Accelerate the payment process and enhance the customer experience.
Card skimming, data breaches and other types of fraud are on the rise, and travel programs—with multiple vendors and travelers handling sensitive information and high transaction volumes—are an easy target. In fact, according to a 2019 survey of 144 travel managers and buyers, 69 percent reported a payment data breach within the last year which resulted in 44 percent of them canceling/reissuing corporate cards. (GBTA.org)
So, how can you protect your business from the cost and hassle of fraud without missing out on those critical, face-to-face meetings that only travel can facilitate? Here are three tips:
There are several ways to minimize card credit fraud, including limiting transaction amounts and placing restrictions on merchant type, time period, location and daily or weekly usage. These restrictions are easy to enforce with a virtual card—a.k.a., a 16-digit card number that is issued without an actual, physical card. Not only that, you can place a single-use restriction on virtual cards, so they can’t be used more than once.
Because virtual cards are purely digital, using them eliminates the risk of card loss and theft. Plus, as an added benefit, every transaction made with a virtual card includes detailed information to make quick work of record-keeping and reconciliation.
Ask your travel management company which payment providers integrate with their tools so that transaction data can flow directly between your payment platform and your booking system. This enables an enhanced, more secure booking process because neither travelers nor travel agents will need access to sensitive card information.
Travelers simply book a room via your company’s usual booking process, and a single-use virtual card, specific to that reservation, is created. Once the payment is processed by the hotel, the card becomes inactive, eliminating the potential for fraud or misuse on the card. It’s quick, convenient and, with CSI Travel, travelers have access to their reservation information through their mobile device.
Finally, if you’re serious about cracking down on fraud, then join the 62 percent of organizations that provide travelers with education around data security (GBTA.org). A little awareness can go a long way, so proactively share travel safety tips, including:
Whether you self-manage your corporate travel program or use a travel management company, partnering with a secure payments provider can be a game-changer.
To learn more about how CSI Travel can help you minimize fraud exposure, click here.