Global PaymentsGlobal Payments

Supplier and Commission Payments (SCP) optimizes global payments between companies based on virtual credit cards.

The benefits:

  •   automating manual reconciliation
  •   total control of costs
  •   optimized liquidity
  •   no SWIFT payments

There is considerable potential for improvement in international payments for many industries. In tourism, for instance, where a tour operator has contracts with many thousands of service providers the world over and is required to pay numerous suppliers with numerous transactions. Agents, hotels and airlines are usually paid using company credit cards – without any protection against inflated debits and without any control regarding the payment date. The subsequent manual reconciliation of bookings and payments is time-consuming and often produces mistakes.

With SCP on the other hand, a virtual credit card is generated in real-time for each booking. It is freely configurable and adjusted exactly to the booking amount. This enables the automated monitoring of payment dates and amounts. Reconciliation of bookings and payments likewise occurs automatically. This procedure reduces costs, saves time and provides utmost transparency and security.

CASE STUDY

SCP in the tourism industry

An international payment process in the tourism industry costs 30 to 70 euros. Up to 90 days elapse before bookings are reconciled with payments.  The discount date is missed in two out of three cases.*Wirecard’s SCP makes it much more efficient, faster, easier and more secure.

An example:

A customer books a hotel room with the tour operator. The payment options offered by the tour operator are irrelevant.

The tour operator generates a virtual credit card for this booking and initially uses the card data to make the reservation at the hotel. At this point, the card does not have a credit limit.

The hotel confirms the booking with a booking code. The tour operator adds the booking code, the customer’s name and other possible details on the booking to the card information.

On the payment date the tour operator loads the card with the exact amount to be paid

The hotel debits that amount from the card on exactly the payment date. Booking and payment are reconciled automatically. The hotel receives the amount via its credit card acceptance contract.

The process can run automatically via an interface with the tour operator’s IT system. Furthermore, a web-based graphical user interface provides all control and reporting options at all times.

*Source: Aberdeen Group

FEATURES

  • Fully-fledged prepaid-based MasterCard
  • Accepted by millions of service providers
  • 27 currencies available: AED, ARS, AUD, BRL, CAD, CHF, CNY, CZK, EUR, GBP, INR, JPY, KRW, KWD, MXN, MYR, NZD, OMR, RUB, SEK, SGD, THB, TND, TRY, TWD, USD, ZAR
  • Freely definable load limits
  • Unlimited issuance of credit card numbers
  • Individual configuration to restrict card use
  • Storage of industry-specific data from the hotel and airline sectors – including booking information – directly on the virtual card by the tour operator and on the transaction, if supplied by the service provider.
  • XML interface for automated booking and payment processing
  • Standard reports on card activity
  • Management also via a web-based graphical user interface (Wirecard Enterprise Portal)

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