WEX Europe, a leading provider of virtual and prepaid card programmes and solutions, is a pioneer in emerging business payment processes and offers virtual payment cards for travel agencies and corporate customers.
WEX Europe, together with its parent company WEX Inc., works extensively in the travel industry with the majority of its $12 billion virtual card spend being travel and tourism related. In addition to WEX Virtual Payments, the company provides direct, co-branded and private label prepaid and credit payment solutions which include currency cards and expense management solutions.
Virtual card payment solutions have become increasingly important to organisations that previously operated on traditional bill back facilities because it allows customers to consolidate payments and alleviate the burden on accounts payable teams. Additionally, payment reconciliation is improved as virtual card payments enable hotels and venues to increase efficiencies in the speed at which payments are made and reducing the cost of sales.
The addition of WEX Europe to the HBAA official supplier partner list will enable HBAA member venues and agencies the opportunity to benefit from WEX virtual payment solutions. The relationship will facilitate WEX Europe’s access to the HBAA’s £1.1 billion buying power, as measured by agent members’ responses in the HBAA 2013 census on meeting and accommodation spends.
The HBAA, working with WEX Europe, will carry out a series of initiatives with venues and hotel finance departments to educate them on the use of WEX Virtual Payments. WEX Europe will be included in articles in the HBAA Bulletin and have further coverage across the HBAA membership base as a supplier partner.
“We are delighted to be working with WEX Europe as an official supplier partner for the 2014 membership year,”said HBAA chair, Chris Parnham. “The company is a great fit for the HBAA, giving our members expert advice on innovative financial solutions and simplifying the process of moving our industry away from out-dated payment systems to much clearer and more streamlined processes. We expect this partnership to be extremely beneficial and look forward to the feedback from our members.”
“This is the start of an extremely positive collaboration,”said Sarah Keane, Commercial Director of WEX Europe. “We are very pleased with the endorsement and see the relationship with the HBAA as key. Through WEX Europe’s market-leading technology, HBAA’s members will be able to enhance their business models through increasing efficiencies and ultimately allowing for cost saving and increased revenue.”