As the Mediterranean charter season kicks into high gear, the buzz of superyacht activity across the region brings a surge in logistical demands and financial complexity. For charter clients, brokers, captains and crew, navigating the intricacies of APA, real-time spending and post-charter reconciliation has long been one of the biggest headaches of yacht charter. This is why P3 Marine was created – the financial yacht management platform, a product of Privat 3 Money, built specifically for the yachting industry by those who know it best.
The future of yacht charter finance reconciliation
Privat 3 Money’s sales director and former charter broker, Lewis Mabey, knows only too well the challenges of managing yacht charter finances. “When you charter a yacht, you have to pay APA upfront, which is Advanced Provisioning Allowance,” explains Mabey. “This covers all the running costs of the boat for that charter, such as food, and is usually 25–35 per cent of the charter fee.”
However, it’s often the period after the charter where the real friction begins. Reconciling every expense and accurately allocating costs, whether they were client-related or operational, can become a major challenge. The process typically depends on captains and crew meticulously tracking expenditure throughout the trip, but in reality, this isn’t always straightforward for them. Without the right infrastructure, receipts can be unreliable or incomplete, and APA reports are frequently inconsistent in format and detail, leaving charter managers to piece together financial overviews with limited clarity. “Captains, especially on charter yachts, are extremely busy people. If you're in, let’s say, a remote island in the Caribbean, you're not always going to get receipts,” Mabey adds.
This is exactly the kind of challenge P3 Marine was built to address. The platform helps brokers, captains and managers by providing them with real-time access to financial data, spending activity and clearly categorised expenses within a user-friendly interface. Users can set up a dedicated charter account to ring-fence APA funds and monitor them closely throughout the trip.
Instant APA reporting
The APA reporting tool is one of P3 Marine’s most powerful features. Rather than waiting days or weeks for inconsistent spreadsheets or incomplete receipts, captains and charter managers can now generate clear reports instantly in formats like CSV, XML or PDF. Category breakdowns, such as food, fuel and crew expenses, are created by the users themselves and available at the click of a button, making the post-charter reconciliation process faster, easier and more professional. The APA charter reports are multi-currency, meaning that the statement will show all costs in one file, no matter how many different currency payments have been made throughout the charter.
“Previously, as a charter broker, it was sometimes difficult receiving charter expenses from captains and crew with no real infrastructure in place. I had an APA report sent to me once via WhatsApp with receipts that didn’t really match anything, and I had to sit and decipher which receipt went with which payment. Captains and crew have a lot on their plates, so without the right systems in place, it’s understandable," Mabey explains.
The platform also eliminates some of the issues associated with traditional banking, especially when it comes to large payments that need to be transferred just hours before a charter begins, if it has been booked last minute.
P3 Debit Cards
Adding to its offering, Privat 3 Money has recently become a Principal Member of Visa and has launched its new Visa Infinite debit card programme. What sets P3 apart from its competitors is that the company itself can set up card programmes and issue cards directly with Visa, without being dependent on third-party card issuers that act as a middleman between the card user and Visa/Mastercard. P3 has set up a dedicated team to manage the direct relationship with Visa, hiring industry veterans to manage the new card business vertical.
Becoming a Principal Member also gives the company complete flexibility to customise the card’s features and perks. The full list of perks includes a suite of premium benefits, in line with the Visa Infinite card programme, such as lounge access, concierge services and roaming data. There are also P3-specific strategic perks in partnership with premium chauffeur services, high-end hotel chains and luxury gym memberships.
The card programme is multi-layered, offering everything from premium metal cards to more cost-effective plastic and virtual options. Dedicated card programmes for yacht management companies can be set up and fully customised with yacht names, logos and colour schemes to align with a vessel’s branding.
"Visa processed +/- 50 per cent of the world's card transactions; being able to obtain Principal Membership is not a walk in the park,” says Philippe Werner, responsible for P3 Marine and P3 Aviation at Privat 3 Money. “What a lot of people don't know is that the process to become a Principal Member of Visa is very difficult and includes a lot of financial, regulatory and compliance obligations that need to be fulfilled, in order to obtain approval from Visa."
For Privat 3 Money, becoming a Visa Principal Member is a mark of both technical, regulatory and financial credibility. The company has been rigorously vetted by both Visa and the FCA, reinforcing its status as a secure, trustworthy partner in the financial services space.
The Visa Infinite card is a multi-currency debit card, allowing captains and crew to make quick and easy payments at any point during the charter, no matter where they are in the world. Spending thresholds and limits can also be adjusted through the platform.
What’s more, Privat 3 Money now offers accounts and cards for crew members, allowing them to receive their salary and manage expenses through P3 with their own set of benefits. Whilst crew payroll companies start to look at streamlining salary payouts via P3, as a crew member and being a P3 client, it will allow them to receive their salary instantly, without delays or hidden costs.
"I'm very proud of the whole P3 team for helping us reach this significant milestone,” Werner adds. “Earning the trust of major financial institutions and regulators like Visa and the FCA speaks volumes, reinforcing our credibility and adding significant value to our business.”
To find out more about P3 Marine, get in touch with the team at Privat 3 Money.
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