The payment revolution is here.
For too long, payments have been a source
of frustration, inefficiency and loss of capital for stakeholders across the
travel industry. It’s time to change the way money changes hands. Today, we’re
taking a look at virtual payments – and how they are going to help travel
agencies generate revenue, save time and increase control.
Clearly, payments are a pain
Fraud, processing complexity, reconciliation - when
it comes to paying for travel, agencies are no stranger to these issues.
Especially now, in this era of digital payments for everything from vending
machines to household bills, the travel industry is screaming for better ways
to pay that allow for seamless connections between its various players,
improved operational efficiency, fewer manual errors, greater security and
better cash flow management.
What’s more, traveler expectations of seamless,
personalized and high value experiences will get stronger over time for both
business and leisure travelers. According to the Fox World
Travel Customer Survey, 79% of respondents reported
that business travel impacts their job satisfaction — and that number rises to
88% for millennials.
The future of travel payments
Virtual payments are a vastly more secure and efficient way to make payments, creating opportunities for travel agencies to save money, improve cash flow and enhance supplier relationships - and travel agencies and organizations that book large amounts of business travel can reap the rewards.
New revenue streams
When a travel agency uses a virtual card to make a purchase, the agency can obtain a rebate - generating a brand new source of revenue and increasing profitability. Cash flow can also improve through extended credit options of virtual payments, offsetting surcharges and reducing foreign exchange costs.
Improving security, reducing fraud
Virtual cards allow travel agencies to generate a unique card number for each reservation, reducing the risk of data breaches and unauthorized access. Businesses can set spending limits to control expenses, ensuring that transactions stay within predefined thresholds. Real-time transaction monitoring allows agencies to promptly detect and investigate any suspicious activities, mitigating the risk of fraudulent transactions. In the event of a security concern, virtual cards can be easily canceled and reissued, preventing further unauthorized usage.
Streamlining operations
When a travel agency uses a virtual card, they can easily track their spending and generate automated reports, which leads to better decision-making about how to allocate travel budgets. For example, an agency can easily track and automatically reconcile payments from multiple sources in a single platform, saving time and removing inefficacies, costs and manual activities. Most importantly, all data from mobile, desktop and integrations is fully synced and fits seamlessly into their existing workflows.
What’s different about Sabre’s approach?
As a leading software and technology provider to the travel industry, Sabre knows how transformative it is for B2B travel businesses to be able to consolidate complex processes in comprehensive, end-to-end solutions. Sabre Virtual Payments, the fully integrated, multi-channel solution, allows agencies and travel bookers to select the combination of banks, credit card schemes and funding solutions that delivers the most value to them and their business. From automating reconciliation and data reporting to flexibility and control for improved booking experiences, Sabre Virtual Payments is a one-stop ecosystem built for leisure travel agencies, OTAs, TMCs and organizations with significant booking volumes.
Partnerships powering a cutting-edge virtual payment solution
Building and delivering virtual payments requires expertise from across the tech spectrum. Thanks to the technology of Conferma Pay, the world’s foremost provider of virtual payments technology, Sabre is now able to connect travel companies, major global distribution systems and more than 100 online booking tools to more than 70 banking partners who issue Conferma Pay-generated virtual cards in over 50 currencies, all while being fully integrated with the top card schemes worldwide.
Delivering best-in-class virtual payments through Sabre’s access to the Conferma Pay technology ecosystem was augmented by their partnership with Mastercard, one of the world’s leading payment networks of banks and issuing partners.
This three-pronged partnership brings together Mastercard’s deep knowledge in financial services, Conferma Pay’s technology and strong connections in fintech industries, with Sabre’s extensive experience in travel technology innovation and virtual payments.
Sabre Virtual Payments can provide travel agencies with new revenue streams, enhanced security and streamlined process agencies need, with the extensive reach and access they want.