Lack of efficiency biggest payment pain point for German travel agents

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.


ENDS


1. ITB World Travel Trend Report 2015/2016
2. VANs terms and conditions apply

More Press Releases

05 December 2018

eNett crowned winner at 2018 World Travel Awards

Company’s growth and dedication to driving innovation in B2B travel payments sees it named as the World’s Leading B2B Travel Payments Provider

Read more

13 August 2018

A double win for eNett at the 2018 Stevie Awards

Leading travel payments provider takes home Gold for Fastest Growing Company in APAC and Financial Services’ Executive of the Year.

Read more

23 July 2018

ENETT CELEBRATES TWO WINS AT 2018 GLOBAL BUSINESS EXCELLENCE AWARDS

Taking home two gongs at the 2018 Global Business Excellence Awards in the ‘Outstanding Executive’ and ‘Outstanding Customer Service Initiative’ categories.

Read more

28 May 2018

eNett Extends Currency Suite by Eighteen

eNett has just made international payments easier with the addition of eighteen new non-local settlement (NLS) currencies. This brings the comprehensive currency suite to 58, 20 of which offer local settlement.

Read more

11 April 2018

Chargeback enhancements

Chargebacks made even faster and easier with our new enhancements.

Read more

27 March 2018

eNett selects Nepal as the next beneficiary of ‘Repay the eNett Way’ 2018

Nepal announced as the next beneficiary of ‘Repay the eNett Way’ 2018. ‘Repay the eNett Way’ aims to improve the education and career opportunities for underprivileged communities in high tourism growth countries.

Read more

08 March 2018

Making raising chargebacks faster and easier

We're constantly reviewing our processes and making they easier, faster and safer for our customers

Read more

21 February 2018

Fraud costs travel intermediaries a whopping US$21 billion

We commissioned a new global study into fraud in travel payments. It showed travel companies are being highly targeted by fraud, with the total impact of fraud currently costing travel intermediaries nearly US$21B. The research predicts this could exceed US$25B by 2020.

Read more

13 February 2018

eNett International wins Best Digital Payments Programme at the Card & Payments Awards 2018

eNett Virtual Account Numbers scooped Best Alternative or Digital Payments Programme at the prestigious Card & Payments Awards 2018.

Read more

03 January 2018

Record-breaking year for eNett award wins

eNett International, a leading provider of B2B payment solutions for the travel industry, took home eight awards in 2017. These included four International Business Awards, two Global Business Excellence Awards, an International CSR Excellence Award and a TravelMole Award.

Read more

20 November 2017

eNett exceeds its fundraising target for Mellon Educate’s ‘Building Blitz’

eNett International, a leading provider of dedicated B2B payment solutions, exceeds its fundraising target for Mellon Educate’s ‘Building Blitz’ in South Africa. This is part of its “Repay the eNett Way” annual CSR initiative.

Read more

31 October 2017

A look back at ITB Asia 2017

eNett had its biggest ever presence at ITB Asia. Here are the highlights in pictures.

Read more

27 October 2017

eNett voted Best Travel Payment Solution Provider at Travelmole Awards 2017

eNett International wins Best Travel Payment Solution Provider at the Travelmole Awards for the second year. The TravelMole awards are the main award event for the Asia Pacific travel industry to recognise the best web, social, mobile and travel technology deployments.

Read more

26 October 2017

User Interface upgrades coming soon

We’ve been busy building an updated UI to make visibility of your VANs clearer than ever.

Read more

16 October 2017

New self-help portal coming soon....

We're enhancing the eNett Payments Portal so you can make changes fast and easy

Read more

A win for eNett at the 2018 TTG Travel Awards

Company’s growth and contribution to travel industry sees it take home the Travel Technology Company of the Year Award,

Read more

Leading travel payments provider takes home Gold for Fastest Growing Company in APAC and Financial Services’ Executive of the Year.

Read more