- Way2VAT has joined hands with Railsbank to introduce a first-of-its-kind smart spend card.
- It will be first rolled out in the United Kingdom, Austria, Belgium, Cyprus, Denmark, France, Germany, Greece, Finland, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain. Further expansion is planned for North America and Australia.
- The Company plans further expansion in Australia and North America.The card will enable Way2VAT to earn revenue through a SaaS model.
Shares of Way2VAT (ASX:W2V) soared over 172% to AU$0.120 midday on 22 April 2022 following a significant update. In a major development, the Company has teamed up with Railsbank to roll out the world-first Smart Spend Debit Mastercard.
Way2VAT is a leading global technology company that offers automated VAT/GST claim and return solutions. The new smart spend card, which is the first of its kind, is believed to be a game-changer for finance and management teams.
The development will make Way2VAT the first company in the world to offer and support a fully automated VAT/GST return spend card for businesses.
Image: W2V Presentation 28/02/22
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The world-first Smart Spend Debit Mastercard
The Smart Spend Debit Mastercard, built for the SMB and enterprise markets, will enable businesses to control spending through Way2VAT’s proprietary technology platform to automate their VAT/GST returns from end-to-end.
The new technology of Way2VAT includes an end-to-end process, starting from the capturing of the receipt to payment, enabling automatic analysis, reconciliation, sorting and submitting of documents to foreign tax authorities.
The process makes it very simple for employees who can just spend their allocated amounts, and the VAT/GST is automatically submitted with all related administration completed.
Unique features of Smart Spend Debit Mastercard
Way2VAT’s Smart Spend Debit Mastercard comprises a unique ruling engine that allows controlling expenses per transaction by merchant, expense category, date, amount and frequency. Through this, businesses have increased control over user spending and enhanced compliance, visibility and transparency.
Moreover, Way2VAT’s transparent dashboard can be used by administrators to control budgets, place spending caps and limit payments to approved vendors.
Source: W2V Presentation 28/02/22
Way2VAT’s latest addition to its product line not only simplifies payments and eliminates complex administrative tasks but also dramatically reduces loss potential and enhances the value of the refund.
The card provides complete control and transparency and comes with Way2VAT’s mobile application, which makes the process straightforward and enables hassle-free submission of receipts and capturing invoices.
New annualised income stream for Way2VAT
Initially, Way2VAT plans to launch the smart spend card in the UK, Austria, Belgium, Cyprus, Denmark, France, Germany, Greece, Finland, Ireland, Italy, Luxembourg, Netherlands, Portugal and Spain.
The Company intends to expand into Australia and North America in later phases.
The initial phase will see the launch of 5,000 cards to 150 companies that have 100 to 2,000 employees. This phase will help in delivering a new annualised income stream for Way2VAT, which will earn revenue via a Software-as-a-Service (SaaS) model comprising monthly charges to card users, a percentage from each successful VAT/GST refund, and administration licenses.
Way2VAT, along with Railsbank, will also implement coordinated marketing to its current clients, partners and SME aggregators.