Making payments between travel agents and providers more efficient.
While international tourism expanded by five percent in 2013 (UN World Tourism Organization), many travel agents and providers such as airlines and hotels leave money on the table by relying on inefficient ways to make and receive Business-to-Business payments. According to research by PhoCusWright and eNett analysis, manual payments handling and reconciliation cost the travel industry over USD1.5 billion per year.*
Aiming to provide more efficient payments solutions for the travel industry, MasterCard and eNett International have extended their partnership, reaffirming their joint commitment to redefine travel payments globally. Research by MasterCard and Kaiser Associates revealed that card-based travel solutions can be up to 37% cheaper than other payments methods such as cash, cheque and Automated Clearing House (ACH) networks.
Over the past three years, MasterCard and eNett International have helped travel agents, airlines, hotels and travel wholesalers across 47 countries to optimise their payments process, reducing cost and improving their cash-flow. Using unique MasterCard Virtual Account Numbers (VANs), eNett, a Travelport joint venture, provides travel companies with a fast, easy and secure way to pay, or to be paid, enabling automated reconciliation at point of sale.
“Since launching in 2011, eNett VANs have continued to gain great traction in Europe,” said Anthony Hynes, eNett International Managing Director and CEO. “And now, as our solution gains momentum in more markets around the world, we are delighted that MasterCard shares our ambition to redefine payments across the entire travel industry value chain.”
“Our strategic partnership with eNett leverages our respective assets and unlocks value for all players in the travel industry,” said Hany Fam, President of MasterCard Enterprise Partnerships. “This innovative payment solution powered by the speed and intelligence of MasterCard’s global network massively reduces friction and improves the bottom line of travel service providers.”
*eNett analysis of PhoCusWright Payments Unsettled Report 2013.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
