During the year we have seen further roll out from financial institutions to comply with the new EU directive known as PSD2 (Revised Payment Service Directive) to further improve the security of online payments. You may already have received notification from your banks to set additional security measures for your credit cards.
As your travellers start to travel again, if your travel is booked by a corporate card centrally, be mindful that your traveller will likely face issues booking into hotels, or collecting cars, as corporate cards will be subject to two factor authentication.
We recommend our clients work with virtual cards. Virtual cards are the go-to technology and are exempt from the security legislation around PSD2. They provide higher security and minimise fraud versus physical cards with a unique virtual card number that accompanies the payment. They also collect data in real time and provide more information to allow easier credit card reconciliation.
At Beyond Business Travel one of our payment solutions include a data hand off to credit card companies. The benefit for our clients is receiving a credit card statement in csv with each travel element already reconciled to cost codes or purchase order whatever data we agree.
If you want to know more about saving time on reconciling travel payments or further information on the benefits to your business using virtual cards for business travel, please speak to your account manager.
“The BBT data handoff has been a great addition to our travel platform. It has allowed us to enhance our internal financial reporting to provide customer profitability down to a net profit level”