ADVERTISEMENT FEATURE
Within the currencies there are currently up to 22 offered for payment and settlement which eliminates the risk of clients being affected by currency fluctuations and foreign exchange fees. Currencies available include euros, British pounds, US dollars, Australian dollars, Swiss francs, Russian rubles and South African rand. WEX is also able to offer currency conversion solutions, via the Visa and MasterCard® payment networks, which have the benefit of being fully transparent on foreign exchange and conversion with no hidden margin. This means that buyers can save up to 2.5 per cent on international payments compared to many of its competitors’ offerings. Clients can also benefit through using
TRANSFORMING TRAVEL WITH VIRTUAL PAYMENTS
VIRTUAL CARD NUMBERS ARE THE FUTURE OF CORPORATE TRAVEL PAYMENTS
TRAVEL BUYERS ARE UNDER INCREASING PRESSURE to ensure that their travel programmes are effective and attain high levels of compliance from travellers, as well as being required by their companies to find new efficient ways of working and saving money.
The development of virtual card numbers (VCNs) is playing a major role in helping buyers to achieve these aims, as well as creating added benefits such as reducing potential fraud and efficiently reclaiming international VAT on hotel programmes. These single-use virtual cards offer a totally flexible solution for buyers and remove the need for time- consuming manual processing and reconciliation, as well as keeping track of spending and compliance, without the need for physical plastic cards. WEX VCNs allow buyers to better manage their travel programmes through simple and efficient automated processes, which create greater control over spending, offer speedy and automated reconciliation, and provide the management information data that companies require.
Many businesses are paying up to 2.5 per cent more per booking than necessary
The globalisation of business means that many emerging markets, such as Brazil, Russia, Asia-PAC and Turkey are becoming key travel destinations. WEX has expanded its range of currency options for clients to meet these needs. Reducing card fraud generally is one of the biggest selling points of VCNs because they are unique single-use numbers. They also have controls limiting how much credit can be loaded on to a VCN, while usage can be restricted to specific merchants – making global supplier payments more secure and manageable. VCNs from WEX have been used in over 190 countries across the globe in over 45 currencies to pay suppliers.
WEX’s unique product suite to create pre-funding and credit facilities across credit, debit and prepaid VCNs, which helps to maximise clients’ working capital and earn rebates. WEX’s VCNs take the inconvenience out of invoicing and reclaiming international VAT though integration with Voxel’s baVel electronic billing platform. This allows buyers to receive hotel invoices when employees check out, pay suppliers in real-time as well as invoicing the client immediately. As for increasing control over spending, WEX’s VCNs feature up to 20 user-defined fields, relating to both bookings and travellers, which can be configured to meet clients’ requirements. These options allow the use of internal account numbers, such as booking references, traveller names, airline PNRs and cost centre codes to further boost control. This data can be attached to every VCN transaction to allow automatic reconciliation while giving complete visibility into bookings and the level of policy compliance. There’s no doubt that VCNs are the
future of account payable solutions and can now be used for corporate travel payments to any supplier globally, which makes them a winning proposition for all travel buyers. It’s time to go virtual and reap the benefits.
wexeurope.com/business-travel • 0845 200 3933
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