Traditional payment methods for business trips are fraught with shortcomings. Companies spend 40 hours a month, on average, reconciling travel expenses and payment data according to a GBTA Foundation study.
A white paper released by leading business travel management company BCD Travel focuses on how payment automation enabled by virtual credit cards improves security, efficiency and data collection that leads to corporate travel program insights.
Payment: Virtual is Your New Reality provides actionable information travel buyers can use to make educated decisions about virtual payment options.
The paper discusses:
- What you need to know about virtual cards and payment automation
- How virtual cards fit into the payment landscape
- Traditional payment challenges and benefits
- Virtual payment benefits and limitations
- How to choose the right payment option
- What’s involved in implementing virtual payments
– Travel managers looking for ways to increase traveler satisfaction while avoiding some of the pitfalls of traditional payment methods should investigate the benefits of virtual payments, said Mike Eggleton, Senior Manager of Analytics and Research at BCD Travel.
– With increasing adoption of business travel-related technology, we see ever greater numbers of corporate travel programs adopting virtual payment. Our new white paper is a good way to learn about the topic for informed decision-making.”
Payment: Virtual is Your New Reality explores five steps corporate travel programs can take to achieve virtual payment success: Select, Agree, Connect, Test and Roll out.
The white paper also identifies internal and external stakeholders whose involvement is usually required to successfully incorporate virtual payment into corporate travel programs.
To view the full Payment: Virtual is Your New Reality white paper, please click HERE