As a Travel company that wants to ensure both its success with growth and positive reputation, it's important to work with partners who solidify those attributes for and with you, particularly when it comes to financial management and transactions. As such, let's take a look at the five questions you should ask any payments provider of which you're thinking to partner, or are currently partnering with today.
Question 1: Which partner attributes are you considering, or looking for?
When searching for the best payments solutions provider to partner with, it’s important to understand whether that partner is capable of working with you to modify, customize, and innovate.
A true and successful partnership consists of these three elements:
- Technological Innovation
- Streamlined Payment Processes
Working with a partner that continuously transforms and evolves to your business’ needs will help to set you apart from the competition.
Question 2: How do you prevent fraud from occurring during transactions?
In today’s identity-theft-ridden world, personal credit cards are often stolen, causing a lot of pain, headaches, and stress to the end user. When working with a payment solutions provider, ask them how they ensure fraud will not affect the end user.
WEX’s Fraud Department offers suggestions for customers while utilizing program controls to help protect against fraud, resulting in a .0019% rate of risk. How do they do that, you ask?
WEX’s single-use Virtual Credit Cards (VCCs) allow for custom Merchant Category Code (MCC) controls, reporting alerts, exact match functionality, and many more features to help ward off fraud. In addition, because virtual cards are single use and the numbers are never reused, fraud is kept at bay.
Question 3: How many currencies does your company support?
Global companies expect global acceptance, so make sure to ask your payments solutions provider whether or not they support various currencies making for seamless financial transactions around the world.
In the case of global acceptance, WEX is able to issue in 22 different currencies helping you save on cross-border and foreign exchange fees. In addition, local currency functionality helps with fluctuating foreign exchange fees allowing customers to request a virtual card in one of their available issuing currencies. By doing this, they can specify the amount they intend to pay in the merchant’s own local currency.
Question 4: Are you concerned with card acceptance or looking to increase acceptance?
Find out whether your payments solutions provider works with various card schemes. By doing so, they allow end users to again experience frictionless and seamless financial transactions.
WEX is a dual issuer of both MasterCard and VISA. There is no enrollment required for suppliers as virtual card payments are processed through existing terminals and payments are received more quickly.
Question 5: How can my company reconcile its supplier payments?
Reconciling payments is part of the process of auditing and realizing transactional expenses. Being able to access an easy-to-use account management web portal allows for real-time reporting and analysis, allowing for quick reconciliation.
In this case, WEX works with its customers to help automate reconciliations. True single-use virtual credit cards offer up to 15 customizable user-defined fields for each transaction and daily extract files. Custom reporting also allows you to use this enhanced data to reconcile against your ERP system.
Click here to learn more on why travel suppliers love virtual payments.