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Companies should start investing in virtual cards to use on all booking transactions, the BBT Forum in Dublin has heard.
In a session discussing how to mitigate financial risk, Bill Hanfrey, partner channel manager EMEA at Chrome River Technologies said having a credit card programme is “absolutely recommended” and now is the time to invest in virtual cards.
“There are many benefits to virtual cards including efficiency savings, eliminating fraud, easier for your travellers and it’s greener,” said Hanfrey.
He added: “You can also reduce headcount in your accounts department or use those employees to do different tasks to make the company more efficient.”
Hanfrey’s comments were echoed by BCD Travel’s VP and director of sales and marketing, Tony McGetrick, who said buyers should lean towards those travel management companies that can offer the latest card technology.
“In the TMC world we love virtual payment as it cuts out all the credit risk. Corporate card is the way to go and if there is a TMC that asks to pay by invoice then beware.”
The session was part of a half-day event in association with ACTE which explored how buyers can optimise your risk strategy in a changing environment. It was aimed at buyers with speakers from TMCs, security firms and financial services firms.
Claudia Unger, director of research and intelligence, BCD Travel said: “Virtual cards are great for a company who are paying for third party travellers such as freelancers and consultants.”
The next BBT/ACTE forum will be held in Dublin on Wednesday 10 February 2016. For further details or to register your interest please contact Emma Gordon - [email protected] or telephone 0207 821 2700