Digitization of travel requires cyber solutions

Virtual payment makes business travel more efficient, more aligned with travel policy and less susceptible to fraud. This is explained in a white paper published by CWT.

The report "The Virtues of Virtual Payment" examines the changing requirements brought about by the digitization of travel as business travelers increasingly opt for virtual payment. The system acts like a digital credit card with a one-time-use meter that can be issued immediately and allows for centralized billing. Virtual payment transactions use a unique ID, making it easier to recognize and track a transaction. In addition, they are more practical in tackling fraudulent abuse," says Clive Cornelius, senior global director of card products for Carlson Wagonlit Travel.This digital payment solution is a secure and attractive alternative for companies looking to centralize payments, reduce payment inefficiencies, liabilities or potential abuse when using corporate cards. It also, at the same time, provides employees with greater flexibility,”,añade.

Virtual payment solves numerous problems and challenges that arise when using traditional corporate credit card programs such as:

Availability. Not every traveling employee owns a corporate card.

Security. Credit cards can be lost, stolen, cloned or misused. Virtual payment allows companies to customize usage parameters such as credit limit, dates of use or when they can be used. All this allows for increased compliance with travel policy and reduced fraud.

• Reporting. All data required for reporting is captured at the time of virtual card creation, solving headaches caused by expense reconciliation.

• Compliance. Virtual card limits can be set to authorize only those purchases that are within the policy parameters.