Way2VAT Ltd (ASX:W2V) has partnered with Railsbank to launch the Smart Spend Debit Mastercard for the SMB and enterprise market, which fully automates VAT/GST returns from end-to-end.
The card allows companies to submit and send receipts using Way2VAT’s proprietary technology platform.
CEO and founder of Way2VAT Amos Simantov said the card is a game-changer for finance and management teams. Indeed, as we go to press today, W2V stocks are trading around 140% higher.
"The card offers complete control and transparency through an easy-to-use dashboard that ensures payments can be made quickly and efficiently,” Simantov said. “It dramatically reduces loss potential and increases the value of the refund."
End-to-end process
The end-to-end process captures the receipt through to payment that automatically analyses, reconciles, sorts and submits documentation to foreign tax authorities.
Employees can then simply send their allocated amounts and the VAT/GST is automatically submitted with all relevant administration information completed.
Put simply, it provides businesses with more control over user spending and improves compliance, visibility and transparency.
Administrators can also control budgets, place spending caps and limit payments to approved vendors using Way2VAT’s transparent dashboard.
Smart Spend Mastercards
The cards will be launched in the UK and Europe with further expansion planned for Australia and North America after the initial launch phase.
The initial phase of introducing 5,000 cards to 150 companies with between 100 and 2,000 employees will generate a new annualised income stream.
The card-holder companies will earn revenue through a software-as-a-service (SaaS) model consisting of monthly charges to card users, administration licences and a percentage from each successful VAT/GST refund.
Written by Duncan Bailey.