Data breaches are becoming ever more prevalent across all industries. The recent breach of Starwood exposed personally identifiable information of up to 500 million Starwood guests. Security concerns like this raise questions of more secure payment options. Inevitably, virtual cards will enter the conversation.
With a hotel chain the size of Starwood, simply deciding not to do business with them is an unrealistic option. However, understanding how to minimize the risk of future data breaches, and eliminating fraud, opens the door for reconsidering payment options – specifically virtual card programs.
Virtual cards are single-use credit payments. A unique number is provided to secure a hotel stay. Once the traveler has checked out, that card number is no longer usable, regardless of who gains access to it. Virtual cards also allow for pre-defined restrictions to be setup by travel managers, such as how much money can be spent on it or where it can be used. This type of setup can eliminate the opportunity for credit card fraud, data breach, or even out-of-policy spending.
Virtual cards have also made payment processing and reconciliation more efficient. Each transaction includes invoice-level data coded according to project, vendor, and category. This allows travel managers to reconcile purchases without additional paperwork, saving time and manual resources.
Travel Incorporated can integrate your virtual card payments with our online booking tool, and through our back office. Contact us for real-time reporting you can count on.