Bonita Springs, FL – CSI globalVCard®, a leading provider of electronic payment solutions, announces the launch of globalVCard travel, a revolutionary B2B payment system that alleviates many of the corporate travel industry’s biggest pain points: noncompliance with travel policies, the high cost of fraud, and the burdensome manual task of reconciling travel expense data.
globalVCard travel is CSI’s latest addition to its suite of no-cost corporate payment solutions. Combining the company’s online virtual credit card system, mobile payment application and plastic purchasing card, globalVCard travel provides businesses with powerful spending control and automated processes, along with the mobile convenience that business travelers need.
“Through our successful beta with a leading travel management company, we have learned the pain points of the industry firsthand and are ecstatic about the potential for the solution our team has developed,” said Keith Stone, CSI’s President and CEO. “We’ve got the right team in place to support rapid growth as globalVCard travel is widely embraced by the travel industry.”
The globalVCard travel solution benefits the corporate travel industry in four distinct ways:
- Compliance – Noncompliance with corporate travel policies is estimated to cost U.S. businesses nearly $3,000 per traveler per year. With globalVCard travel, only authorized purchases can be booked and paid for. That means compliance is assured, no unauthorized upgrades can be hidden in expense reports, and the traveler is held accountable for remaining within budget.
- Security – Through a system integration with the travel management company’s booking system, single-use virtual credit card numbers are generated for the exact amount of the reservation. Once the transaction has been completed, the card number becomes invalid, eliminating the risk of stored card numbers being compromised.
- Reconciliation – each unique virtual card number is tied to a specific transaction, enabling easy reconciliation by traveler, by trip or by department. With over 80% of today’s travel managers struggling to manage multiple data sources to accurately report travel spending, companies can save millions of dollars annually by automating this process.
- Control – Whether virtual or plastic card, spending limits and usage restrictions can be controlled in real-time, 24/7, either through the Web or mobile phone. Companies can restrict usage by merchant type, time of day, or even limit to preferred brands where corporate discounts can be maximized. Lost or stolen purchasing cards can be disabled immediately.
While virtual card usage is gaining traction in corporate payments, hotel acceptance has been limited due to the inability to deliver a faxed copy of the credit card, as required by most hotels. globalVCard automates this submission in advance of arrival, with an added benefit that allows the traveler to push a manual fax from their smartphone upon check-in, if needed. Learn more about the innovative globalVCard travel solution at https://www.corporatespending.com/corporate-travel/.