Within the changing panorama of B2B payments in the travel sector, the most significant trends for the upcoming months are being shaped by automation, security, and adaptation to new realities. We’ve spoken with several industry experts to find out what we can expect in the short and medium term.
Automation and simplification of collection processes
According to Pol Payet, Hotels & Tourism eCommerce BDM of Comercia Global Payments, there’s a growing demand from tourism suppliers to automate collection and reconciliation processes, especially with the use of virtual credit cards. Pol highlights that while this method ensures safe collection, it also implies an additional administrative charge. That’s why solutions that facilitate automated card processing will be key in the upcoming months and years, thereby relieving suppliers from tedious tasks that are subject to mistakes, which provide zero value.
In this regard, Payet also mentions the emerging trend in collection orchestration. There are already many companies that manage multiple purchasers and payment service suppliers to optimize costs and ensure continuity of service. We will soon see how this technology, initially adopted by large enterprises, will extend to smaller customers.
Adaptation and flexibility
Severin Gerstenkorn, Strategy Manager of Pliant, points out that many companies in the travel industry are focusing their efforts on automating and improving processes to strengthen their resilience in the event of future crises. According to Gerstenkorn, the ability to automate payments not only improves efficiency, it also increases the industry’s ability to adapt.
Gerstenkorn also highlights how, due to the changing financial environment, many travel agencies are seeking more accessible credit lines. The optimization of working capital becomes crucial, and companies resort to virtual credit card (VCC) suppliers and banks in search of attractive financial solutions.
In this regard, with the increase in international travelers, the implementation of currency exchange solutions is on the rise. Companies in the travel industry are looking for options to efficiently exchange and hedge currencies, which sets a major trend for this upcoming year.
Payment method diversification
Maria Sellar, General Manager of Travel Solutions at Terrapay, notes the importance of diversifying payment methods. In an environment where some tourism suppliers do not accept virtual cards, bank transfers become essential. In this regard, Terrapay offers global borderless payment solutions, thereby efficiently facilitating international transactions.
Lastly, Jens Jacobsen, Head of Account Development at Pax2Pay, emphasizes the importance of transparency and variety in payment options. For companies in the travel industry, clear communication on the reasons behind the choice of payment methods and currency offerings are key for building solid relations between parties.
Importance of payment channels
In order to guarantee automation, diversification, transparency, and above all, innovation, a few years ago Voxel created Bavel Pay, the first payment manager of the industry to create a specific payment channel, distinguished from the booking channel.
Bavel Pay offers a broad ecosystem of payment service suppliers and value‑added services through a single connection for the purpose of automating all back‑office processes and consolidating data and documents in a single technology platform.
To summarize, the travel sector is evolving towards greater automation, diversification, and transparency in B2B payments. Companies that follow these trends will be better positioned to face future challenges and capitalize on emerging opportunities in upcoming years.
