Checkout.com and Mastercard Offer Virtual Cards for Travel Agents
Checkout.com Have cooperated with MasterCard Credit Card To provide virtual cards to online travel agents.
“As part of the Mastercard wholesale program, which reduces costs for travel companies through it Virtual card technology and an innovative pricing model, Checkout.com customers will be able to pay their suppliers more easily and benefit from higher conversion rates by issuing virtual cards,” the companies said in a press release issued on Thursday (May 2).
George SimonMastercard Europe’s Executive Vice President of Market Development noted that the collaboration will help more than 400,000 travel providers who use wholesale software to enable payments.
For its part, Checkout.com said it is combining acquisition and issuance to help online travel agents move from taking customer payments to paying suppliers.
“Traditionally, online travel agents have had to manage these two aspects of their business separately, which can lead to inefficiency and increased potential for error,” the statement read. “Checkout.com’s integrated solution ensures a seamless flow from getting customer payments to supplier payments, transforming what was previously a cumbersome process into a cohesive and streamlined process. This in turn deepens trust and relationships within the ecosystem.”
This news comes on the heels of last week’s announcement of the global trade platform Weeks launched a Virtual card collaboration with Booking.com.
The arrangement is an expansion of an 11-year-old partnership between the two companies, with WEX becoming the virtual card provider for Booking.com and WEX’s payment solutions powering sales of travel-related products and services for Booking.com.
Recent reports and research by PYMNTS found that virtual cards are one payment solution that is helping mid-market businesses at a time of increasing uncertainty.
Data from PYMNTS Intelligence’s recent release of the 2024 Certainty Project report, “Optimizing augmented reality to mitigate uncertainty for mid-market companies” It showed that businesses that don’t use virtual cards also experience an average revenue loss of 4.6% due to payment uncertainty. (Larger, more financially strong companies saw a smaller impact.)
“As uncertainty impacts smaller mid-market companies in a greater way, those smaller organizations may also see the most benefits in integrating advanced payment solutions – Like virtual cards – in their financial operations, PYMNTS wrote.
“We believe virtual cards have already reached a turning point.” Previse Founder and Chairman of the Executive Board Paul Christensen he said in an interview here in April.
“there Trillions of dollars He added: “It will move to virtual cards in the next two, three, four or five years.”
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