In case you missed the announcement, we have just released the WeTravel card. It is the first prepaid virtual credit card in the US for travel companies, and can be used online or telephonically anywhere Visa® is accepted.
Existing and new WeTravel clients can create a virtual card, and we are working on a program to roll out physical plastic cards in the future. Money is available for transacting in real-time, free of charge, with zero setup, monthly, or annual fees attached.
We are excited about the latest addition to our platform and wanted to fill you in on all the details. In this article, you will find out how the prepaid card works, as well as learn about the benefits both you and your vendors can get from using it.
How Does A Virtual Credit Card, Such As The WeTravel Card, Work?
A virtual credit card works in much the same way as a regular one. The card is in your business name, and you get a 16 digit card number that has an expiry date and CVV. The difference is there is no physical plastic – it is cardless.
As mentioned, the WeTravel card works with any of your suppliers who support Visa® payments online or telephonically. Just as your clients can pay you with their credit cards using the WeTravel platform, you can use your linked card to do the same for the vendors you support.
You are not taking out a loan when you apply for our virtual card. It is prepaid, which means that you don’t have to deal with the paperwork that goes with applying for a credit card.
Instead, it provides you with access to funds in your existing WeTravel account balance. Your balance is kept safe too, as you only transfer the amount you need to your virtual card.
Occasionally vendors ask for a copy of the card used to make an online payment so they can verify it. In the event that they do, you can download a pdf copy to print or send to them.
Benefits Of Using Our Virtual Card
As a WeTravel organizer, it is full steam ahead once you have created your prepaid virtual credit card. You get instant access to the funds available in your account and no longer have to wait for bank transfers to clear when you make a withdrawal.
Online payments often raise the question of security as card details can be skimmed and used fraudulently. Like regular credit cards, the WeTravel card cannot be used to process payments without the relevant details. And if you suspect a security breach, you can suspend or reinstate it easily online.
There is good news for travel organizers who transact with suppliers in foreign currency too. We already offer some of the lowest fees in the industry with competitive exchange rates and a flat rate of $15 per international wire transfer. However, with the WeTravel card, processing foreign payments online or telephonically is now completely free.
That’s right, you won’t be charged anything for foreign currency transactions.
Overall, our prepaid virtual credit card is a win for both your time and money. Your suppliers will also love you for it, as there are some major advantages in it for them.
Sourcing and Managing Relationships With Travel Vendors
Collaborating with the right vendors is often a make or break situation when it comes to the success and reputation of your travel company, especially if they deliver your clients’ actual travel experience. You can spend days, weeks, or months putting together a mind-blowing trip, so you need them to carry out that vision with all the enthusiasm they can muster.
There is more to it, though. Having a strong rapport with vendors will keep you in the loop regarding the latest travel products, increase your commission potential, as well as give you access to upgrades or lower travel product prices for clients.
One of the main interactions that can affect your relationship with suppliers is the payments you make to them. Let’s take a look at how travel companies can streamline this to ensure that vendors are kept happy too.
Why Vendors Love Virtual Card Payments
Strong vendor relationships are a product of great service, effective communication, and seamless payments. While your suppliers need to work hard to keep you happy and secure your continued business, you have to maintain your end of the contract too. One of the ways to up your game is with the WeTravel prepaid virtual credit card.
Online bank (eCheck or ACH) payments, can take between 3 to 5 business to clear, as do international transactions. Checks take even longer than that – it is simply the nature of transacting using these methods.
This is why suppliers will be happy to receive virtual payments from you – the money clears instantly, eliminating any lengthy waiting periods before they can access their funds.
Receive Payment In Local Currency
Currency conversion can be costly for the vendors you deal with, and that is why some might insist on being paid in their local currency.
Fortunately, the WeTravel card allows you to do this. Your suppliers will receive local currency, and you will be charged the equivalent in USD.
It goes without saying that you love what you do and want to make a name for yourself in the industry: it is not the plan to default on payments to your suppliers. That said, in the early stages of your relationship, transacting with a prepaid virtual credit card can help to build their confidence in you.
As payments are instant, the instance of fraud can be lowered. Your suppliers won’t have to worry about authorizing travel before checks or transfers clear, or dealing with defaults should a last-minute cancellation occur. By lessening the risk you pose to them, you can lay a solid foundation for the future.
We wanted to make it even easier for our clients to send payments directly from the WeTravel platform to their vendors. That is why we are excited about the WeTravel card and what this prepaid virtual credit card means for managing your travel business and relationships with your suppliers.
For answers to some of the frequently asked questions about the card, click here. Otherwise, get in touch with us via live chat on the website, where we will be happy to talk you through it.