Global leader in automated VAT/GST claim and return solutions, Way2VAT (ASX:W2V), is about to rollout the first Smart Spend Debit Mastercards to customers in aviation, security, automotive and technology sectors.
Customers in these sectors were chosen as they showcase the broad range of capability and different uses that the card will offer.
The recently launched Smart Spend Debit Mastercard, a world-first in partnership with Railsbank, fully automates VAT/GST returns from end-to-end for the SMB and Enterprise market.
It 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.
The card will generate additional new annualised income streams for Way2VAT with the company earning revenue through a Software-as-a-Service (SaaS) model consisting of monthly charges to card users, administration licenses and a percentage from each successful VAT/GST refund.
Way2VAT CEO and Founder, Amos Simantov, said,
“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.”
