Corporate Events Archives

By Marchelle Becher, US Business Development Executive

Millions of people are impacted by natural disasters each year, facing financial challenges such as damage to homes, the need for temporary shelter, and the replacement of personal items and food. Increasingly, fintech solutions are becoming essential in addressing these urgent needs efficiently and effectively.

Over the past five years, the US has experienced an average of $18 billion annually in natural disaster-related damages. With increasingly extreme weather patterns, this trend is expected to worsen. In the first half of 2024 alone, the US has already experienced 11 confirmed weather/climate disaster events with losses exceeding $1 billion each, well ahead of the expected 5-year average.

Having attended several conferences dedicated to disaster aid and preparedness, it’s clear that private and public organizations are actively seeking viable solutions. Companies like B4B Payments are crucial in providing financial aid distribution and ongoing support for those affected by disasters, especially regarding financial inclusion.

Addressing Financial Vulnerability and Inclusion

Low-income households are disproportionately affected by disasters. Many do not qualify for disaster loans, and grants often fall short. Delays in relief efforts compound their financial vulnerability. However, changes are taking place to improve support for those impacted by these life-changing events.

The Federal Emergency Management Agency (FEMA) overhauled its aid distribution methods earlier this year. One fundamental change, made effective March 22, addresses disaster victims’ economic challenges. FEMA’s Displacement Assistance program now provides money for shelter not only to those who had to leave their homes but also to those who were already homeless. As FEMA stated, this change is a “more equitable and efficient” approach, overcoming the challenge and addressing the disparity of helping only those who can pay their hotel bills upfront.

Additionally, FEMA has created the Serious Need Assistance program, providing $750 to individuals for severe or immediate needs such as water, food, first aid, infant formula, diapers, personal hygiene items, or fuel for transportation. This payment is in addition to aid for home repairs and other disaster-related needs.

In 2023, the United States experienced 28 separate weather or climate disasters that each resulted in at least $1 billion in damages. NOAA map by NCEI.

The Urgent Need for Preparedness Funds

With improved fund issuance, private and public agencies are stepping up efforts to work with companies like B4B Payments on “Preparedness Funds”—pre-arranged financial resources and distribution solutions that can be quickly activated in the event of a disaster. The “Preparedness Funds” approach improves financial inclusion, reduces the time needed to distribute funds, and eliminates the potential for theft and fraud with the self-service platform.

Supporting disaster preparedness and relief to ensure funds reach those in need is a critical focus for B4B Payments. Financial technology companies can simplify and expedite relief payments, ensuring a smooth customer experience and efficient distribution of funds, especially compared to manual or paper-based methods.

B4B Payments’ Comprehensive Solution

We offer a seamless prepaid card payout solution that considers the entire ecosystem, from funders to survivors, ensuring secure and efficient fund distribution. With our self-managed, instant issue platform, organizations and agencies can send physical and virtual prepaid cards to those in need, allowing for quick fund distribution while achieving full transparency, reporting capabilities, security, and guaranteed regulatory compliance.

Key benefits of working with B4B Payments include:

Instant issuing and delivery with activation timing control and funding flexibility, allowing agencies to choose when to activate cards, reload, and options to send either physical or virtual cards.
Secure, self-service platform offering full management and program control with the ability to set hierarchy-based access.
Real-time reporting capabilities to monitor programs, identify trends, and develop valuable insights, easing analysis access data within a specific time-period view transaction volume, merchant category spend, and ATM usage.
A simple mobile interface enables recipients to block their cards if they are lost or stolen and access accurate, real-time account information.

By leveraging our global payment solutions, our partners can better prepare for and respond to disasters, ultimately building stronger, more resilient communities.

B4B Payments’ Comprehensive Solution

B4B Payments is a proud member of Payments as a Lifeline (PaaL), and we are committed to transforming disaster relief efforts through innovative financial solutions. If your agency wants to improve its aid distribution methods and ensure rapid, secure, and transparent fund disbursement, we invite you to partner with us. Together, we can significantly impact the lives of those affected by natural disasters.

Visit our Disaster/Humanitarian Information Page for more information.

Empowering Disaster Recovery: Fintech Solutions for Efficient Aid Distribution

Mastering Payment Management for Corporate Events: Simplified Solutions

The Nordic Opportunity for Fintechs

By Susie Shyatt, US Business Development Executive

When it comes to corporate events, efficient financial management is critical. Whether you’re organizing a corporate retreat, an industry conference, or a large-scale public event, managing expenses smoothly and transparently is essential. Corporate-funded prepaid cards are transforming how companies handle event payments, making the process easier and more efficient.

The Pain Points of Traditional Payment Methods

The reality is that traditional payment methods like checks, ACH transfers, cash, and vouchers are riddled with challenges. Checks are costly, not just in terms of fees but also the time and resources required to process them. Someone has to be on-site to issue a check, and the recipient must have a bank account to access the funds.

ACH transfers, while more modern, still fall short. They’re slow, expensive, and offer no way to retract funds once they’re sent. Cash, on the other hand, brings its own headaches: manual handling, the risk of loss or theft, and high distribution fees.

Vouchers might sometimes work, but they’re limited in where they can be used and are often difficult to track. Issuing vouchers is usually a manual process, adding another layer of complexity to an already cumbersome system.

A Modern and Simple Solution

Corporate-funded prepaid cards offer a straightforward, effective solution to these issues. With these cards, you can load funds quickly and make them instantly available, simplifying the entire process of paying staff, covering event expenses, and distributing funds to attendees.

For example, when paying event crews or gig workers, self-issuing cards ensure that payments are secure and timely, eliminating the need for checks or cash. Managing expenses is equally simple. Staff can use the cards for rentals, deposits, transportation, per diems—whatever the event demands. And because every transaction is centrally recorded, budgeting for future events becomes much more manageable.

Attendees, such as members of President’s Clubs, can also benefit. They can receive cards to manage their own expenses without the limitations of traditional payment methods.

B4B Payments’ prepaid cards enable instant payouts, with funds immediately available. The platform is user-friendly, allowing you to manage all cards from a single dashboard, with features like freezing and reissuing lost or stolen cards. This doesn’t just save time; it provides peace of mind.

Additionally, these cards are inclusive, providing funds to underbanked or unbanked individuals and ensuring that everyone involved in your event is taken care of. Reloadable cards make recurring payments seamless, letting users meet their needs without disruption.

For companies with a global reach, our cards can be issued in multiple currencies, eliminating foreign exchange fees by transacting in local currencies. This global flexibility ensures your events run smoothly, no matter where they’re held.

Tailored Solutions for Key Stakeholders

Our solution isn’t one-size-fits-all; it’s designed to meet the needs of all organizational roles involved in event management:

Event Operations: Simplify logistics and vendor coordination.
Finance: Streamline payments and budgeting while ensuring financial transparency.
Human Resources: Ensure smooth, timely payouts to employees and staff.

By adopting corporate-funded prepaid cards, you’re not just simplifying your event management process—you’re cutting costs and enhancing financial transparency. Our solution directly addresses the pain points of traditional payment methods, providing a modern, efficient alternative tailored to the needs of today’s corporate finance leaders.