eNETT International has introduced a new system of payment to travel agencies in Singapore that aims to simplify supplier payments while making it safer and faster for them to respond to customers.
Virtual Account Numbers (VANs) are automatically generated 16-digit MasterCard numbers for each booking transaction and enable automatic reconciliation at point of sale. VANs have been successfully implemented in Europe.
Payments are available in 27 currencies, including the Singapore dollar, and foreign currency conversions are provided in real time for price certainty when booking.
According to Anthony Hynes, managing director and CEO of eNett International, a joint venture between Travelport and PSP International, VANs protect agencies against supplier default, reduce costs in manual reconciliation, lessen foreign exchange exposure and give agencies the opportunity to earn a rebate on transactions.
Said Hynes at a Travelport and eNett industry seminar at the Fullerton Hotel Singapore today: “Current trends show that agencies are demanding access to dynamic content that require immediate payments.
“If an agency only makes supplier payments by cash, credit or debit, they might not be able to access a range of content that gives their customers the best rates, including net-commission rates. Or, if they pay by corporate cards or store cards, they might incur significant reconciliation issues, together with opaque foreign exchange and international transaction fees.”
