Image via Shutterstock
Payment solutions provider WEX has launched a solution for airline payments.
The new product gives online travel agents, tour operators and travel management companies the ability to avoid airline surcharges and “maximise per booking profitability”.
The company, whose clients include Expedia and Orbitz, said it developed the WEX Solution for Airline Payments in direct response to customer needs.
It utilises a Virtual Card Number (VCN), offers a credit facility to fund debit card accounts and provides customers with the ability to reduce costs by avoiding surcharges on flight bookings.
The solution also helps fund customers’ airfares while their money is tied up in trust accounts.
The VCNs also provide automated transaction reporting and reconciliation, reducing the amount of manual work and risk.
Jim Pratt, senior vice president, general manager of virtual payments at WEX, said: “Airline bookings in the travel industry are increasingly competitive as customers are becoming more price conscious.
“The 2% surcharge incurred when booking seats with airlines means that margins are squeezed even further.
“With the introduction of our new solution, our customers can bypass this charge without having to prefund accounts.
“This results in reduced costs and allows customers to become more competitive, improve their cash position and benefit from an automated booking flow, reporting and reconciliation.”