Travel agents that sell travel bookings directly to end consumers have long been challenged by how to best manage payments to suppliers such as airlines, hoteliers and other travel service providers.
Worldpay is launching an exciting new partnership with Mastercard to improve how these supplier payouts are facilitated and to create differentiated and tailored offerings for travel agents.
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Through the Mastercard Wholesale Programme, Worldpay can provide virtual cards to travel agents helping increase payment efficiency for its clients in the UK and Europe. In addition, Worldpay will drive transparency and flexibility in business-to-business (B2B) payments as the first provider to offer Mastercard’s dynamic product code capability, allowing travel agents and travel suppliers to agree on mutually beneficial terms.
Through this partnership, Worldpay will bring several key benefits to travel agents and suppliers in the travel sector
This includes flexibility and efficiency. With a virtual card from Worldpay, travel agents have a single method to make payments across more than a dozen currencies. Worldpay will also give travel agents the flexibility to dynamically respond to various supplier relationships.
Transparency through the flexibility of the virtual card offering, Worldpay is bringing new levels of transparency to payments between travel agents and their suppliers. Both travel agents and travel suppliers can optimise the benefits of virtual card payments leveraging Worldpay acquirer insights and reporting.
The virtual cards are an additional piece in Worldpay’s end-to-end payment proposition for the entire travel ecosystem. Connecting global acquiring with card issuing can improve the cash flow for travel distributors and decrease credit risk requirements. As a leading payment provider to the travel industry, Worldpay can create bespoke technical and commercial set-ups within the community.
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By GlobalDataChiara Quaia, senior vice president, travel industries at Mastercard, commented: “Businesses need the fast, secure and flexible payment experiences that virtual cards offer. We’re thrilled to accelerate the adoption of this technology with Worldpay who is now empowering its travel agency customers through the Mastercard Wholesale Programme by providing them a dynamic B2B payment solution that can be tailored to specific product and market needs.”
