WEX Selected by Grasp to Issue Virtual Credit Cards

Two innovative leaders in business travel are joining forces. Announced earlier this month WEX and Grasp Technologies have partnered, with WEX becoming the official provider of virtual credit cards for GraspPAY, a flexible and free business travel solution.

Grasp and WEX Forge Partnership

GraspPAY, a unique solution for travel management companies (TMCs), was designed to remove many of the cumbersome steps in the booking process by seamlessly integrating with a travel agent or travel manager’s booking flow within a global distribution system, or GDS or other booking tool. Highlighted in the graphic below, the booking process is simplified to six key steps:

1. Traveler contacts the TMC or books through the online booking tool for an air, hotel, and/or car reservation.

2. GraspPAY requests the virtual card and sends it to the point of sale.

3. The virtual card is sent to the supplier as payment.

4. The payment is processed and the booking is paid along with an automated fax to the supplier. An email of the fax and details is sent to the traveler.

5. The supplier charges the card and is paid through the existing payment gateway.

6. All of the transactional data is available for reporting and reconciliation in the GraspPAY Business Intelligence Portal. Additionally, data can be combined with any other data types a client has such as TMC back office, GDS, Expense, Credit Card, HR, and more!

Why this Matters for Travel Managers and Travel Agents

GraspPAY provides the following key benefits for travel management companies (TMCs) and corporate customers:

• Establishes an integrated payment solution to seamlessly deliver single-use virtual credit cards to global distribution systems (GDS) and online booking tools. Virtual credit cards are increasingly being adopted as an alternative to issuing employee corporate cards, and they offer a wide range of benefits from reducing fraud to easing reconciliation.
• Generates WEX virtual cards automatically within the travel agent’s current booking flow and improves operational efficiency by automating the process of reconciliation. Historically, TMCs’ use of virtual cards has been labor intensive, as they had to insert card numbers into each GDS booking.
• Offers TMCs a flexible payment solution in up to 22 currencies through the GDS.
• Avoids any transaction or set up fees.

“Grasp Technologies is a respected leader serving TMCs globally and WEX is thrilled to have been selected as the virtual card issuer to develop this unique solution based on B2B travel market needs,” said Jim Pratt, WEX’s Senior Vice President, General Manager of Virtual Payments. “GraspPAY incorporates unparalleled technology and flexibility for use with the major GDS’s and online booking tools, and a global credit solution, all at no cost.”

GraspPAY Video

For more information on this partnership, including how it works and why it matters, the video below introduces the partnership and platforms:

Learn more about Grasp Technologies and GraspPAY at grasppay.com

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