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Centtrip offers ultimate cruise control

Ben Thorne, Head of Centtrip Marine, offers some insight into how financial technology enables superyacht owners and management companies to monitor and better control finances and budgets in the fluid marine world.

Centtrip offers ultimate cruise control

Having financial control in the marine sector is becoming more important than ever.

Fintech companies like Centtrip that offer efficient and transparent foreign exchange are expanding their services to accommodate the changing demands of the superyacht industry.

They now employ a broader and more in-depth approach that focuses on the complete financial operating cycle, while advancing digital transformation and automation in the sector.

Budget control

A pay-as-you-go equivalent to many bank cards, prepaid cards have become the blueprint for keeping track of your finances in the most efficient way.

“It’s all about budgetary control,” said John Leonida, Clyde & Co LLP. “If you can deal with a service where you say you’re only allowed to use this card with these vendors that gives you a degree of control.”

Whether you are a superyacht owner, captain or a brokerage house managing a fleet of vessels and juggling multiple costs and operations, having a prepaid card with the required funds is the perfect solution for you.

For example, Centtrip’s multi-currency Mastercard® allows you to hold and pay in 15 currencies anywhere in the world. You can top it up either online or via our app and convert currencies on one account and within seconds. It also allows you to keep track of your spending in real time, helping you keep to your budget.

You can also choose from GBP, USD and EUR as your preferred base currency for your multi-currency card for easier reconciliation and more efficient reporting. That means all card-related fees are shown in your chosen base currency, avoiding the need for currency conversion and making your statements clearer. 

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Cash control

And the benefits do not end there.

These cards are also great if you employ multiple crews across the globe and need to pay recruits in their local currency. With cards like Centtrip’s you can benefit from live foreign exchange and expenditure, making sure you keep absolute control of your finances and your employees make the most of their earnings.

Ben Thorne, Head of Centtrip Marine

Ben Thorne, Head of Centtrip Marine.

“Today it is not enough to build a product and try to shoehorn clients’ unique needs to make it work for them,” said Ben Thorne, Head of Centtrip Marine. “Our clients are constantly looking for more efficiency when it comes to time and money spent on fiscal management of the vessels they own and/or manage. Centtrip does exactly that by offering a bespoke approach to managing your treasury and making international payments in a smart and cost-efficient way. All to ensure you remain at the helm of your finances.”

The majority of our marine clients, which include household names from superyacht management companies, suppliers and brokerage houses, use our cards on a daily basis to manage their expenditure in a more sophisticated way.

In the age of digital transformation that spans across sectors and industries, such level of efficiency and automation has been developed to help you take your business to a different league.

For example, as a yacht management company looking after a fleet of vessels of different sizes all over the world, you can set limits on individual multi-currency cards and receive alerts notifying you when a captain is close to reaching those limits. Once notified, you can top up the card online or via our app.

Or imagine you are in a country other than the country you ordinarily operate in. It is important to find cost- and time-efficient ways to make payments wherever you are in the world. With Centtrip, you can reduce your costs and time spent on regular individual payments, such as payroll, using our Batch Payments feature. It allows our marine clients make hundreds of payments across the globe, in multiple currencies in one go.

Real-time control

It goes without saying that for any company with international presence timing is everything.

Today efficiency has become synonymous with success – if you cannot do something in real time, it may actually not work altogether.

From keeping track of transactions to reconciling your accounts, our smart multi-currency account enables our clients to do this and more in real time.

Gone are the days of storing wads of paper, hunting for receipts and waiting for monthly bank statements to reconcile transactions. With Centtrip your reporting can be a lot more time and cost efficient.

The last but not the least. Change may be good, but it is often not easy.

Any new technology should help create stronger infrastructure and offer better services, as well as serve as a harmonious addition to existing systems, be it an accounting program or other applications. At Centtrip, we have built our technology with all those considerations, helping companies transition well. Our account enables you to match your existing data with our features by simply importing it to your Centtrip account.

 

Related Insights:

Centtrip adds USD and EUR to card base currencies

Make hundreds of payments with one click

Make free instant payments with CenttripNow

 

Ask us about our products and services and how we can help you grow your business today.

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