New solution provides corporations greater control for travel-related expenses and increased efficiency in their operating processes
Visa International introduces the Visa Central Travel Account Program throughout Latin America and Caribbean, a special corporate card account designed to provide companies with greater control over travel expenses and more efficiency in the accounting and reconciliation processes.
This innovative program--a payment solution that complements the Visa Corporate card--is now being offered in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela.
"Travel and entertainment is one of the largest controllable expenses for companies, after personnel and IT services. Yet, many firms are unaware that these costs can be managed more efficiently with Visa's suite of payment solutions such as the Visa Central Travel Account," says Rafael de la Vega, vice president of Commercial Solutions, Visa International, Latin America and Caribbean Region.
The product works through a corporate account set up to reside within the travel agency, with no requirement for card issuance. The account is issued by Visa Member Banks to their corporate clients allowing them to make air ticket purchases and pay for hotel stays and automobile rentals worldwide via its account network.
Among the benefits that the Visa Central Travel Account program offers to companies are cash flow optimization and web based tools to track expenses. In addition, they can also offer their employees added services, such as international traveler accident insurance, with coverage of up to US$250,000.
Travel agencies also benefit from Visa's new program as payment for tickets issued will be obtained through the travel account Visa issuer bank. With this mechanism, transactions are guaranteed.
"Clearly, companies prefer the Visa Corporate card to other payment options as they recognize its key benefits: worldwide acceptance, more efficient and reliable ways to manage expenses, and greater operating efficiency by streamlining purchasing and travel and entertainment processes," added de la Vega.
VISA COMMERCIAL SOLUTIONS CONTINUE TO GAIN MARKET SHARE
The Visa Corporate card, in conjunction with Visa Central Travel Account program, is part of the suite of Visa's Commercial Solutions designed to meet...