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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.

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BreadFX Euro Card Launched

UK holidaymakers in Europe could be wasting up to a £1bn a year when they change their Sterling into Euros, says Paul Swinton, CEO of B4B Payments, a leader in smart and flexible corporate expenditure solutions.

“There are around 42 million trips to Euro zone countries by UK residents each year and they spend some £18bn worth of Euros. In these tough times, people could save themselves a lot of money with a little planning, simply by ordering a prepaid Euro card and loading it with the amount that they want to spend on holiday”, explained Paul.

B4B Payments has launched the BreadFX Euro Currency Card to address this issue. It has very competitive exchange rates, no commission to pay, and no fees for normal usage. * “Typically, you could get up to 10 percent more Euros for your pounds than you would at an airport currency exchange shop. If your holiday spending is about £800, it means you could get up to an additional £80 worth of Euros to spend ‘for free’,” continues Paul.

Once you receive your BreadFX Prepaid Mastercard (link to www.breadfx.com) you can email or text to exchange Sterling from your bank account to Euros on the card. BreadFX publish their daily exchange rates on their website so that you can compare with other ways of obtaining Euros. Paul maintains BreadFX could save the typical holidaymaker between 3 percent and 10 percent of the costs of their Euros, compared to travellers’ cheques, or many High Street or airport currency exchanges.

The card is accepted at some 30 million outlets worldwide wherever the Mastercard® Acceptance Mark is displayed. It can also be used to draw cash from an ATM for pocket money. As with many other Mastercard® cards, the cardholder has a unique PIN, so it can be considered a safe alternative to carrying large amounts of cash, or hiding money in a hotel room. However, BreadFX advise that you should keep the card as secure as cash and never disclose the PIN or keep it near your card.

The BreadFX card is also a convenient alternative to travellers’ cheques as you don’t usually need to have your passport with you as proof of identity. Because you pre-load the card with the amount of Euros you want to spend, you can control your budget but if you want to top up the card, all it takes is an email or text. If you lose your card it can easily be replaced (for just €7.50) or a replacement couriered to you at the cost of the courier service.

So what are the advantages against taking your ordinary UK debit card or credit card on holiday? The exchange rates with the BreadFX card are usually better, so you save money. If using a UK debit or credit card, exchange rates will vary on each transaction and there may be additional charges levied by your bank for using your card abroad, making it difficult to keep an accurate track of your spending.

*No fees for normal usage except €1.50 ATM fee. See website for full terms and conditions.

Notes to Editors:

The BreadFX Prepaid Mastercard® is operated by B4B Payments Ltd. All currency transactions are carried out by Cornhill FX. The card is issued by Wirecard Card Services Ltd.

B4B Payments was formed in 2006 to run, manage and operate prepaid card programmes. The Bread Prepaid Mastercard has become one of the industry leading general spend prepaid card programmes. Using knowledge and experience built up during its operation led to a natural progression to join forces with Cornhill to begin delivering travel money programs via prepaid cards.

Cornhill FX is part of the Cornhill Group and was established to provide a superior service to clients (large and small) requiring assistance with foreign currency conversion. With FSA regulation and servicing 1000’s of clients including many FTSE100 companies, Cornhill process a sizeable number of transactions daily that allow them access to the very best exchange rates on the market.Original research for B4B Payments conducted by YouGov (June 2010) as an omnibus survey of a nationally representative sample of 2,000 UK adults aged 18+. Other data sourced from The Office of National Statistics MQ6 Survey on Transport Travel & Tourism and from B4B Payments own research.