Moneydirect, an Amadeus and Sabre joint venture and a provider of multi-channel payment solutions, has rolled out a new payment solution using virtual credit cards to simplify the payment and reconciliation process for travel providers.
The roll out of the virtual credit card follows Moneydirect’s recent software developments, including enhancements to its cross-border, multi-currency payment and collection capabilities.
The virtual credit card is processed like a regular credit card and is available in several different currencies. It can reduce travel suppliers’ invoice processing costs and improves their cash flow through quicker payment. It also offers customers a secured environment with built-in limitation settings for usage dates and payment amounts, as well a providing detailed reconciliation information.
A primary application for the virtual credit card is settlement of hotel transactions. In addition, the virtual credit card captures and tracks important booking details, including the reservation code, requester identifier, traveler name, hotel chain code/name, room type, rate code, hotel confirmation number and check-in/check-out dates.
Hans Hagen, CEO of Moneydirect, said: “Virtual credit cards not only benefit the agencies booking travel, but many suppliers have been pushing for this solution because it streamlines their transactions with credit card settlement. They receive payment right after a guest receives service, reduce labor and material costs for invoice production, and cut down on payment disputes.”