Business Travel News – Amid a still-recovering economy, Sykes Enterprises, a provider of outsourced customer service and technical support, recently had to prepay business travel expenses for some employees with less than favorable credit.
“In this economy, many of the 1,100 employees [who travel for Sykes] either don’t have credit limits or are not credit-worthy to get credit cards,” explained Alan Mazzola, director of global finance and travel services for Sykes, which has about 48,000 employees. “So we faced the challenge of having to prepay [rental] cars and hotels.”
Many travel managers seeking solutions to better reconcile charges and increase efficiency and security are opting for virtual card products at rapidly increasing rates, claimed several payment industry executives. The demand has prompted card providers and new players to step up their virtual offerings.
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