Are graspPAY Virtual Payments Right for You?
In the fast-changing world of corporate travel, it is crucial for travel agencies and travel management companies to stay ahead of the game. One financial solution that has gained significant popularity is virtual payments.
Did you know that virtual payment expenditure is forecast to reach $71bn USD by 2027?
As business travel increasingly embraces digital payment solutions, understanding when and how to leverage virtual payments can provide a significant edge in streamlining operations, enhancing security, and optimizing control and compliance.
In this article, we delve into the key considerations for travel professionals to determine whether virtual payments are the right fit for their operations and travel programs, and how they can revolutionize the approach to payments in business travel.
Is it time to use Virtual Payments?
There are many reasons to use virtual payments, from increased compliance and control to security and visibility. Here are our top 5 reasons for why you may want to consider using Virtual Payments.
Better Traveler Experience: For businesses that reimburse employees for travel expenses, virtual payments provide a far more convenient solution. Instead of requiring travelers to pay for travel expenses, virtual payments are issued with predefined limits for each specific trip expense. Virtual payments are securely linked to a specific reservation, ensuring compliance and minimizing the risk of fraudulent activity which can often disrupt travel plans.
Key: Key: Travelers benefit from a seamless integration into online booking tools as well as a touchless and expense free trip.
Better Control: Virtual payments have the ability to establish spending limits that align with policy guidelines and are associated with a particular merchant category, effectively restricting unauthorized charges. These payments are specifically designed to provide heightened control over expenses and guarantee adherence to company policies. Equally, virtual payments possess the flexibility to adapt to changes in travel plans, adjusting alongside reservations as and when the need arises.
Key: Customize spend limits that ensure compliance.
Improved Reconciliation Process: Virtual payments are generated at the time of booking, with all the associated information captured, such as name, dates, rates, supplier, etc. Then when it comes time to reconcile, the charges are automatically matched to the booking data, along with any additional data points such as cost center, UDIDs, project # and employee ID, etc.
Key: Automated reconciliation saves time and provides detailed insight.
Enhanced Security: Virtual payments offer an extra layer of security compared to traditional forms of payment. Virtual payments are typically generated for a single transaction, for a limited time period and with a specific spending limit. This reduces the risk of fraud, unauthorized charges and late payments. If the virtual payment is used for any other purpose, for an alternative merchant or for a higher value, the charge will simply be declined.
Key: Virtual payments detect and deter risk for complete control.
Operational Efficiency: There is normally a significant amount of administration when booking and paying for hotel stays. Hotels often require 3rd party authorization forms to be completed, some like to test the credit card with a pre-authorization amount, either way it is administration that takes the agents emphasis away from the client. With graspPAY virtual payment, confirmation and payment instructions are sent as standard, with many of the primary hotel chains receiving the instructions directly into their own property management systems, allowing both the hotel back office and importantly, the front desk staff to be fully aware of virtual payment as the form of payment.
Key: Automate the mundane and reduce wasted time and money.
Virtual Payments are an ideal solution for both agency and client, they save both time and money as well as reduce the friction and complexity for traveler and agent.
