The focus on the four key sectors of aviation, security, automotive and printing will allow Way2VAT to showcase its enormous platform capabilities.

Way2VAT (ASX:W2V) says it will be targeting four key sectors for the initial rollout of its world-first smart spend debit Mastercard, with the rollout focussing on key customers across the aviation, security, automotive and technology sectors.

This comes following a landmark deal with Railsbank in April that saw both companies partnering to issue the world’s first spend card that fully automates VAT/GST returns for small to medium sized enterprises (SMEs).

The card allows SMEs not only to pay for expenses, but also to submit spend receipts and capture invoices through Way2VAT’s proprietary technology platform.

Way2VAT says it decided on rolling out the card to those four sectors initially because they have the capacity to showcase the full range of Way2VAT’s capability, as well as the many different use cases the card could offer.

“These customers are excited as this card is the first in the world that will do their debit, expenses and manage their VAT/GST claims all in the one place,” says Way2V CEO, Amos Simantov.

“It will greatly assist the way businesses manage their expenses, and gain more control over spending,” he adds.

 

Smart spending

The smart debit Mastercard provides an easy and highly responsive way for staff and management to submit their receipts and invoices at work.

By using the card, SMEs can manage their end-to-end process from receipt capture, claims, all the way to getting the VAT/GST refunds.

Way2VAT’s platform takes care of the whole process by automatically analysing, reconciling, sorting and submitting documentation required to foreign tax authorities.

It allows employees to spend their allocated amounts, with the assurance that the VAT/GST submission and all the relevant administration has been automatically taken care of.

In the aviation sector, the card is expected to be used for handling fees in airports around the world, paying for fuel and all expenses that need to be done on-site, and by all flying crew.

In the security sector, the card provides tailor-made, turnkey solutions for project managers and team members working on global projects.

By using the Way2VAT platform, project managers working on multiple projects at the same time can have their expenses tagged, so that costs can be organised according to each project.

For the automotive sector, the component manufacturers can use the card for travel, subscriptions, CRM, R&D and marketing expense management.

And finally, the initial rollout to the technology sector will allow companies with digital printing tech subsidiaries to submit their spend receipts by capturing invoices through their accounts payables systems, using Way2VAT’s proprietary technology platform.

“The unique ruling engine of the card controls expenses per transaction by merchant, expense category, date, amount and frequency,” explains Simantov.

“The card will also improve compliance, visibility and transparency for them,” he adds.

The smart debit Mastercard is expected to generate additional new annualised income streams for Way2VAT.

The company is set to earn revenue through a Software-as-a-Service (SaaS) model consisting of monthly charges to card users.

It will also earn revenues through administration licenses, and a percentage from each successful VAT/GST refund.

 

This article was developed in collaboration with Way2VAT, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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