Checkout.com teamed up with master Card Provide virtual cards to online travel agents.
“As part of the Mastercard Wholesale Program, we reduce costs for travel operators. virtual card technology Our innovative pricing model makes it easier for Checkout.com customers to pay their suppliers and benefit from higher conversion rates by issuing virtual cards.” the companies said in a news release Thursday (May 2).
george simonMastercard Europe's executive vice president of market development said the partnership will help more than 400,000 travel providers enable payments through wholesale programs.
Checkout.com said it combines acquisition and issuance to help online travel agents move from receiving payments from customers to transferring payments to suppliers.
“Traditionally, online travel agents have had to manage these two aspects of their business separately, which can lead to inefficiencies and increase the potential for error,” the release states. I am. “Checkout.com's integrated solution ensures a seamless flow from customer payment capture to supplier payment, turning what was once a cumbersome process into a consistent, streamlined operation. , deepening trust and relationships within the ecosystem.”
This news follows the global commerce platform's announcement last week. WEX launched virtual card collaboration and Booking.com.
The agreement is an expansion of an 11-year partnership between the two companies, with WEX becoming Booking.com's virtual card provider and WEX's payment solutions powering Booking.com's sales of travel products and services.
A recent report and study by PYMNTS found that virtual cards are a payment solution that supports middle-market businesses during times of heightened uncertainty.
Data from PYMNTS Intelligence's recently released 2024 Certainty Project Report, “Optimize AR to reduce uncertainty for midsize businesses” showed that even businesses that do not use virtual cards experience an average revenue loss of 4.6% due to payment uncertainty. (The impact will be smaller for larger, more financially solid companies.)
“Uncertainty impacts small and medium-sized businesses the most, so these smaller organizations can also benefit the most from integrating advanced payments solutions. virtual cards etc. — embedded in financial operations,” PYMNTS writes.
“We think virtual cards are at a tipping point.” Prior confirmation Founder and CEO paul christensen He said this in an interview here in April.
“There is trillions of dollars We plan to move to virtual cards in the next two, three, four, five years,” he added.
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