B2B Payments

New B2B Payment System Set To Boost Corporate Travel Industry

Electronic payment solutions provider CSI globalVCard recently announced the launch of a new B2B payment system. Called globalVCard travel, the innovation is designed to alleviate many of the corporate travel industry's biggest pain points, according to a company press release.

The pain points include noncompliance with travel policies, the high cost of fraud, and the burdensome manual task of reconciling travel expense data.

One of the specific issues the payment system deals with is compliance, according to the release. With the new system, only authorized purchases can be booked and paid for, and no unauthorized upgrades can be hidden in expense reports.

"Through our successful beta with a leading travel management company, we have learned the pain points of the industry firsthand and are ecstatic about the potential for the solution our team has developed," Keith Stone, CSI's President and CEO, said in a statement. "We've got the right team in place to support rapid growth as globalVCard travel is widely embraced by the travel industry."

The company explained in its press release that globalVCard travel combines CSI globalVCard’s online virtual credit card system, mobile payment application, and plastic purchasing card. The payments system can then provide businesses with better spending control and automated processes, along with the mobile convenience that business travelers need.

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The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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