Singapore, 03 February 2016: Payment fraud remains the top concern for agents, exclusive research commissioned by eNett International reveals today. World leading market research company, Euromonitor, interviewed leading travel agencies across Canada and found fraud prevention remains the key priority when it comes to supplier payments.
Designed to gain an insight into Canada’s current supplier payments landscape, the study showed current industry trends are forcing agents to reassess their payment methods. For example, Canadians continue to make more international trips, and to more exotic destinations. In 2013 alone, over CA$30 billion was spent overseas1. Consequently, agencies need to make more payments to previously unknown suppliers, in riskier locations.
Traditionally a market where checks have been prevalent, there’s now a shift toward online payments, bringing a reliance on credit cards which are inherent with misuse and data theft. It is also leading agencies to reassess pass-through as the primary method of paying suppliers. The research found that 90% of all hotel bookings made by travel agencies were passing through the customer credit card. However, the responsibility for protecting the customer’s details, and the loss of goodwill and money if details are used fraudulently, means agencies reported a growing reluctance amongst travel buyers and individuals to share card details.
eNett Managing Director and CEO, Anthony Hynes, said, “The research has shown how growing international and online payments are increasing the risk of fraud. Agencies are being driven to find alternative payment options that will enable them to keep up with industry trends, while protecting them and their customers from fraudulent transactions. Innovative technologies such as Virtual Account Numbers (VANs) already tackle these issues, enabling agencies to minimize fraud risks and remain competitive.”
A VAN is an automatically generated 16-digit 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. It delivers reduced risk from fraud and supplier default, automated payments and reconciliation, and value back through rebates2.
You can download the full whitepaper on the findings here
. And to find out more about Virtual Account Numbers, go to www.enett.com
1. Tourism Industry Association of Canada (TIAC), Annual Report 2014.
2. VANs terms and conditions apply.
About eNett International
eNett International simplifies the complexities of payments by connecting travel industry specialism with payments expertise.
We pioneer innovative B2B payment solutions that reduce risk and facilitate even more travel content, at a lower cost. Easily integrated into existing travel booking workflows, our payment solutions deliver financial, data and efficiency rewards for travel agents and industry suppliers.
Our secure Virtual Account Numbers (VANs) enable travel agencies of all sizes to automatically generate a unique MasterCard number and pay their suppliers from directly within their booking flow. And our exclusive, long-term partnership with MasterCard provides access to the world’s fastest payments processing network and 35.9 million payment locations worldwide, wherever a supplier accepts MasterCard online.
We are majority owned by Travelport, which is listed on the New York Stock Exchange, and our VANs are seamlessly integrated into its Travel Commerce Platform.
Further strengthened by our global banking services partner and shareholder Optal, eNett is building a reputation for trusted and practical B2B payment solutions for the travel industry and beyond.
Euromonitor International, a world leading market research company, carried out in-depth interviews with 20 travel agencies from Canada, including traditional travel agents, online travel agents, specialist tour operators and travel management companies.