Ophir Tours Strengthens Supplier Relations & Cuts Costs
December 17, 2014
Singapore, 17 December 2014: Ophir Tours is enjoying enhanced relations with its suppliers while cutting payment costs at the same time, thanks to eNett Virtual Account Numbers (VANs).
A family-owned travel consortium founded in 1952, Ophir Tours is one of the largest in Israel. It recently switched to paying its suppliers with eNett VANs to save time and money from the inefficiencies associated with traditional payment methods.
A VAN is a16-digit MasterCard number generated for every booking made by Ophir Tours. A unique number is generated against defined booking and payment parameters for each transaction, making it a highly secure way to pay or be paid.
Accepting VANs provide immediate and guaranteed payments to suppliers. Without this, suppliers may demand deposits and this constrains valuable working capital.
“We work with a lot of small airlines and hotels where cash flow is critical,” said Ophir Tours C.I.O. and Vice Chairman, Yoni Waksman.
“They are now very happy to be getting immediate and guaranteed payments, while we are just as pleased because we no longer have to pay in cash. Cash payments are not protected and even ties up our funds in deposits to maintain our accounts. It’s a win-win situation and has improved our business relationships.”
Meanwhile, Ophir is also reaping efficiency benefits from the automated payment and reconciliation processes enabled by VANs. As soon as a VAN is generated, its payment and booking data is matched for reconciliation in real time.
“We no longer need laborious manual reconciliation. We estimate that we are saving one man day per month,” said Mr Waksman.
Travelport Israel Commercial Manager, Shmuel Cohen, said, “Seamless integration with the Travelport Travel Commerce Platform further cuts manual processing times, with VANs fully embedded as form of payment.”
eNett Managing Director and CEO, Anthony Hynes, said, “Our mission is to help companies of all sizes become more efficient by replacing time-consuming and labour-intensive payment processes.”
“Ophir Tours’ success is one example of the benefits that our new and innovative technology is delivering to travel companies around the globe.”
About eNett International
eNett International is a global provider of payment solutions uniquely tailored to the travel industry. Its core offering is a Virtual Account Number (VAN) payment solution that automatically generates single-use MasterCard numbers to facilitate payments across the MasterCard processing network, enabling acceptance at more than 35.9 million locations worldwide. By using eNett VANs to make supplier payments, travel buyers and travel providers alike, are able to reduce their risk, improve reconciliation and generate financial, data and efficiency rewards. eNett is majority owned by Travelport which is traded on the New York Stock Exchange under the symbol “TVPT” and its capabilities are integrated into the Travelport Travel Commerce Platform which operates in over 170 countries today. Its other shareholder, Optal, provides banking services to the enterprise. For more information, visit www.enett.com
About Ophir Tours
Ophir Tours, established in 1952, has a staff of more than 350 employees in 33 branches throughout Israel, including service centers in companies and institutions.
It is one of the leading tourism companies in Israel, specializing in providing travel, leisure and tourism services, including airline and hotel reservations, vacation packages, organized tours, cruise packages, car rentals, visas, and more.
Ophir Tours is the exclusive Israeli representative of Carlson Wagonlit Travel, the world's largest travel management company, specializing in business travel. Ophir Tours also owns Peltours, an incoming tourism company to Israel.