Understanding virtual credit cards for travel suppliers
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Transcript of Understanding virtual credit cards for travel suppliers
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Maximizing virtual card efficiencies and supplier
acceptance
WebinarOctober 9, 2013
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K
Kevin MayEditor & Moderator
Gene QuinnCEO & Producer
Your hosts
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Lior Collins Director, ApplicationsKerzner North America
Nicole TackettManager, Global Product and MarketingWEX Virtual
Deena JonesSenior Product Manager, TravelWEX Virtual
Today’s Presenters
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Maximizing Virtual Card Efficiencies and Supplier Acceptance
October 9, 2013
©2013 WEX Inc. Confidential and proprietary.
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• WEX Overview
• WEX Travel: how does it work?
• Integration challenges between buyers and suppliers
• Integration Case Studies: Global Hotel Companies
• Kerzner International Integration Case Study
©2013 WEX Inc. Confidential and proprietary.
Agenda
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©2013 WEX Inc. Confidential and proprietary.
WEX Overview
Nicole [email protected], Global Product and MarketingWEX Virtual
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©2013 WEX Inc. Confidential and proprietary.
Who We Are
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©2012 WEX Inc. Confidential and proprietary.
WEX Global Growth
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©2013 WEX Inc. Confidential and proprietary.
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10©2013 WEX Inc. Confidential and proprietary.
WEX Travel: How Does It Work?
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Virtual Payments
Benefits
• Reduction in fraud and misuse
• Financial rebate incentive
• Timely transfer of funds globally
• Automation of reconciliation
• Cost and process improvement
• One-time use, secure account number
• Global payment platform
• Real-time processing
• Transaction specific controls
• Enhanced data quality
©2013 WEX Inc. Confidential and proprietary.
WEX Travel: A New Approach
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©2013 WEX Inc. Confidential and proprietary.
Virtual PaymentsCard-less/virtual
Append data• Real-time processing
• Vendor notified
• One-time use, secure account number
• Transaction specific controls
• Direct, seamless interface with ERP
• Batch processing
• Buyer initiated or Vendor paid
• One-time use, secure account number
• Transaction specific controls
• Direct, seamless interface with ERP
WEX CardWEX CardWEX Travel: Dynamic Payment Options
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IT Automation Benefits • WEX pioneered single-use B2B virtual card payments, 13 years experience
• No upfront or ongoing fees for implementation and software
• Seamless, nimble integration with existing systems via web service
• Updates do not require code change
• Capacity to support 24/7 environments
©2013 WEX Inc. Confidential and proprietary.
WEX Travel: IT Innovation
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©2013 WEX Inc. Confidential and proprietary.
Hospitality Payment Integration
Deena [email protected] Product Manager WEX Travel
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Complex Hospitality Reservation Network
©2013 WEX Inc. Confidential and proprietary.
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• Each distribution channel integration creates potential VCC* processing challenges and reservation discrepancies
• GDS* and reservation systems do not have a standard field to identify single use virtual card vs. physical card payment type
©2013 WEX Inc. Confidential and proprietary.
Integration: Complexities & Challenges
*VCC-Virtual Credit Card*GDS- Global Distribution System
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• Proactively review authorization data by hotel chain to identify trends
• Evaluate customer (OTA’s and travel companies) call center volume and/or call reason to identify potential integration issues
• Conduct deeper analysis to identify source issue
• Develop resolutions for improved efficiency
©2013 WEX Inc. Confidential and proprietary.
WEX’s Initiative to Drive Efficiency
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Trend: • Authorization declines across hotel chainAnalysis: • Revealed that PMS* was attempting the
authorization of WEX account multiple times between reservation creation date and check-in date.
Solution: • Worked with the hotel chains on PMS
changes to be implemented at the hotel properties
Results:• OTAs and travel companies saw a
reduction of false/positive alerts on decline authorizations
• Hotel suppliers experience reduction in declined authorization attempts
©2013 WEX Inc. Confidential and proprietary.
Case Study #1: Authorization Data Trends
*Property Management System
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Trend:• Significant increase of call center call
volume noted by particular Online Travel Agency from a specific hotel chain
Analysis:• Identified authorization attempts for
incidentals were being attempted • Authorization code was not available
when posting transaction Solution:• Aligned with hotel supplier on operating
procedures for non-compliant propertiesResults:• Reduced call center costs and declines
Case Study #2: Increased Call Volume
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©2013 WEX Inc. Confidential and proprietary.
Hotel Case Study
Lior Collins, Director Applications
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• Kerzner has its own proprietary Central Reservations System which powers its call center (Chameleon) and Booking Engine (branded websites)
• Integration platform developed with many systems such as the GDS* and partner systems
• Kerzner integrated with three large travel partner systems (Expedia, Synxis, and HBSi to ensure efficient and real-time ARI (Availability, Rates, and Inventory) and Reservations process
• The reservations process also integrates into a Revenue Management System thus allowing for optimization of rates, etc
• Alleviating the manual processing of inventory distribution and manual reservation entry allows for fast, reliable, and last minute reservation capabilities
©2013 WEX Inc. Confidential and proprietary.
Kerzner Case Study
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Profile Routing: Based on the OTA profile associated to reservation Kerzner has taken advantage of the Property Management System integration for separate folios
System Configuration Settings/Mapping Tables: Where necessary, mapping and configuration allows for handling of unique or complex reservation rules (reservation statuses, guarantee types, payment rules, etc)
Real time ARI and Reservations: The goal is to always serve up last-minute availability and rates to our partners to ensure they have ability to sell us at all times
©2013 WEX Inc. Confidential and proprietary.
KCRS* Kerzner Central Reservation System
Custom Integration Efficiencies
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• Simplified processing of OTA/partners financial responsibility upon creation of reservation via interface
• Complete end-to-end testing…when a new travel partner is added full testing of reservation including validation in Central Reservation System and Property Management System
• Less work for AR team on property as they are able to have settled folios prior to checkout – no AR cycle/management.
©2013 WEX Inc. Confidential and proprietary.
WEX Travel: Successful Integration
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• Guaranteed payment
• No need to invoice travel companies
• Faster payment of receipts
• Global payment platform
• Simple and intuitive for staff to process payment
• No hardware/software installation
©2013 WEX Inc. Confidential and proprietary.
WEX Acceptance Benefits for Kerzner
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Thank You!
Nicole [email protected], Global Product and MarketingWEX Virtual
Deena [email protected] Product Manager, TravelWEX Virtual
WEX VirtualWe see corporate payments
differently
©2013 WEX Inc. Confidential and proprietary.
Lior [email protected], Applications,Kerzner North America
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K
Q & A
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K
Thank You!
Replay and presentation from today’s webinar will be available at www.tnooz.com
Please send your questions to [email protected]