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American Express Choosing a Payment System to Support Travel Industry Growth

American Express Choosing a Payment System to Support Travel Industry Growth

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Published by QuestexTravelGroup
This American Express whitepaper will help travel companies determine whether their current payment system can support their future business goals, and if not, how to choose a solution that will help them make their business more successful.
This American Express whitepaper will help travel companies determine whether their current payment system can support their future business goals, and if not, how to choose a solution that will help them make their business more successful.

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Published by: QuestexTravelGroup on Aug 29, 2014
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CHOOSING A PAYMENT SYSTEM TO SUPPORT TRAVEL INDUSTRY GROWTH
June 2014
An American Express whitepaper
 
02
Global Corporate Payments | June 2014
This American Express whitepaper will help travel companies determine whether their current payment system can support their future business goals, and if not, how to choose a solution that will help them make their business more successful.
Introduction
Many travel companies today still employ outdated payment strategies, relying on checks and personal or corporate credit cards to settle their accounts. Not only does this expose them to raud, breakage and reconciliation delays, it can also limit their ability to work with larger hotels and other vendors who are beginning to require virtual credit card systems as a basis or doing business. Savvy companies are recognizing the shortcomings o their current models and looking or more robust solutions that will help them gain efficiencies, reduce errors, improve cash flow management and generate revenues across the business.
 
03
Global Corporate Payments | June 2014
Older systems risk fraud, waste
For years, travel companies have relied on old-ashioned payment models to process their transactions. And or a long time it worked.Stephanie urner, president and second-generation owner o Brentwood ravel Service in St. Louis, MO remembers when all o her customers paid by check, and she in turn paid her vendors through direct billing and paper checks. But times changed, and over the years more customers and vendors started preerring credit card payments. urner’s team began accepting both orms o payment, and started using a corporate card to pay some vendors, which made the reconciliation more complicated and time-consuming. “Human error is always the biggest challenge,” urner says. “Sometimes a commission shows up where there is no record, or an invoice comes in or more or less than expected.”
FOR YEARS, TRAVEL COMPANIES HAVE RELIED ON OLD-FASHIONED PAYMENT MODELS TO PROCESS THEIR TRANSACTIONS
“HUMAN ERROR IS ALWAYS THE BIGGEST CHALLENGE.”
Stephanie Turner
 Brentwood Travel Service St. Louis, MO

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