June 28, 2018
Air travel involves large volumes of prepaid future bookings, with suppliers in numerous countries and different currencies. As a result, an issue affecting one airline can quickly have a knock-on effect on many other businesses and individuals.
Across Europe, all parties in the travel value chain who were doing business with Monarch Airlines were concerned when it was announced that the company had gone into administration.
eNett Virtual Account Numbers (VANs) are 16-digit unique Mastercard numbers that travel agencies can use to pay their suppliers in a fast, easy and safe way.
Each VAN is backed by the Mastercard guarantee, including sophisticated chargeback capabilities.
This means VANs can protect against supplier default, such as from prepaid but incomplete travel if an airline fails, as well as other adverse events such as billing errors.
For eNett customers who had paid Monarch Airlines using VANs, it was business as usual. The protection eNett VANs provided, rapidly delivered benefits to all parties:
Anthony Hynes, Managing Director & CEO, eNett International
Download the full report for best practices that you can use to mitigate the impacts of airline failure. It pays to know.