August 31, 2017
eNett International, a leading provider of B2B payment solutions, has added Colombian Peso to its already broad currency suite, allowing travel firms to further reduce the costs of international payments. Colombia’s popularity as a destination has been rising in recent years, with Lonely Planet ranking it second in its list of Best Travel Destinations for 20171. To support with this trend, the addition of Colombian Pesos will provide travel companies with a new way to make fast, easy and safe payments to Colombian travel suppliers with Virtual Account Numbers (VANs).
As travellers continue to seek more adventurous destinations, eNett is dedicated to extending its currency range. The introduction of Colombian Peso follows recent additions including Mexican Peso, Russian Rouble and Turkish Lira, increasing eNett’s portfolio to 33 different currencies. 20 of which enable local settlement, with Hungarian Forint now available as a local settlement currency. This dedication is reflected by eNett facilitating more international payments than any other virtual card provider.
In the last three years alone, travel companies accepting payments in more than ten different currencies has doubled, according to research by Phocuswright2. Yet, travel agencies could still be paying up to 3% more3 on each international transaction by using traditional payment options such as bank transfers. With the trend for global travel only set to continue, agencies should be looking to alternative payment options to make crucial savings.
eNett’s Managing Director and CEO, Anthony Hynes, said, “Travel companies today are doing more overseas transactions than ever before as they try and keep up with customer demand for exotic holiday destinations. This comes at a price, with international transactions using traditional methods involving fees and surcharges. But it doesn’t have to be this way. VANs are designed with global transactions in mind, including a suite of FX options designed to lower costs, and local funding and settlement to avoid unnecessary surcharges. Making small changes to payment processes can deliver huge savings for international transactions.”
But it’s not all about cost savings. Recent research by Customer Experience (CX) specialists Smith+Co on behalf of eNett demonstrates that more choice actually leads to a better CX. The findings, which are available for download, includes a comparison between the range of destination listings and the number of customer recommendations a travel agent receives. It reveals that those offering more choice, have more satisfied customers who are prepared to share their experience with others. This customer advocacy can have a direct impact on the bottom line, with eNett analysis showing a 10% increase in customer advocacy could translate into an increase in revenue of 33%4.
1. Lonely Planet, Best in Travel 2017: Top Countries
2. Phocuswright payments unsettled: Europe 2016
3. eNett analysis of bank fees and charges
4. Based on a travel company with revenue of US$50M