks, as acquiring a banking license entails adherence to strict regulations and meeting significant capital requirements.

Instead, to offer these services to customers, businesses partner with a Banking-as-a-Service provider who lease their licensed online banking services to non-banking organisations.

This is all facilitated through the use of an API (application programming interface) which is essentially a type of code which allows a business’s system to speak more easily to a bank’s, allowing businesses to ‘plug in’ to a bank’s specific financial service and pick and choose which parts of the overall banking provision they want to opt into.

This means that when, for instance, a customer chooses to pay for a sofa on finance, it’s not the furniture company they’re borrowing from, but the bank that is providing the furniture company’s financial services.

What are the benefits of embedded finance?

It leads to happier customers

The pain point of needing to seek credit elsewhere can be eliminated with embedded finance options, which leads to a more streamlined purchasing experience. Customers don’t need to interact with multiple organisations to make a purchase, and are therefore less likely to abandon carts at checkout.

This improved overall experience means that customers are more satisfied with your business, are more likely to return in future, and have a higher likelihood of developing brand loyalty.

It can be used to offer incentive schemes to customers

Using reward and incentive schemes is a sure-fire way to build brand loyalty among customers. With embedded financial options, brands can go beyond the tried and tested “stamp card” by offering valuable and meaningful services to customers that also propagate loyalty.

An example of this is the Tesco Clubcard Pay+; a Tesco branded debit card which earns Clubcard points whenever it’s used, and extra when used in a Tesco store. It allows customers to ringfence their grocery budget on a Tesco debit card, and integrates the Tesco brand and the loyalty scheme into the customer’s daily purchasing habits.

This is what customers want

Embedded finance schemes and services have seen huge take-up from customers in all sectors, proving that they are answering problems and providing value to consumers and clients.

One example is the Starbucks App and card system, which allows customers to transfer money to their Starbuck’s account so that they can quickly pre-order coffee. In the US, it was reported that Starbuck’s had more money loaded onto Starbucks cards and their app in 2016 than many banks had in deposits. 41% of their custom was carried out through the app/ Starbucks card.

You can gather additional data on how your customers behave

With embedded finance options, new opportunities to better serve your customers can become apparent via the additional data that can be harnessed.

Embedded finance services offer many ways for your customers to interact with your brand, and offer insights into how your customers behave, how they spend their money, and how they interact with your services, depending on the financial service they’re using.

This data can be leveraged to uncover trends, offer more personalised deals and marketing, and inform business operations at a decision-making level.

The solution you choose depends on your business and your goals. At B4B, we have a range of embedded financial services that can drive growth and bring benefits to your organisation. Get in touch with our advisors to discuss your needs.

Categories
Incentives & Perks Newsroom

How branded payments solutions can help you boost customer loyalty and drive growth

Providing customers with a compelling reason to stay engaged with your brand is crucial to driving growth through 2022 and beyond

While some industries have thrived and others struggled through the pandemic, all companies have one thing in common as we move into 2022: the need to redefine their relationships with consumers and keep up with rapidly-changing expectations.

While a Ranstad study found that 1 in 4 UK employees expect to change jobs in the next year, consumers are just as ready to shake things up. Having spent two years enduring pandemic-related disruptions from queues and one-way systems to extended call centre waiting times, customers are rapidly growing impatient with brands who aren’t delivering the level of experience they expect.

Customer loyalty has never been so important, and providing customers with a compelling reason to stay engaged with your brand is crucial to driving growth through 2022 and beyond.

Loyalty schemes for 2022: what’s changed?

Customer loyalty schemes are nothing new – from collecting Betty Crocker box tops in the 1930’s to collecting miles as a member of American Airlines’ Frequent Flyer program in the 1980’s to the meteoritic rise of Tesco’s Clubcard in the 90’s, brands have been incentivising repeat business from their customers for decades.

These days, paper vouchers or points schemes can feel a little old hat, however. A new wave of loyalty schemes based around branded payment cards is offering customers more flexibility and better value, and in return driving increased loyalty and growth for the brands who are using them. Not only is a branded card a convenient reminder of your company, every time a customer opens their wallet it can be used in a myriad of ways to suit your specific business goals.

So how can brands use branded payment cards to cut through the noise and create a loyalty scheme that really stands out?

Emotional connections

More than ever, consumers are seeking emotional connection with brands. In the early days of the pandemic, brands scrambled to accommodate and support their customers through a frightening and stressful period, and learned the value of adding a human touch to their interactions with customers.

Branded payment cards can help you keep track of your customers’ spending habits, and understand what they value. They can also be a useful method of supporting customers’ overall financial security and making their lives easier. For example, Tesco Clubcard Pay+ allows customers to ringfence their grocery budgets by transferring funds to their Tesco Debit Card. In return they get extra Clubcard points – and therefore more incentive to spend at Tesco.

Sustainability

Your company’s green credentials have never been so important. According to McKinsey, the use of sustainable materials is a key purchasing factor for 67% of consumers, and Forrester research states that 47% of consumers regularly buy from brands who share their values.

Offering an eco-friendly plastic, or even fully virtual, loyalty card can help your brand demonstrate its CSR credentials. Loyalty schemes could also be structured to benefit the causes that matter to your business rather than customers directly – for example, making a donation to a charity or food bank every time a customer spends with you. Providing ethical incentives to shop with you can be just as powerful as providing direct financial incentives for doing so.

Flexibility

Another COVID-led shift in behaviour that’s unlikely to go anywhere is the increased expectation for flexibility. Mid-pandemic, brands introduced more flexibility into their offerings than ever before – extending deadlines on loyalty points, adding no-fee cancellation and change facilities to bookings, and expanding their support for contactless payment and varied delivery or click-and-collect options. Having seen the value of these offerings, consumers are unlikely to want to give them up post-pandemic.

Branded payment cards are a fantastic method of managing the extra flexibility that customers have grown to expect. Refunds and credits can quickly be applied to a branded card, which offer far more flexibility and convenience than vouchers or points.

Buy now, pay later

Buy now, pay later (BNPL) has boomed in recent years and the trend shows no sign of slowing. With the continued rise of fintech and alternative payment methods and shift to a subscription-led approach across many brands, the option to buy and return items quickly and flexibly, and split payments on items you do choose to purchase, is proving increasingly popular, with Adobe data suggesting that instalment payment spending increased by 422% in the last quarter of 2021 compared to 2019.

Offering a branded payment card attached to a credit line is an easy method of offering your own BNPL scheme – and with data suggesting that more than 49% of people spend more when using BNPL than they would on a credit card, BNPL can provide a much-needed boost to your bottom line.

Not just customers

Branded payment cards are a versatile method of building customer loyalty, with an option for almost every brand. They’re not just for customers, though – remember the 1 in 4 employees who are likely to make the leap into a new job this year? Employee experience is also under the spotlight in 2022, and a branded card scheme could also help to build trust and connection between your company and your staff, helping to improve employee loyalty and retention too.

Using prepaid cards to manage expenses and departmental spending gives staff more control and autonomy in their roles, helping improve motivation and morale and helping day-to-day processes run more smoothly, reducing stress. Branded cards as a method of paying out gifts, incentives and benefits is also perennially popular – cash looks good on everybody, and there’s no risk of potentially alienating employees with a gift that conflicts with their personal preferences or religious beliefs.

How could branded payment cards work for you?

Consumers now expect more from your brand than ever – flexibility, sustainability, transparency, and an emotional connection. While customer experience is a constant focus, branded payment cards are a great way of building loyalty and demonstrating some of those values to your customers.

There are so many innovative ways you could use prepaid cards to drive customer loyalty and business growth. To find out more about how a branded card scheme could work for your business, call us on 020 3137 3420 or email us at sales@b4bpayments.com.

My Booking Rewards – https://www.mybookingrewards.com/

Medihelp – https://www.medihelp.ro/

Categories
Newsroom

How to Accelerate the Shift to Cashless Payments in Universities with B4B payment cards

The UK higher education sector boasts over 2.5 million learners and almost half a million staff

With so many people spread across multiple sites and numerous departments, managing spend and expenses can be a huge burden on financial and administrative staff.

Cash payments are a particular headache – they’re difficult to track, a pain to reconcile, and require in-person chase up to collect physical receipts. More worryingly, they could also put universities at risk of falling foul of Anti Money Laundering regulations if they accept cash payments. Universities accepted £52million in fees paid in cash over the past five years, including funds from China, India, Russia and Nigeria, risking complicity in laundering the proceeds of illegal activities in these countries.  

It’s no surprise, then, that higher education institutions are working to reduce their reliance on cash payments and promote alternative options in multiple areas of their organisations. The rise of contactless payments driven by COVID, as well as generational differences in attitudes to cash (teenagers are 4 times less likely to use cash than the general public), are set to accelerate this shift even further.

A university-wide prepaid card scheme is a powerful method of accelerating the shift to cashless payments across campus. Here are some of the ways universities could benefit from launching their own card scheme:

Staff Expenses

Prepaid cards can make managing staff and departmental expenses a breeze, taking pressure off the finance team and giving staff more control and autonomy, whilst making it easier than ever before to keep track of spending on everything from travel expenses to petty cash and materials.

Cards make it easy to ensure that spending fits with their intended use. They can be configured to whitelist or blacklist certain stores based on approved supplier lists, for example, or restrict ATM or online usage if cards are intended only for travel expenses.

Budget can be applied to a pre-paid card in whatever increment is most suitable, with the option to set auto-top ups to bring cards up to a set amount on a regular basis, plus the ability to manually load cards with higher amounts when required.

For staff, contactless pre-paid cards offer the flexibility to shop at a wide range of locations, as well as a secure cardholder app to keep track of card balances and upload photo receipts.

Pre-paid expense cards also offer powerful reporting features – a central management platform provides real-time data on balances, allows transactions to be categorised by department or accounting category, and integrates seamlessly with your accounting software for easy reconciliation.

Visitors and Volunteers

Prepaid cards don’t need to be limited only to registered staff and students – they can be a great way of welcoming visitors or volunteers and making sure that they’re taken care of during their time on campus.

Cards can be ordered ahead of time and kept on-site ready for activation and loading. So, for example, volunteers or student ambassadors supporting with events could be given a pre-paid card when they sign into the university with money to purchase lunch, usable at any of the university’s stores or concessions.  Alternatively, at the end of the day, volunteers could walk away with a prepaid card to show they are valued and appreciated.

Student Experience

With Gen Z far more likely to rely on cards than cash in their day-to-day life, cashless payment is likely to be an expectation for their university experience too.

Prepaid cards can form part of a recruitment and engagement strategy for prospective students – by offering expenses or on-site meal funds via a pre-paid card, potential new students would have an enhanced experience of visiting campus open days, and a lasting reminder of their visit in the form of the card, which could be used as a future incentive for ongoing engagement with the recruitment process.

For current students, prepaid cards could be a longer-term method of driving engagement and participation with volunteering or university activities – with the added bonus that restrictions can be placed on card usage to prevent funds being spent on alcohol, gambling or other things which might not be considered desirable.

Prepaid cards can also be a perfect method of funding student events and club or society activities. Student union and society fundraising activities can often leave students in charge of large budgets, and ensuring that funds are used appropriately can be a challenge. Giving society committee members pre-paid cards puts them in control and gives them the power to lead and manage society activities independently, whilst ensuring that funds are secure.

Scholarships and Support

Pre-paid cards can also be used to support students through more challenging times. Paying student hardship funds or other bursaries via pre-paid card is efficient and cost-effective, and payments can be scheduled to ensure that money reaches students at the right time, or even sent via a virtual card if support is needed urgently.

A pre-paid card gives students the flexibility to withdraw or spend their money at millions of locations worldwide. This makes it a perfect method of transferring funds to international students, who may not have access to a UK bank account, without incurring foreign transaction fees.

How could prepaid cards work for you?

While many universities were already working to reduce their reliance on cash payments, COVID has unsurprisingly accelerated this even further.  Prepaid cards can go a long way towards streamlining and tightening up finance processes, and can have wider benefits on student and staff experience, too.

To find out more about how we work with universities and how we can help you, call us on 020 3137 3420 or email us at sales@b4bpayments.com.

Categories
Company News Newsroom

B4B Payments extends partnership with Innovate Finance to become high growth member

We aim to work closely with the Innovate Finance community to help members reach a wider market of customers, via our scalable and secure payment capability

B4B Payments, a leading global provider of card issuing solutions for businesses, today announces it has become a high growth member of Innovate Finance, the independent industry body that represents and advances the global FinTech community in the UK. B4B joins other leaders in the FinTech field to sit at the heart of the UK’s FinTech network, assessing new ideas and emerging trends, and building relationships that can further advance innovation in the financial services sector.

This latest partnership comes as B4B Payments continues to expand its portfolio of payments solutions for businesses, providing an unrivalled scope of financial services and product capability.  By developing new connections and networks through Innovate Finance’s High Growth membership, B4B can continue to achieve its mission to make innovative payment capabilities instantly accessible for all businesses that need it. 

With our new capabilities expanding from cards into corporate payments and FX we are looking forward to collaborating with other Innovate Finance members to drive new opportunities to embed our regulated finance features into their own products to reach a wider market of customers.

CEO of B4B Payments, Paul Swinton

Categories
Incentives & Perks Newsroom

B4B prepaid cards are the perfect choice for your tenant reward schemes

The pandemic has shaken economies around the world and communities across the UK

People have lost their jobs, housing association spend per home has declined and both tenants and landlords have faced extreme financial hardship. According to Inside Housing, rent arrears in the social housing sector peaked £1bn at the end of 2021. The rising cost of living has also been a contributing factor to these statistics. 

Landlords are facing increased operating costs against a backdrop of complex challenges. We are working closely with our members and the wider sector to contextualise the impact of the pandemic and provide the on-time insight and forecasts they need to take mitigating action with confidence.

Chief Executive of HouseMark, Laurice Ponting

These financial challenges have contributed to broken rental agreements and in some cases less upkeep of property, ultimately costing Housing Associations extra time and money.

Give a little back

One solution that can ease this problem is by introducing a reward scheme using our prepaid card, simply to give back and say thanks. The scheme can help encourage good behaviour and loyalty, boost community involvement and more. It’s up to you how and why you want to reward your tenants, maybe they are up to date with rent payments, keep their property clean and tidy or have been a good neighbour.  

Our prepaid cards are suitable for any type of rewards and can be topped up at any time and every penny will be recorded. With the ability to issue cards as closed-loop or open-loop, you can tailor your offering to suit your tenants needs.

Our offering

Depending on your minimum order, we can add your branding to our cards. Tenants can keep this card in their wallet/purse, and each time they make a payment it will create a positive association with your company.

There are also many other features to our cards including:

  • Load money on cards in bulk or individually on your management platform
  • View real-time float statements and transactions
  • B4B app features real-time SMS notifications

To learn more about the benefits of our products, click HERE.

Categories
Case studies Newsroom

Ad Agency partners with B4B to streamline media buying and standardise reconciliation

Imperious Media are an e-based marketing agency specialising in SEO, Web Design, and Advertising.

Since Imperious Media were founded, they have created and managed over 1500 promotional campaigns on social media, on behalf of their clients. They use online advertising to get brands and products in front of buyers quickly and easily, whilst raising awareness and increasing visibility..

A reliable solution

When agencies such as Imperious Media use methods such as traditional cards, or bank transfers to pay for advertising, spend cannot be segregated per client or capped by maximum budget limits. Imperious Media were tired of receiving what they described as ‘really bad support’ and being stung with fees at the end of the month. 

In 2020, they chose B4B Payments to provide a quick and reliable prepaid payment method for advertising. Our all-in-one virtual prepaid card is powered by an intuitive, easy to use platform which offers real time spend control of card activity for better management of advertising campaigns.

The platform is so amazing and right on point, makes it very easy to use. It’s super practical and I am able to conduct my business way faster and not struggle with all sorts of problems, this makes me focus on running the actual business way more.

Imperious Media CEO, Stefan Radulescu

Imperious Media, like many other smart and savvy ad agencies, use B4B Payments to gain full financial visibility via the portal, with the ability to manage budgets all in one place, checking account balances which are updated immediately, and monitoring campaign spend at-a-glance.

This simplifies media buying activities and increases efficiencies by removing tedious reconciliation processes and providing clear and concise reporting.  The result is a robust solution which allows Imperious Media to save time and money on an ongoing basis when managing ad campaigns on behalf of their clients.

We’ve been working with affiliate marketeers like Imperious for many years, we’ve found that with simple pricing and easy systems, we can support their businesses so they can concentrate on client satisfaction.

B4B Payments Account Director, Tim Robson