eNett International offers an innovative payment solution called Virtual Account Numbers (VANs) to make supplier payments safer and faster, as well as automating reconciliation at the time of payment.
LONDON – Following the collapse of Swedish carrier Fly Olympic AB, eNett is reminding agencies to use payment methods that protect themselves and their customers from supplier default.
“The payment method you choose to pay suppliers could mean the difference between full cost recovery or losses for your travel business and customers,” said eNett Managing Director and CEO, Anthony Hynes.
eNett International – a joint venture between Travelport and PSP International – offers an innovative payment solution called Virtual Account Numbers (VANs) to make supplier payments safer and faster, as well as automating reconciliation at the time of payment.
A VAN is an automatically generated 16-digit MasterCard number. A unique number is generated at every booking, making it a highly secure way to pay or be paid.
“When Wind Jet collapsed two years ago, we helped a European Online Travel Agency recover over 1 million euros, which would not have been possible if a cash payment was made,” said Mr Hynes.
“Under the MasterCard guarantee, VANs protect agencies from supplier default with no extra cost for this benefit.”
VANs reduce risk, improve reconciliation and produce financial reward for agencies of all sizes.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
