A virtual card is a new e-commerce payment system for resolving pain points for travel managers or business owners. Virtual cards will soon become the new normal in the travel industry, so you must know your basics. Virtual cards function like standard cards and give secure and guaranteed payouts.
How can the travel industry benefit from a virtual credit card?
Virtual cards benefit corporate travel managers, travel market giants, and travelers. Virtual cards allow travel companies to customize their data fields – to track and reconcile travel information in every way.
What Are VCC?
Virtual credit cards are temporary digital MasterCard used to facilitate payments made by the guests on your platform. These cards work like other regular credit cards and give out guaranteed payments. The most prominent benefit of using VCC is saving time, as you don’t have to pre-authorize or validate them.
->> VCC is non-physical cards
->>You can add and withdraw balance from it
->>Provides complete data protection
->>Exclusively designed for online payments
->>They are internationally accepted
How does VCC work?
To streamline the booking process of your guests, you can use VCC. If your guests choose to pay through online payment options, they can do it by using any of their preferred payment methods – we can further load this amount in the VCC cards, and you can charge those cards as you do for credit cards.
Why should companies implement a virtual credit card solution?
With a drastic shift in remote work, maximum companies are interested in paperless payment solutions. There are several reasons why companies should adopt a virtual card solution, some of which are increased security, spending controls, automation, and a simpler way to reconcile corporate travel expenses.
Impact of Virtual Credit Cards on the Travel Industry
When there are payment failures experienced during online payments — VCC provides guaranteed payouts whenever you’re owed money. This can also help you in saving yourself from payment fraud. Also, customers who make payments while making the booking are less likely to cancel the booking.
By using VCC cards, you can save maximum time and reduce unnecessary operational workloads. You will manage lesser credit-card authorizations, no-show fee collections, and invalid credit cards.
For relevant transactions in the European Economic Area (EEA), we’ll take care of all the Strong Customer Authentication (SCA) measures, saving you time and reducing the risk of declined cards.
Virtual Cards can also be used to procure any travel reservation from hotel, air, and car. Automated VCC payments’ most popular and beneficial use is eliminating direct hotel booking procedures.
If you are in the travel industry and looking for tips and tricks to optimize your business revenue, you can join us at this amazing event.
Mobi, the payment method in Malaysia, is again collaborating with Booking.com for an event held on 10 March 2023. Book Your E-Tickets NOW!
Mobi (formerly known as Mobiversa) was established in 2014 to provide new-age, secure, innovative payment gateway solutions in Malaysia for big and small businesses. Having started with an eWallet Payment Gateway, we are now focusing on B2B payments for online transactions.
Our cutting-edge payment solutions create value for businesses of all sizes by providing easy-to-use payment methods to their customers. Also, we are the first Cashless Payment System In Malaysia to introduce next-day settlements.
Having started in Malaysia, we now have our innovation center in India as well. We also have a strategic office in Singapore to fuel our growth in the rest of Southeast Asia’s eCommerce Payment Gateway industry. Currently, we are expanding our services into Indonesia.
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