So, you’ve done your research and are determined that virtual payment automation and virtual credit cards would benefit your corporate travel program by controlling costs, reducing the risk of fraud, cutting down processing complexity and improving the quality of your traveller data. What’s next?
You’ll need to invest some time and resources into getting your virtual payment program up and running. Here are five smart steps toward a successful implementation.
- Choose which virtual credit card provider is right for your travel program. Make this choice together with your bank, card providers and your travel management company.
- Put a virtual payment automation agreement in place with your TMC. Remember to specifically address data collection and security.
- Confirm that your virtual credit card provider will link to your TMC’s virtual payment automation provider.
- Set up the applications and processes, then run tests with your TMC support team to iron out any kinks and fine-tune how it all works.
- Roll out virtual credit cards to your travellers.
- Throughout the implementation and beyond, keep in contact with internal and external stakeholders. Make sure to collect traveller feedback regularly as this is the best way to track progress and assess how virtual payments are working in the field.
Compiled by: Melissa Jane Cook. Source: Travel and Meetings.