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22 Sep 2015

BY Edward Robertson

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TRFBLI

WEX offers new airline payment system

Corporate payment specialists WEX have launched a new payment system designed to avoid airline surcharges.

Money - £50 notes (stock)

The WEX Solution for Airline Payments uses a Virtual Card Number (VCN) andoffers a credit facility to fund debit card accounts so allowing users like OTAs and tour operators to avoid surcharges on flight bookings.

 

It can also be used to fund customers’ airfares while their own money is tied up in trust accounts by offering a credit facility.

 

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 for Airline Payments, 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."

 

Kumar Edara, WEX customer and director of Truly Travel, added: “Prefunding flights on behalf of our customers whilst their money is tied up in trust accounts was getting very challenging for us, especially with the volume of flights our customers book.

 

“WEX has given us the ability to improve our cash position whilst reducing costs significantly which is helping us to become much more competitive.

 

“Working with a partner who listens to your needs and is able to turn those into significant business benefits has been crucial and the reason that we greatly value our partnership with WEX.”

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