Vir­tual pay­ments take cen­tre stage

Travel Bulletin - - TECHNOLOGY -

While the dust set­tles fol­low­ing dereg­u­la­tion and the in­dus­try gets on with busi­ness, enett In­ter­na­tional is see­ing an up­swing in in­ter­est for vir­tual pay­ment op­tions as agen­cies and sup­pli­ers look for more cer­tainty in the pay­ment process. In an ex­ten­sive in­ter­view with trav­el­bul­letin, enett In­ter­na­tional CEO An­thony Hynes (pic­tured) spoke at length of the chang­ing travel en­vi­ron­ment, claim­ing that the B2B en­vi­ron­ment has “dra­mat­i­cally” changed over the last five years. As firms in­creas­ingly look to do busi­ness online, he said the en­tire value chain was look­ing for more ef­fi­cien­cies in the pay­ment process, par­tic­u­larly with the rise of dy­namic pric­ing and in­stant pay­ments. In­te­grated pay­ment meth­ods that feed into dis­tri­bu­tion plat­forms were also gain­ing ground to min­imise time lag with tra­di­tional pay­ment op­tions, he added. But Hynes sin­gled out dereg­u­la­tion as the great­est op­por­tu­nity for enett in Aus­tralia as agents and sup­pli­ers take a more proac­tive role in the pay­ment process. “Is­su­ing tick­ets in a dereg­u­lated en­vi­ron­ment comes with an in­creased risk, so pro­tec­tion is more im­por­tant than ever,” he said. Not­ing that enett’s vir­tual pay­ment op­tions pro­vided pro­tec­tion across the en­tire value chain, he said tra­di­tional op­tions such as store cards did not pro­vide ad­e­quate cov­er­age in the in­stance of agency or sup­plier fail­ure. Nor did the Billing and Set­tle­ment Plan (BSP), Hynes added. “The BSP is a very ef­fi­cient mech­a­nism but there is still risk in­volved with that,” he said. “There is also a lot of risk for hote­liers with a lot of credit card fraud go­ing on.” Hynes said ex­ist­ing pay­ment meth­ods were “not work­ing” for many agen­cies and added that the use of vir­tual num­bers was now com­ing to the fore­ground as agents and sup­pli­ers be­come more “cau­tious” in how they do busi­ness fol­low­ing dereg­u­la­tion. “Agen­cies are be­ing re­ally se­lec­tive with sup­pli­ers, and sup­pli­ers are more se­lec­tive of dis­tri­bu­tion. They are also more proac­tive than ever be­fore in im­ple­ment­ing pro­ce­dures in how they in­ter­act with each other,” he said. With a host of pay­ment providers on the mar­ket, Hynes said there was “sig­nif­i­cant” com­pe­ti­tion in the mar­ket. How­ever, he stressed that enett’s travel do­main knowl­edge set it apart from ma­jor com­peti­tors. “We know how air­line ac­count­ing sys­tems work. Many of our peo­ple are ex-travel in­dus­try rep­re­sen­ta­tives who bring that knowl­edge into our busi­ness, and that trans­lates to prod­uct in­no­va­tion,” he said. Hynes also flagged plans to ex­pand the com­pany’s global foot­print to bet­ter con­nect with its ex­pand­ing global client base. “It’s in­creas­ingly dif­fi­cult to run a global busi­ness out of Mel­bourne,” he con­fided, adding that enett plans to ex­pand into a fur­ther 12-15 coun­tries in the next 18 months.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.