Way2VAT Ltd (ASX:W2V) is rolling out its first Smart Spend Debit Mastercards to customers in aviation, security, automotive and technology sectors, which will generate additional new annualised income streams.
The company earns 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.
W2V is a global leader in automated VAT/GST claim and return solutions and this move makes the company the first in the world to offer and support a fully automated VAT/GST return spend card for businesses.
The company’s VAT/GST claim and return solutions are available in more than 40 countries and in over 20 languages, serving hundreds of enterprise businesses worldwide. W2V owns and operates a patented artificial intelligence technology that powers a fully automated, end-to-end VAT reclaim platform.
Automating VAT/GST returns
The new Smart Spend Debit Mastercard allows businesses to control spending through Way2VAT’s platform to automate their VAT/GST returns from end-to-end.
Way2VAT CEO and founder Amos Simantov said: “This initial rollout phase we’re about to start has been targeted to customers in aviation, security, automotive and printing sectors as they will show the broad range of uses the new Smart Spend Debit Mastercard that we developed with Railsbank can deliver.
“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. They can believe it will greatly assist the way businesses manage their expenses and gain more control over spending.
"The unique ruling engine of the card controls expenses per transaction by merchant, expense category, date, amount and frequency. The card will also improve compliance, visibility and transparency for them.”
World-first partnership
The Smart Spend Debit Mastercard fully automates VAT/GST returns from end-to-end for the SMB and Enterprise market.
This card, which has been created in partnership with Railsbank – a world-first – allows companies to submit spend receipts and capture invoices through Way2VAT’s proprietary technology platform.
The end-to-end process from receipt capture to payment automatically analyses, reconciles, sorts and submits documentation to foreign tax authorities. Employees spend their allocated amounts and the VAT/GST is automatically submitted with all relevant administration completed.
The card will be used by the aviation sector to handle fees in airports around the world, paying for fuel and all expenses that need to be done on-site and by all flying crew.
As for the security sector, it will provide tailor-made, turnkey solutions for project managers and team members working on global projects and on multiple projects at the same time, allowing expenses to be tagged and costs organised by each project.
As well as project management, automotive component manufacturers will also be using the card for travel, subscriptions, CRM, R&D and marketing expense management.
The initial rollout to technology sector companies with subsidiaries will be to develop digital printing technologies, which are submitting spend receipts and capturing invoices through their accounts payables systems using Way2VAT’s proprietary technology platform.