Virtual cards are becoming a standard form of payment within the travel industry, and according to the numbers, it’s happening faster than you may think!
A recent GBTA report on buyer and supplier outlook on virtual cards, reveals that, “travel buyers’ use of virtual cards is growing rapidly and is transforming the way business travel is being managed. A virtual card solves several pain points that travel managers face. It’s no wonder business are using virtual cards at an increasing rate of 7% year over year. This means more and more travel managers are getting more done in less time.
How do virtual cards work?
Virtual cards function similar to traditional credit cards with added benefits for travel managers and their travelers. A virtual card is a unique number that includes specific controls that are tailored to each travel event, including:
- items that may be charged to the virtual card (i.e. room and tax)
- credit limits
- date validities
- merchant category controls
These controls improve security and reduce traveler misuse, thus ensuring compliance with a corporation’s travel policy.
What happens after a virtual card is used?
Reconciliation of travel expenses can be a daunting experience and “travel buyers report spending an average of 40 hours reconciling expense and other payment data each month.” Looking for a great way to save time? Sabre Virtual Payments’automated reconciliation tool provides seamless matching of booked travel to billed data. This gives travel managers and their travelers greater visibility and the ability to quickly reconcile payments.
So what are you waiting for? Contact us at firstname.lastname@example.org to learn more about the Sabre Virtual Payments solution and start issuing virtual cards today.