Category: Newsroom

Expense Management. Payroll & Payouts. Employee Incentives & Perks
Still using cash and cheques? Take control of company spending with B4B prepaid cards. Stay up-to-date with the latest B4B Payments and Fintech news.

How to avoid invoice fraud

According to UK Finance, UK business lost a total of £93 million in 2018 to invoice fraud, with the average payment to fraudsters being £20,750. To help you avoid losing potentially thousands of pounds, we’ve put together a list of things that you can do to avoid invoice fraud.

Scrutinise all invoices

It’s extremely important for you to scrutinise all of the invoices that you receive. The differences between a false invoice and a real one will be subtle, but if you look closely, you should be able to identify a fake. Common indicators of a fake invoice include a different phone number or contact name for correspondence, a change in payment methods, changes in the amount to be invoiced, a new signature, blurred logos, the addition to bank details that didn’t appear previously and email addresses with small changes.

Listen to your instincts

This might seem trivial, but it is important to listen to your instincts when analysing invoices. If an invoice does not seem genuine, it is probably a good idea to take a closer look at it. In order to stay in control of your payments, try and be more confident when refusing payments or unexpected information requests so that you don’t end up making a mistake under pressure. It’s better to be safe than sorry!

Don’t click suspicious links

This is a general rule of thumb for using the internet, but in order to avoid invoice fraud, never click on the links that appear in an unexpected text or email. Fraudsters are becoming more sophisticated than ever and it is now incredibly easy to create email addresses that look genuine upon first glance, but if you look closely, you might notice that certain names or words in the address are spelt incorrectly.

Check on suppliers

Fake invoices are often issued under a legitimate name with a fake bank account number or email address or under a false business name. When you’re taking on a new supplier, it’s a good idea to do your research into their business to ensure that they are legitimate and to search for their business address on Google maps. If their address is a PO box or a residential address, this could indicate that they are committing fraud. Where possible, if your existing suppliers get in touch claiming that they are changing their bank account or address, contact them directly to make sure.

Conduct multiple-stage authorisation

If you have the staff capability, it’s a good idea to hold multiple people responsible for the authorisation of payments. You could give the department or person associated with the expenditure responsibility for authorising the payment. The more people you have on hand to check each invoice, the more likely it is that someone will spot something suspicious.

If you’re looking to take control of your company spending in a secure and safe manner, get in touch with our expert team at B4B Payments today.

Tags Accounting, Cashless, CFO Advice, payments, prepaid, prepaid business cards

Expense Management Insights Newsroom Tools & Guides Uncategorised

How to cut business costs

No matter how established a business is, regularly looking for ways to cut and control costs and eliminate unnecessary expenditure is good business practice. In uncertain times, and when faced with an uncertain economy, every penny truly does count and even successful businesses should re-evaluate how they can cut costs.

1. Look for ways to be environmentally friendly

While swapping your bulbs for LEDs and installing solar panels may seem like unnecessary business expenses, in the long-term, they can help your business to save a significant amount of money. You can also encourage your employees to make better eco choices, such as switching off their computers rather than leaving them on stand-by and opting for digital documents rather than using paper. Buying reusable mugs and cups for your workplace is much more cost-effective and environmentally friendly than constantly buying single-use supplies. In a post-covid workplace, we recommend ensuring each member of staff has their own supplies to ensure the safety and health of your team.

2. Negotiate supply expenses

It never hurts to try and negotiate a lower price with supply vendors to see if you could get a better deal. If you have been with a vendor for the long-term, you can ask them to reward your loyalty and retain your custom by offering you a lower, more affordable price. If they are unable to do this, shop around for another vendor, you may be surprised at the savings you could make by switching to another supplier or company.

3. Reduce overheads

Do you really need an office? Since lockdown measures were put into place due to the global pandemic, many businesses are re-evaluating having a physical presence at all. It’s clear employees are adapting and thriving in a remote working environment and surveys show that by continuing to give your employees the choice to work from home, you will not only have a safer, happier team, but can significantly reduce your overhead costs by moving into a smaller office space or none at all. If you choose to have a smaller office space with fewer employees working physically in the office, this will also help you to lower your energy bills and keep employee expenses low.

4. Control expenditure

If you’re looking for an easy and efficient way to control employee expenditure, you may wish to consider B4B Payments. Having spent the last 14 years developing a robust prepaid card solutions that allows businesses to view and control their employee expenditure in real-time, ensures your organisation has total control and transparency over their employee expenses.

5. Reduce travel

Encourage all meetings to take place via video call or conference call, rather than allowing employees to travel frequently. This not only saves a company transport costs, but it also reduces the time employees spend and waste travelling from location to location. If it is essential departments or employees meet in person, use to ensure tracking your employees’ transport expenses is easy and you can factor this expense into your monthly or quarterly budget.

To learn more about the prepaid business card solutions that can help businesses of all sizes cut costs, contact B4B Payments today. From payroll to employee expenses and employee incentive management, we can help you manage your finances in one, convenient platform. Get in touch today to learn more about our effective solutions.

read more b4b customer success stories

Tags Advice, business cards, Expenses, insights, payments, prepaid

Company News Insights Newsroom Tools & Guides Uncategorised

The benefits of a branded prepaid business card

To brand or not to brand?

Wait… Is that even a question? Brand! Brand everything!

Often when somebody goes on a company trip, they’ll travel out with a business credit card in order to cover their expenses. This has been the typical method of corporate expense management and keeping your spending on trips under control. However, the use of the branded prepaid business card is on the rise. Here are a few reasons that these cards are beneficial for both the brand, the business, and its users.

A high level of management control

Using business credit cards can often be a struggle, as too many cards being in circulation can be difficult to track. Using a management control platform such as B4B Payments means that you can keep track of all of your corporate expense cards, generate spending reports, and load cards individually or in bulk. This makes the amount of control you have over your corporate expenses far more secure and is a big step towards accurate real-time tracking of company finances and spending.

Personalisation can boost your brand

The improvement of your brand is always a big benefit to any company, and prepaid business cards are not exempt from this idea. When your employees go to a conference and need to cover for their expenses, they can reach down into a wallet and show off your company’s brand whilst paying for anything they get when away. This is a quick and easy way to get your brand seen by more people, often industry professionals, whilst putting minimal effort into getting this exposure. With a colourful and vibrant company expenses card, your business can stand out from the crowd.

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Control your expenditure

Everyone’s heard the nightmare stories. Employees often go on long trips to conferences or retreats and may overspend far beyond what the company initially anticipated. With a credit card, it is much harder to stay within these limits compared to a debit card. Using a prepaid business card, there is no credit involved. Your company’s representatives are limited by the amount that is paid onto the card, and therefore can’t overspend and leave your business in financial trouble. Peace of mind is valuable in business, and that is exactly what this card can offer you.

If you’re interested in a prepaid personalised business card in order to control your corporate expenses and get your brand out there, get in touch with B4B Payments. Our team of experts will help to explain all of the available options to you and find you a bespoke way forward.

Tags branding, Cashless, cobranding, payments, personalised cards, prepaid

Company News Newsroom Uncategorised

B4B Payments chooses LHV Banking Services to fuel growth

LHV, the financial and payment services provider, is pleased to announce award-winning corporate prepaid payments solution provider, B4B Payments (‘B4B’), has become the latest FinTech customer of its London branch.

Since the launch of its London office in 2018, LHV has now quadrupled its client base to 120. Customers are predominantly financial institutions and FinTechs, who have been drawn to LHV’s value proposition, its ‘one stop shop’ offering that covers large scale banking service requirements, and its partnership model whereby LHV works closely with clients to develop custom made solutions that satisfy their individual requirements.

FCA authorised B4B will gain access to LHV’s full service offering including state of the art payment infrastructure and real time Euro and Sterling payments capability via Single Euro Payment Area (‘SEPA’) Instant and Faster Payments schemes respectively. In addition, B4B will benefit from access to LHV’s Application Programming Interface ‘LHV Connect’, which offers a wide range of services, including GBP and EUR safeguarding accounts, Virtual IBANs, currency exchange, liquidity services and where appropriate financing.

B4B Payments, veteran prepaid payment provider in Europe, is going global, expanding operations in North America and opening its first US offices in Boston. The platform enables organisations of any size to manage expenses, simplify payroll, reimbursements, and offer employee rewards and incentives.

As a leader in Fintech and prepaid business payments for over 14 years and voted the Best Prepaid Product of the Year in 2019, B4B Payments continues to offer innovative, flexible, and time-saving solutions that streamline and eliminate antiquated finance and accounting processes.

Andres Kitter, Head of LHV’s UK Operations, said, “Our decision to establish a presence in London post the 2016 Brexit referendum was to increase our presence in what remains one of the leading financial and fintech sectors in the world and in the process attract customers of the calibre of B4B. The company has been operating for fifteen years, which shows significant experience and market resilience and we are delighted that two profitable organisations are partnering for continued growth.

“In a little over two years, we have not only quadrupled customer numbers in our London office to 120 but also significantly diversified our client base so that the companies we serve range from payment service providers to FX brokers and from startups to established financial institutions and unicorns. All our clients are subjected to comprehensive onboarding procedures and due diligence and encouragingly we have a growing pipeline of potential customers currently undergoing this process. I am therefore confident that the momentum behind our London operations will be maintained going forward.”

B4B CEO and co-founder, Paul Swinton said, “We looked at a number of providers to provide safeguarding and virtual IBAN capabilities. LHV came out on top due to their flexibility, functionality and value proposition. We migrated our clients easily onto the platform and we are very happy with the service to date. LHV will also be able to support us when we establish our European operation later this month with a one stop solution.”

Tags B4B News, Cashless, fintech, LHV, partnership

Insights Newsroom Tools & Guides Uncategorised

Replacing flawed paper systems for school meals, with easy to use cards

There is huge pressure on schools to find reliable ways to enforce social distancing and infection control measures, and one of the most debated ‘hot spots’ will be around the serving of meals.

Cashless payment is now common in canteens, but in some instances still relies on paper – such as free school meal vouchers – or some handling of coins and notes. Both of which we will address in the article.

Existing systems to pay for food in school canteens – and recently in the wider community – have already caused education managers and headteachers countless headaches.

Recent press headlines show that users of free school meal vouchers have run up against system failures that left them embarrassed – and potentially hungry!

This shows that investment in the latest cashless payment systems is necessary for a number of different but equally important reasons, particularly to iron out issues with free school meals.

The free school meal fiasco

The technology exists to enable the Government to provide help for low-income families within schools, discreetly and reliably. Also, in B4B Payments, the Department of Education, local authorities, and schools have a supplier who can provide secure and hygienic payment cards within days.

Yet, the way meal vouchers have been distributed during the pandemic crisis has largely revolved around printed slips. In many cases, already challenged and stressed school staff have been tasked with printing off free school meal vouchers.

As the national media coverage has highlighted, this has left some parents with paper vouchers that don’t work when they try to redeem them in shops. A cause of massive confusion and upset.

Some schools have even resorted to creating their own systems to help low-income families, necessitating large payouts and deals with local food retailers and supermarket chains.

Is this really necessary, when a system exists to connect, streamline and simplify free school meal provision using prepaid cards from B4B Payments? Cards that can be used in shops, or within school canteens, with the minimum of admin and hassle!

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How clean is cash?

The World Health Organisation (WHO) and other authoritative bodies are urging everyone to wash their hands well after handling coins and notes – especially in situations where you are eating and drinking. There has also been a widespread surge in moving towards payments via a smart device, credit or debit card, or prepaid card.

In a school, moving wholesale to prepaid cards limits contact between the children and cashier. It also means less likelihood of infection transmission on alternative payment tools or money. Another reason why the Department of Education and local authorities must take secure, easy-to-clean and convenient prepaid cards seriously.

Perhaps, this is one time when the ‘pester power of parents’ needs to come into play. They can persuade the Government to use the simplest and best technology to make school meal payment systems problem-free, with cards from B4B Payments that can be delivered in days.

Tags Cashless, money management, prepaid

Company News Insights Newsroom Tools & Guides Uncategorised

How to maintain customer service in challenging times

Due to the unprecedented situation of COVID-19, many businesses are struggling to maintain their customer service standards while complying with social distancing rules.

B4B Payments, who offer businesses smart, flexible payment solutions, were one step ahead of the cashless trend and recently shared their insights into maintaining customer service whilst co-hosting an online panel with PIF (Prepaid International Forum.)

During the first few weeks of the UK lockdown, demand for customer service surged as the UK public were unsure how nationwide restrictions would affect their day to day lives. Essential businesses who were still able to open, struggled with the demand for digital payments, as the government advised to limit the exchange of cash where possible. B4B Payments have been providing their services to help businesses with outdated payment systems to be able to offer digitised payment options. CEO of B4B Payments, Paul Swinton said, “We have always digitally engaged with our customers, and now with less time spent on commuting we have more capacity to identify opportunities where we can help customers.”

B4B Payments were able to effortlessly transition to working under the government’s new guidelines as they had created a COVID-19 crisis plan when news of the virus first hit UK headlines. The team were forced to put this plan into effect early when Paul learned one of his team had been exposed to the virus.

Early adaptation for remote working ensured his team were ready and prepared to quickly adapt to working from home. For example, each team member had access to well-configured technology to ensure they could work from home safely and productively. Technology the business is currently using includes Slack, VOIP telephony and signal encrypted chat software.

When the government announced working from home was essential, B4B Payments were able to confidently assure their customers they were offering business as usual. On the priorities of the company Paul said “Most importantly, robust steps had been taken to control the potential spread of the virus and to protect our valued staff members and their families. Our second priority that day was to underpin services offered to clients.”

In fact, the B4B Payments team were so efficient at transitioning to remote working, Paul has raised the question of how easily and willingly workers will transition back to the office environment. He explains, “We were concerned that some people would find it uncomfortable, but we are seeing quite the opposite…We need to be very aware of this because the crisis could trigger a shift towards more home working. Businesses will need to think carefully about this and develop interim plans.” Employees may be reluctant to return to a workplace due to fears of public transport and because they have enjoyed the flexibility that comes with remote working.

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As a company who offers financial solutions to businesses, B4B Payments are no strangers to dealing with sensitive information about payouts and anxious clients. During this time, the demand for charities to deliver prepaid card solutions to those in need has skyrocketed and B4B Payments are working tirelessly to ensure these payments can be made. Paul ensured every member of the B4B customer service team had refresher customer service courses to ensure they could help vulnerable, scared customers during this unprecedented time. He explained why these refresh courses were essential to his business as “With these rapid digitisation projects come many thousands of potentially very vulnerable cardholders who may need technical and other help from our customer support team.”

Of course, with COVID-19, businesses who were well prepared for the pandemic are not just scrambling to provide adequate customer service, they are quickly adapting to the new measures to enhance how they operate as a business. B4B payments, for example, are finding faster and efficient ways to adopt a pragmatic response to emerging client queries. As businesses are more readily available to discuss their specific needs during a pandemic, B4B Payments have found they are able to quickly spot ways they may be able to help a business.

So, how have B4B Payments managed to maintain their customer service standards during the pandemic? The answer lies in the early adoption of fintech. Paul explains “We all agree that it hasn’t been a massive change for us, but that’s because we sit in this highly innovative fintech space.” The pandemic may encourage more businesses to adopt cashless solutions in the future so they can stay ahead of the curve, rather than waiting for them to be enforced.

Tags Cashless, COVID-19, PIF, prepaid

Newsroom

The digitisation of arenas and sports events

As lockdown restrictions begin to relax around the world, many stadiums are preparing to welcome sports teams and fans once again. From local stadiums to large arenas, everyone involved in the sports industry is doing what they can to keep their staff and guests safe, including embracing new digital technology. Stadiums are beginning to encourage, and in some cases even make it mandatory, for their patrons to use digital and contactless payment solutions where possible.

What are the benefits of cashless payments for a stadium?

• Reduced theft as visitors and sports players will not need to bring cash into the stadium.
• Helps reduce the possibility of spreading COVID-19 or another virus as contact is limited.
• Better visibility to track where and how people are using money in the stadium.

How are contactless and digital card payments changing sports stadiums?

Making service faster

In the Stadium of the Future report by Oracle, it was revealed that sports fans in Germany would be willing to spend 68% more on purchases if the wait time for food and beverages was reduced by half. Similarly, US fans claimed they would spend 66% more on food and drinks if the wait time was reduced, as would UK fans by 61%. This sends a clear message to stadium employees – fans are willing to spend more on food and drink if their time queuing, being served and waiting to receive their food and drink is reduced.

By making contactless payment mandatory, stadiums could significantly improve their speed at serving food and beverages as money will not need to be regularly counted, distributed or stored in a safe, which can be very time-consuming processes.

Increasing sales of high-priced items

The price of food, beverages and merchandise in a stadium can vary. More often than not, however, stadiums charge a premium for food and drink as they try to offer their sports fans a unique sporting experience that they cannot receive or replicate from their home, including enjoying indulgent food and drink. It can be hard, however, for a sports fan to hand over their hard-earned cash to pay for food and drinks. Some sports fans may even purposely limit the amount of money they take to a game to ensure they do not overspend.

Contactless payments help consumers see money and pricing as digital, and eliminates the process of handing over their money physically. This often encourages sports fans to buy more food and drink.

LEARN MORE: b4b sporting events payment solution

Cashless spending in your organisation

Going cashless doesn’t stop with your visitors and fans. Prepaid business cards from B4B Payments are the perfect way to adapt cashless spending to not only your arena, but your organisation as well. Stop your employees from using their personal funds to purchase goods and supplies, entertain partners, and travel. With a prepaid card you can see exactly where your money’s being spent as it’s happening, the ultimate risk management tool. No need worry about excess spending or potential fraud.

Control the parameters yourself using the B4B online admin platform and mobile app. By removing spend on personal cards, you’re in control. You decide how much employees can spend, and what they can use their expenses for.

Have temporary employees and volunteers?

Paying temp workers doesn’t need to be difficult. Using a flexible B4B prepaid card, save money on handling costs and fees associated with traditional payroll processes.

Our innovative method can be particularly useful for businesses with temporary or short-term staff so that you, as a business owner, can meet the demands of your changing workforce and not be held back by limited resources. Our cards can be used for GBP, EUR, and USD currencies to create a bespoke experience for you.

Did somebody say branding?

Choosing a B4B prepaid card gives you a unique opportunity to showcase your brand. A stunning design will help promote your brand and create a positive association with your company every time your cards are used. For a seamless user experience, we also create a cardholder platform and unique landing page featuring your brand.

If you’d like to learn about prepaid cards, contact B4B Payments today. We are an expert fintech company who specialise in providing payment solutions for the sports industry.

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Newsroom Uncategorised

Sports after COVID-19

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

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

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

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

How can b4b simplify payments in sport? learn more

Virtual reality will become more common

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

Journalism will focus on local sport

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

Athletes will seek independent forms of employment

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

Coaches will become more tech-savvy

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

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

School events will become important

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

Payments will change

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

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

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Dos and don’ts of sports payments

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

DO elect a team treasurer

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

DON’T use cash

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

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

DO stick to your budget

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

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

DON’T mix funds

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

DO create a payment plan

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

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

read more b4b customer success stories

Tags business cards, Expenses, payments, Payroll, prepaid, Sports, Sports & Leisure, sports payments

Newsroom Uncategorised

The Future of Payments in Sport

Hint: It’s cashless

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

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

Graph showing payment trends prepaid vs debit and credit

How can b4b simplify payments in sport? learn more

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

Prevent Fraud

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

Increased customer spending

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

Save time and money

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

Social Distancing

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

read more b4b customer success stories

If you run a grassroots, domestic or international sporting venue and are looking to eliminate antiquated payment processes and finally find the time to do the things that matter, B4B Payments has the perfect solution for you. Our prepaid cards can help you keep control over your corporate payments via a single platform and mobile app. Freeing up your business’s time and money, cut unnecessary costs, and streamline your accounting systems to make your business operations run seamlessly.

Tags Advice, Expenses, insights, payments, Payouts, Sports, Sports & Leisure, sports payments