Transact Pro in cooperation with Bonusukarte.lv provides a new solution for employee lunch payments
Transact Pro, Latvia's leading non-banking financial services provider and electronic money institution has teamed up with Bonusukarte.lv to develop and offer Latvian and Baltic corporate customers a Mastercard’s Bonus Card which is designed as an ideal solution for employee catering expenses.
Reimbursement of catering expenses is one of the most valued ways of motivating staff across Europe. Bonus Cards are designed and developed so that employees can pay at any caterer of their choice throughout Latvia and abroad without spending their personal money, but using the funds provided by the employer. Bonus Cards can also be used for shopping online which allows employees to order and pay for their chosen food online or through applications such as for Wolt or Bolt.
Bonus Cards are international Mastercard payment cards that can have an employer logo printed on it, thus making it to be even more personalized from the employer and even more valued by the employee.
Bonus Cards provide an opportunity to optimize personnel expenses as payments of catering expenses are not subject to payroll tax in Latvia. Each employee is issued a personalized Bonus Card on which the limit is granted by the employer, available every month to cover the employee's lunch expenses, which according to the Income law of the Republic of Latvia is a tax-free benefit up to 480 EUR per year per employee.
Bonus Card is an on-line managed motivation instrument that greatly simplifies the administrative work of personnel management and accounting. In particular, this especially applies to accounting as all and any payments with Bonus Cards will not require any paper checks or receipts – it will be sufficient to have the employer's own electronic account statement as an external justification document.
“Issuance of Bonus Cards by Transact Pro is a development with great potential that allows us to provide and open opportunities to create new cooperation projects with corporate customers in different fields. We are very pleased that together with our partner Bonusukarte.lv we can offer this type of product which is an ideal solution for companies to motivate their employees" emphasizes Transact Pro Chairman of the Board Maksims Jaroševskis.
“Bonus Cards are designed to be easy to use for employees and easy to administrate for employers. With Bonus Cards it is impossible to make a mistake in the motivation of the staff as we all eat every day”, adds Bonusukarte.lv Board member Artūrs Piliksers.
Bonusukarte.lv has invested more than 3 years in the development and creation of the personnel motivation instrument 'Bonus Card' adapting it to the needs of employers. Bonusukarte.lv in cooperation with Transact Pro has created an innovative and unique personnel motivation instrument that allows both efficient use of administrative resources and optimization of personnel motivation budget.
About Transact Pro
Transact Pro is a leader in the Latvian non-banking financial services sector. It is also the first company in this sector in Latvia to be licensed by the Financial and Capital Market Commission (FCMC) with the right to provide payment services in any EU member state as an electronic money institution. Transact Pro is a direct member of Visa and Mastercard with its own payment processing center and PCI DSS 1 security-compliant payment gateway.