Voly APA: How to simplify charter spending on superyachts­­­

9 March 2022 •by Voly Group

In 2020, superyacht fintech provider Voly launched the yachting sector’s first dedicated and fully automated APA (advance provisioning allowance) platform specifically aimed at the charter market. This streamlined way to manage charter expenditure sees funds paid into a Voly APA account for provisioning the yacht on the charterer’s behalf. Voly APA is a standalone online platform, mobile app, payment platform that boasts full expense management with an integrated prepaid Mastercard that automatically syncs directly to Voly and can be loaded instantaneously 24/7. Provisioning costs, such as fuel, food, drinks, and port fees are all paid for and, at the end of the charter, a full account of expenditure is produced. This streamlined, automated and time-saving process allows captains and crew to concentrate on their charter guests, rather than accounting and charter administration. BOAT Business rounds up the biggest benefits of Voly APA.

1. Top-up funds instantly

The Voly APA integrated prepaid cards all have high expense limits in line with the requirements for managing a charter budget. Topping up funds is simple – same-day transfers can be made to the APA float, allowing prepaid cards to be loaded 24 hours a day.

2. Track expenditure on the go and in real-time

Unlike traditional credit cards and receipts, which often require providing monthly bank statements, the Voly APA platform allows captains and crew to record expenditure in real-time and on the go. Crew simply take a picture of a receipt and upload it onto the app where Voly logs it automatically for the creation of automated reports.

Read More/Take the pain out of provisioning with Voly

3. Save time

Captains and crew don’t have the time to act as accountants when running a charter. Voly’s integrated prepaid card and mobile app allow captains and crew to concentrate on the charter guests, rather than the administration. It’s all digitalised and tracked electronically, eliminating the need for convoluted spreadsheets, and minimising the human error that can occur during a manual process.

4. Simplify reporting

The Voly APA platform automatically generates simple reports showing a complete breakdown of all funds received and all expenditure, including receipts, are also watermarked with the transaction number so that they can easily be linked back when reviewing reports for every charter.

5. Cost centres/ keep charter expenditure clearly segregated

Voly’s cost centre function allows users to assign costs by each charter, creating a clear separation of expenses when chartering back-to-back.

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6. Ongoing support

Voly offers dedicated APA charter training with dedicated client relationship managers, video calls and online training sessions to ensure captains can confidently navigate the Voly platform. Voly also provides ongoing support in case any captains or crew have any questions.

7. Reduce admin

The Voly APA platform cuts out physical and needless admin, ending the days of multiple Excel documents and physical receipts. Manual processing is replaced with automatic and accurate financial reports created through one safe and secure platform.

8. Make payments in over 30 currencies

Voly’s payment platform allows captains and crew to make payments in over 30 currencies, with a live FX rate provided at the point of payment. Voly’s competitive rates provide significant savings compared to traditional banks due to the significant sums required to run a superyacht.

9. Data Security

Voly is ISO 27001 Certified, which is an internationally recognised certification. Data security and ensuring our systems are safe is of the highest priority. Voly APA account holders have access to security and fraud prevention protocols as standard, which includes a fully encrypted platform with 2-factor authentication upon login and on every transaction, the ability to set bespoke permissions and limits and beneficiary validation to help avoid fraudulent activity.

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