Innstant & Enett Join Forces To Help Travel Agencies Save
September 4, 2014
MELBOURNE, 4 September 2014: Innstant Travel, the online wholesale division of Innstant Group, is encouraging agents to pay their suppliers with eNett Virtual Account Numbers (VANs), to save on costly credit card fees.
With a new credit card fee imposed by all of Australiaís big four banks for international online purchases, Innstant Travel CEO, Darryl Ismail, said he wanted to assist agents in reducing their costs by allowing them to pay with a more affordable and efficient payment method.
Furthermore, Mr Ismail stated that this was core to the Innstant Group philosophy of constantly adding innovative products to the Innstant platform in order to help its Australian travel partners grow sales, save money and increase profits.
eNett International - a joint venture between Travelport and PSP International ñ 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.
Earlier this year, the last of the four major Australian banks chose to join the others in introducing a new credit card fee for international online purchases, which could be up to 3%1,said Mr Ismail.
That ís a huge additional cost for agents to incur, particularly when margins are already tight. But now weíve found the perfect solution in VANs, which donít charge this fee, yet offer the MasterCard protection from supplier default and fraud.
eNett Managing Director and CEO, Anthony Hynes, explained that the fees imposed by banks usually included a processing fee on top of foreign exchange.
With declining profit margins and increased competition, VANs provide an effective solution for travel companies to manage costs and improve overall business performance. This includes reduced foreign exchange exposure through low cost FX options and a rebate on each transaction.2
VANs reduce risk, improve reconciliation and produce financial reward for agencies of all sizes.
1. The Sydney Morning Herald, Westpac last of big 4 banks to introduce fee for online purchases from overseas, by Ben Butler, 5 May 2014.
2. Terms and conditions apply.
About eNett International
eNett International is a global provider of payment solutions tailored to the travel industry. Majority owned by Travelport a travel commerce marketplace providing distribution, technology, payment and other solutions and PSP International, eNett uniquely connects the travel industry with payments expertise to offer an innovative payments platform that reduces risk, improves reconciliation and delivers financial, data and efficiency rewards.
eNett's core offering is a Virtual Account Number (VAN) payment solution that automatically generates unique MasterCard numbers used to facilitate global payments between travel agencies and travel providers. Its exclusive, long-term partnership with MasterCard provides access to the worldís fastest payments processing network and more than 35.9 million locations worldwide.
The Innstant Group, www.innstantgroup.com, is a privately-held travel and software company, which has offices in a number of international cities including the US, Europe and the Middle East. Innstant is part of a large corporate group with many global business interests including hotels and other areas of the tourism sector.