Managing hotel payments in corporate travel necessitates a dual focus on security and efficiency. Traditional payment methods often expose companies to fraud, complicate expense tracking, and create administrative burdens. As global business travel spending is projected to reach a record $1.48 trillion in 2024, surpassing pre-pandemic levels, the need for secure and efficient payment solutions has never been more critical [1][5].
WWStay has established a secure and traceable payment method for all client accounts. Across various sectors—from retail to renewable energy—implementing single-use virtual cards has become essential for securing and streamlining corporate travel payments.
Benefits of Single-Use Virtual Cards in Corporate Travel
Unique, One-Time Use: For Each hotel booking system generates a unique, single-use virtual card number with a specific spending limit, significantly minimising unauthorised use. This approach is particularly relevant as 61% of business travellers are given a corporate credit card, highlighting the importance of secure payment methods [1][6].
Simplified Expense Management: Each virtual card transaction is directly linked to its respective booking, streamlining expense tracking and reconciliation. This is essential as businesses face challenges with inconsistent payment methods across various hotels [2].
Enhanced Security: Sensitive card details are not shared with vendors, which reduces exposure to fraud. The risk of unauthorized charges is notably higher when traditional cards are used, as they often have larger limits compared to single-use cards [2][4].
Operational Efficiency: Automated approvals and easy tracking can reduce booking and payment processes from days to hours. Companies that implement these solutions can save an estimated 40% of time in payment processing [1].
Real Impacts
As one finance manager noted, “Managing hotel expenses was an endless cycle of tracking charges and correcting errors. With WWStay’s virtual cards, payments are instant, secure, and easy to reconcile.” Another client emphasized that the platform's efficiency allows their team to focus on strategic growth rather than administrative tasks.
Challenges
Despite the advantages that single virtual cards provide, the corporate travel industry has yet to fully realise their benefits, as
Not all hotels accept virtual cards.
When a large group booking is made, hotels do not accept separate credit cards for each room under a group reservation.
These cards must always be accessed through a payment link, a wallet, or a mobile app.
Conclusion
Our single-use virtual card solution transcends mere convenience; it represents a reliable approach to corporate travel payment security. As business travel spending is set to increase by 11.1% in 2024 [1][6], WWStay is ready to embrace the opportunities that’s coming along the way.
Are you interested in experiencing the benefits of secure and streamlined payments for your business travel? Contact us to learn how WWStay’s platform and virtual card solution can simplify your business travel.
Citations:
[1] https://www.pymnts.com/travel-payments/2024/global-business-travel-spending-to-surpass-2019-record/
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