Travel management company Gant Travel is helping companies pay for business trip reservations via virtual payments.
The company announced news on Thursday (Sept. 28) that it is rolling out GantCoinSM, a payment solution that lets business travelers pay for hotel reservations made via Concur Travel, phone or email with a virtual card.
The solution needs only a corporate card to generate a virtual card for payment — not a separate bank account devoted to virtual payments, the company explained.
“Most virtual card programs require a specialized bank account specific to virtual card payment technology,” Gant Travel’s VP of Corporate Accounts and Sales, Chad Seybold, explained in a statement. “Creating an account is slow and often requires approvals at many different levels inside a company and bank. This is a hassle that often stops travel managers and travel coordinators from getting the solution they need.’
GantCoinSM uses a company’s credit card to create a virtual card for a specific business travel transaction; that transaction then shows up on the corporate card statement, the firm explained.
Gant added that the solution can also be configured to accept bitcoin when companies book hotel reservations.
In another statement, Gant Travel Chief Executive Officer Patrick Linnihan said that the solution addresses payment concerns of the travel supplier side as well.
“Our innovative program addresses concerns of hoteliers, CFOs, travel managers, travel coordinators and travelers,” the executive stated. “It provides the benefits of a virtual form of payment process to anyone with a simple turkey solution.”
“It completely integrates into all versions of Concur Travel as well as email or phone bookings,” he continued, “and for clients that are interested, we can configure it to accept payments via bitcoin.”
Linnihan added that Gant Travel will eventually incorporate additional functionality to GantCoinSM to include the ability for businesses to pay with a virtual card when booking air travel and rental cars.