A white paper by travel management company BCD Travel explores how automation enabled by virtual credit cards improves security, efficiency and data collection that leads to corporate travel programme insights.
According to the Global Business Travel Association (GBTA), the average company spends 40 hours a month reconciling travel expenses and payment data when using traditional payment methods.
BCD Travel’s report – Payment: Virtual is your new reality – was written to provide travel buyers with actionable information they can use to make educated decisions about virtual payment options.
It explores what travel managers need to know about virtual cards and payment automation, as well as how virtual cards fit into the payment landscape. In addition, it outlines the challenges and benefits of traditional payment methods and virtual payments.
Readers can also get tips on how to choose the right payment option for their programme needs and find out what’s involved in implementing virtual payments.
The report explores five steps corporate travel programmes can take to achieve virtual payment success – select, agree, connect, test and roll out. It also identifies internal and external stakeholders whose involvement is usually required to successfully incorporate virtual payment into corporate travel programmes.
Mike Eggleton, senior manager of analytics and research at BCD Travel, said: “Travel managers looking for ways to increase traveller satisfaction while avoiding some of the pitfalls of traditional payment methods should investigate the benefits of virtual payments. With increasing adoption of business travel-related technology, we see ever greater numbers of corporate travel programmes adopting virtual payment. Our new white paper is a good way to learn about the topic for informed decision-making.”
View the full white paper here