Demand for Low Cost Carrier Drives Need for Enett VANs
September 23, 2014
LONDON, 23 Sep 2014: Consumer demand for low cost carrier and best-rate hotel bookings in France is seeing a spike in payments made at the time of booking.
Similarly, the uptake of eNett Virtual Account Numbers (VANs) is increasing to meet this demand.
French travel management company, Frequent Flyer Travel Paris, which recently started using eNett VANs to make supplier payments, is reaping rewards by changing its payment method.
With the increased volume of low cost airline, hotel and other online booking requests from our clients, the need to use our company credit cards also increased, said Frequent Flyer Travel Paris President Marc Leidelinger.
But that meant carrying more risk, with at least 10 fraudulent transactions recorded each year, he said. Now we use eNett VANs which reduce our risk while still allowing us to secure low-cost and best-rate bookings that require immediate payment.
eNett VANs are automatically generated 16-digit MasterCard numbers that agencies use to make supplier payments. A unique number is generated at every booking, making it a highly secure way to pay or be paid.
In addition to increased security, Mr Leidelinger explained that VANs created process efficiencies through automated reconciliation.
By automatically matching each booking with a unique VAN in real time, we have saved more than 25 hours a month in accounts payable cost savings alone, he said.
eNett Managing Director and CEO, Anthony Hynes, said: The demand for VANs in France is driven by a market that is increasingly making immediate payments, in line with industry trends that have seen 21% of airline payments in Western Europe settled at the time of booking and 74% of hotels offering pre-paid booking options on their websites.*
eNett is meeting the payment needs of Frequent Flyer Travel Paris by reducing risk and improving reconciliation, while allowing them to access and secure dynamic and net-commission content, he said.
VANs are accepted across MasterCardís network of 35.9 million locations worldwide, wherever a travel supplier accepts MasterCard.
Meet the eNett team at IFTM Top Resa in Paris to learn more about VANs. We will be located at the Travelport stand in Porte de Versailles Pavilion 7.2 on stand K57, from 23 - 26 September.
*PhoCusWright Payments Unsetttled Report 2013
About eNett International
eNett International is a global provider of payment solutions tailored to the travel industry. Majority owned by Travelport ñ a travel commerce marketplace providing distribution, technology, payment and other solutions ñ 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.