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Centtrip – multi-currency cards, payments and expense for superyachts

Article by Chris Clifford



ONBOARD talks with Centtrip’s Director of Marine and Aviation, Edward Majdalany, about multi-currency cards, payments and expenses.

Hi Edward, how does Centtrip support superyacht operations?
Successful yacht operations are all about excellent, responsive, seamless service. That’s true whether the boat is carrying the owner’s family or a charter client. Centtrip supports service excellence. Our high-limit, multi-currency, prepaid Mastercard empowers captains and crew to respond instantly to requests, opportunities or challenges while the Centtrip platform gives management companies, operators and the back office real-time visibility and control over everything that goes on.

Is Centtrip more than a Mastercard?
Yes, very much so. The Centtrip platform provides a multi-currency account that enables clients to deposit, exchange, send and spend their funds. It provides real-time, anytime visibility, reporting and control over multi-currency deposits, international and domestic payments, foreign exchange and multi-currency payment cards. Many clients use Centtrip as an operational account from which to pay supplier invoices and payroll as well loading their Centtrip cards. They value the simplicity and flexibility of having all their payments in one place.

Can you tell us about the Centtrip expense management app?

The award-winning Centtrip app lets cardholders manage their expenses on the move. It gives them a real-time view of their spending and enables them to capture (with the phone’s camera) and tag receipts at the point of purchase, so nothing gets lost or forgotten. With added expense management functionality, yacht managers can map expense codes back to their chart of accounts and import transaction data using Centtrip’s API. That removes time-consuming expense claims and streamlines production of yachts’ management accounts.

Managers and admins can control multiple accounts and cards from a single, any-device interface. They can also set real-time transaction and balance alerts, instantly transfer funds to and from cards, and lock or unlock mislaid cards.

How can Centtrip support APAs for fast-moving charter operations?
Many of our yachts operate several separate accounts. They might have an account and cards for the yacht’s operational costs, then two (or more) charter accounts per yacht. That makes it easy to generate charter client reports and means the charter team can finalise accounts for the previous booking while the APA for the next charter is loaded onto the other account. Captains and crew simply swap from using their Charter A account and cards to the Charter B account so they can continue to operate seamlessly on behalf of their guests.

Does that mean that cash is dead?
Well, the world is increasingly cash-free, but you still need cash sometimes. Maybe the chef needs to buy supplies from the local market, somewhere. With the Centtrip Mastercard, cardholders can withdraw up to €4,500 per day in local currency at 2.1 million ATMs worldwide. Importantly, the management company or back office can monitor, limit and control cash withdrawals in real-time. Again, people are empowered to act quickly, but everything is accounted for.

Can Centtrip support complex international ownership structures?
Yes. Our mission is to seamlessly connect the world’s most glamorous money for the most dynamic customers. We specialise in the needs of internationally mobile organisations and assets. That means we can support multiple separate or connected accounts for a wide range of complex scenarios. Yachts can have separate operational and charter accounts; management companies can have separate accounts for every vessel they operate, including accounts for independent yacht-owning companies. Family offices can have accounts for different assets such as real estate, yachts or aircraft.

From a security and legal standpoint, Centtrip safeguards client monies in separate accounts held with established financial institutions and wholly segregated from Centtrip’s own funds at all times.

About Centtrip
Centtrip supports over half of the world’s superyachts (vessels of 40m or longer) and counts many LYBRA, MYBA and IYBA members as clients. To find out how Centtrip can support your yacht operations, visit www.centtrip.com/marine or email us at marine@centtrip.com


Cashflow and payments onboard

Article by ONBOARD Magazine



When your yacht is a mobile, multi-million euro business, you need systems that let you respond and spend whenever and wherever required

Whether you are a captain, owner or yacht management CFO, smooth operations depend on the ability
to make seamless payments in any location, in any currency, knowing the admin is taken care of effortlessly. Drawing on nearly a decade’s experience supporting the world’s largest superyachts, Centtrip suggests eight ways to make your payments plain sailing.

Use multi-currency cards with high limits
Empower your captain and crew to deal with opportunities and challenges as they arise. A prepaid, multi-currency card with high transaction limits makes it easy to balance empowerment and control while enabling spending in any location.

Switch to cashless cruising
The everyday world is increasingly cashless and moving to a multi-currency card will increase transparency and reduce risk. Just make sure your cards enable large ATM withdrawals for those few occasions when cash is the only option.

Manage your international currencies and payments
Running a mobile, multi-currency business can get expensive. Every day can mean a different currency. Using a multi-currency account and card will help avoid foreign transaction charges and unfavourable exchange rates at every turn. Consider working with a foreign currency expert that can expedite your international payments and help you develop strategies to mitigate your exchange rate exposure.


Define structures and controls to meet your needs
Every organisation is different. You shouldn’t compromise the way you live or work by bending to a generic, out-of-the-box system. Instead, look for a system like Centtrip, that lets you create your own structures to manage multiple, independently owned vessels (or family office assets) from a single desktop or smartphone. Make sure you can have as many cards as you need for each account, and check you can set individual spending limits, authorisation hierarchies and reporting structures.

Simplify the back office
Improving life at sea is one thing, but what about the finance team? A happy accountant makes everyone’s life easier. Getting card and other transactions into an accounting package sometimes requires tedious export/ import routines or, even worse, rekeying report printouts. A payments system that provides API integration saves time and avoids error. These days, a smartphone app with a receipt capture function is another essential. A couple of seconds at the purchase stage saves hours processing paper expenses.

Optimise payroll processing
Yacht payroll is a large, recurring expense which is essential to get right. Late payments hurt morale and damage crew retention. Wire transfer fees alone can add up to 1% to salary costs. You need a partner that can make multi-currency, international payments quickly, reliably and efficiently.

Demand best-in-class security
Sadly, cybercrime is everywhere and high- spending yachts can attract unwanted attention. Look for the highest levels of system security to protect your money and your privacy.

Cards get lost, cards get found, cards get stolen. So also look for the ability to instantly lock or unlock, and transfer funds to and from cards. This avoids the stress and inconvenience usually associated with missing cards.

Ensure excellent 24/7 support
Finally, one of the soundest ways to improve your operations is to ensure that the partners you rely on are able to provide the robust and expert service you need, when you need it.

When you next pick a payments partner, look for one like Centtrip that has a deep understanding of your world as well as their own. Be sure they understand the unique circumstances of life onboard and have the experience to respond quickly to the situations you face. That’s a sure way to make your payments plain sailing.

Centtrip supports over half of the world’s superyachts (vessels of 40m or longer) and counts many LYBRA, MYBA and IYBA members as clients.

For further details:
email marine@centtrip.com visit www.centtrip.com/marine