March 29, 2017
eNett international, a leading provider of B2B payment solutions, has responded to increasing international transactions by further extending its range of currencies. With travel companies now transacting in more currencies than ever before, Mexican Pesos, Russian Roubles and Turkish Lira have now been added to eNett’s already broad currency suite. eNett can reduce the cost of payment for over 80% of the total global travel spend1.
Recent research by Phocuswright showed 61% of travel agencies are issuing payments in more than one currency, and travel companies accepting payments in more than ten different currencies has doubled in the past three years alone2.This trend is only set to increase, driven by consumer demand for more exotic locations and digital technologies making global expansion more attainable. However, travel agencies could still be paying more by up to 3% on each international transaction3 by using traditional payment options like bank transfers. With innovative payment options designed to cut the cost on international payments, travel agencies should be looking to alternative payment options for savings.
eNett Managing Director and CEO, Anthony Hynes, said, “Global cross-border e-commerce revenues are estimated to swell from around $80 billion today, to $250 - $350 billion by 20254. International payments strategy should be a high priority for travel companies, with many still paying more on international transactions than necessary. With FX options designed to lower costs, and local funding and settlement avoiding charges, small changes can result in huge savings. At eNett, we are dedicated to lowering the cost of international transactions and are constantly evolving our solutions to bring them down even further.”
Providing a low-cost virtual card solution specifically tailored to the travel industry, eNett Virtual Account Numbers (VANs) solve the challenges of industry pain-points - especially international payments. eNett VANs can be generated in over 30 currencies and support transactions in over 100 currencies via a wide range of FX options designed to reduce costs. Offering solutions including local funding and settlement, through to real-time conversion5 that allows agents to lock-in rates at the time of booking, eNett puts control of the transaction back into the agent’s hands. And by eliminating the need to set-up expensive banking arrangements in each jurisdiction, eNett enables agencies to expand their reach without increasing their cost base.
To help agencies reassess their FX options, eNett has developed a factsheet to outline the savings and pricing certainty that could be gained by paying with VANs for cross-border payments.
1 eNett analysis of global travel spend
2 Phocuswright payments unsettled Europe 2017
3 eNett analysis of bank fees and charges
4 BCG, ‘Cross-Border E-Commerce Makes the World Flatter’, September 2014
5 Available in selected currencies