Singapore, 20 October 2015: Risk of fraud remains the biggest payment concern among leading travel agents in the Middle East, a poll by eNett International reveals today.
The poll was carried out by eNett at Travelport’s e-volve summit last week which took place in Istanbul, Turkey. The summit brought together over 100 of the leading travel agents and industry players from across the Middle East to discuss the latest trends in technology.
eNett’s polling showed 51% of the industry saw fraud as the biggest concern when it comes to payments, presenting a potential barrier to e-commerce. This was by far the biggest issue identified, followed by the time and resource used for manual payments and reconciliation (19%), card and FX fees (18%), and supplier default (12%). Findings also highlighted the strength of virtual card as an alternative to traditional card payments and cash, with more than half of the respondents already using Virtual Account Numbers or intending to adopt them in the near future.
eNett Managing Director and CEO, Anthony Hynes said, “With tourism experiencing high levels of growth, addressing the risk of fraud is a key focus for agents. VANs lower the risk of fraud by generating unique numbers for each transaction, and protect against supplier default through chargebacks for both domestic and international supplier payments.”
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 transaction1, and benefit from automated reconciliation delivering significant efficiency gains.
1. 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.