TAKING CENTRAL TRAVEL PAYMENT SOLUTIONS TO THE NEXT LEVEL
Advances in travel technology can help companies to work smarter and more efficiently. Using Virtual Card Accounts for Travel instead of legacy payment products delivers a wide range of benefits for business travellers, companies and suppliers. More companies will expand their use of this technology in the future, writes Steve Robson, Head of Commercial Cards EMEA at Citi.
Traditionally business travel has been paid for either using corporate cards issued to travellers or using central travel account lodge cards. While both continue to offer employees and companies a number of benefits for certain types of spend, they have some drawbacks for travel spend.
Most obviously, corporate cards are not issued to all employees. Whilst employees that travel frequently will have a card, other travellers such as contractors, temporary staff or
infrequent travellers are not issued with cards. Overall, such travellers can be a significant component of a company’s travel programmes.
Both corporate and business travel account cards present risk management challenges given their high credit limits and long validity dates. They may also require time-consuming manual reconciliation or offer limited visibility and control: analysing spend patterns — both at an individual or corporate level — can be difficult.
Companies are looking to improve efficiency and enhance their control of spend. To do so, they require granular information that integrates into existing systems and is easily reconciled. The importance of duty
of care and travel risk management for companies means that they want to know their business travellers’ location. Companies also want to meet the needs of their corporate travellers. Many business travellers would like the convenience of knowing they do not have to worry about paying for their accommodation while travelling, and reducing the amount of reconciliation following their travel.
Citi Virtual Card Accounts (VCA) for Travel addresses these and many more problems by centralising travel payments. At a stroke, they accelerate payments associated with travel, streamline processing, and improve security and control.
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