Published on : Friday, November 24, 2017
Virtual payment – a great option for business travel
Virtual payment is a secure and viable alternative to the more traditional payment methods, such as credit cards.
This is why Amadeus is working with Conferma, a leading FinTech company, specialising in virtual card technology, to provide a virtual payment option. This will be powered by Amadeus Payment Platform, which is integrated into our corporate booking and expense tool, Amadeus cytric Travel & Expense.
When booking travel through Amadeus cytric Travel & Expense, business travellers and travel managers will now be able to pay using a central account, or virtual card, integrated at the point of sale.
Thanks to a truly integrated tool, from trip planning, to booking, to expense submission and reimbursement, corporate travellers can manage their corporate travel expenses in a streamlined manner. Travel managers will benefit from a frictionless booking experience, coupled with the ability to increase flexible controls on travel policy, and streamline budgeting, accounting and reconciliation.
Some other key benefits include:
Paperless: Thanks to mobile-first technology and a virtual payment option, travellers can now say goodbye to carrying various paper documents and receipts. This brings greater convenience for users and positively increases productivity.
Fraud reduction: With an integrated virtual payment option, travellers and travel managers will benefit from increased security throughout the whole booking process.
Better cost control: Instead of travellers booking without a corporate tool and paying with a personal credit card, the integration of virtual payments within a corporation’s online booking tool will help increase corporate travel programme adoption and ensure better cost control.
Improved reconciliation: As each booking is assigned a to a unique virtual card number, this makes it easier for the travel manager to track expenses as they come in.
Investing in the right technology and automated payment methods, like virtual payment cards, is invaluable for any organisation attempting to get the most out of their travel programme. Amadeus commissioned the London School of Economics the study Managing Every Mile: How to deliver greater return on investment from Travel and Expense, which identified that around 60% of executives were considering changes to their T&E systems in the next 1-3 years.