September 16, 2016
The poll was carried out by eNett, a leading provider of B2B payment solutions, at last week’s FVW Congress which took place in Essen, Germany. The summit brought together nearly one thousand of the leading travel companies and industry players from across Germany to discuss the latest trends in technology.
eNett’s polling showed 60% of the industry saw the time and resource wasted in processing and reconciling supplier payments as the biggest payment concern. This was by far the biggest issue identified, followed by risk of fraud (20%), card and FX fees (11%), and supplier default (9%). Findings also highlighted the interest in alternative methods of payments, with 40% stating that they would be considering Virtual Account Numbers (VANs) as an alternative to traditional card payments and cash.
eNett Managing Director and CEO, Anthony Hynes said, “Germany remains the worldwide number one outbound market for international tourism1. Given the size of the market and the high volumes involved, it’s no surprise that the lack of efficiency is a top concern with loss of productivity equating to a significant loss in revenue. VANs streamline the payments process, seamlessly integrating with GDS and accounts platforms and allowing agents to automate the payment and reconciliation processes from within existing booking workflows. Taking the friction out of payments means our customers have more time to focus on their customers.”
A VAN is an automatically generated MasterCard number used for supplier payments and can include payment parameters such as amount, currency, date and merchant, making it a more secure way to pay or be paid. Backed by the MasterCard guarantee and generating unique numbers for each transaction, eNett VANs provide protection against fraud and supplier default. Agents can also earn a rebate from the first transaction2 which, added to the time and cost savings, significantly reduces the cost of payments.
As a sign of its commitment to the region, eNett also recently hired Torsten Gros as Regional Director for Germany, Austria & Switzerland. Based in Frankfurt, Torsten brings with him over 19 years of experience in the travel industry. He most recently served as Regional Manager for travel and expense management company, KDS. Prior to that, Torsten was Head of Sales for eNett’s major shareholder, Travelport, in Germany.
1. ITB World Travel Trend Report 2015/2016
2. VANs terms and conditions apply