White paper: The future of virtual payments

Traditional payment methods for business trips are complex and time-consuming. Companies spend 40 hours a month, on average, reconciling travel expenses and payment data, according to a GBTA Foundation study. A new white paper from BCD Travel focuses on how payment automation enabled by virtual credit cards can simplify and streamline business travel payments—while also improving security, data collection and traveler satisfaction.

Payment: Virtual is Your New Reality explains how virtual payments support end-to-end efficiency and improve business trip experiences. The white paper provides information travel buyers can use to make smart strategic decisions, including:

• What you need to know about virtual cards and payment automation
• How virtual cards fit into the payment landscape
• Traditional payment challenges and benefits
• Virtual payment benefits and limitations
• How to choose the right payment option
• What’s involved in implementing virtual payments

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“Travel managers looking for ways to increase traveler satisfaction while avoiding some of the pitfalls of traditional payment methods should investigate the benefits of virtual payments,” said Mike Eggleton, senior manager of Analytics & Research at BCD Travel. As business travel technologies evolve, so do the opportunities for gaining efficiencies and improving reporting through Virtual Payment Automation. “Our new white paper is a good way to learn about the topic for informed decision-making,” Eggleton said.

Payment: Virtual is Your New Reality explores five steps corporate travel programs can take to achieve virtual payment success: Select, Agree, Connect, Test and Roll Out. The white paper also identifies internal and external stakeholders whose involvement will simplify and support the process for incorporating virtual payments into your corporate travel program