Data security and mobile technology are two of the top trends impacting travel management this year. To meet the needs of travelers and corporations, travel management companies need to embrace innovation.
Data security is expected to have the greatest impact on this year’s travel programs worldwide. To help address this, over 30% of travel managers say that implementing a virtual payment solution is a high priority for 2015 (CWL survey).
Until recent years, companies have used a combination of payments options to pay for business travel expenses. It is now becoming important to pay for travel without requiring the difficult reconciliation method of having employees pay upfront. Virtual cards are an innovative form of payment that are becoming of great interest within the travel industry. By offering a virtual card solution, travel management companies (TMC) provide their clients a secure, compliant and simplified way to procure corporate travel.
Why should your travel management program embrace innovation and implement a virtual card solution?
- Data Security: Companies are able to control travel expenses of both employees and non-employees without issuing a corporate card or relying on personal card usage. Once the single use virtual card number is used as intended the card number becomes invalid and eliminates the risk of lost or stolen cards.
- Policy Compliance: The single use virtual card number is only valid when used for its intended purpose, ensuring that all air, hotel and car reservations made remain in compliance to company policy.
- Automated Process: The fax authorization process can present an array of problems for both the TMC and traveler. A virtual card solution eliminates this headache by automating the sending of the fax form. CSI globalVCard is at the forefront of mobile innovation, allowing the traveler also has the ability to refax the authorization form from their mobile device.
As small and large companies alike focus on fraud prevention and streamlining payment processes, travel management companies will need to provide cutting edge technology to meet their needs. To stay competitive, TMC’s need to embrace technology trends.