See the true trip cost 

Capture big data, look at the big picture, unlock strategic insights 

Is all data equal? We are constantly told that ‘data is king!’ But what if that data is disparate and located across multiple providers and systems?

Let’s take a typical trip. Amy is travelling from London to Frankfurt. She is a new employee and has no corporate card:

-           Air – booked by TMC and charged to a lodge card

-           Inflight WIFI – paid via personal card in-flight

-           Inflight coffee and snack – paid via personal cash

-           Hotel – paid for via TMC billback process

-           Meals – paid for using personal cash

-           Taxis – paid for using personal card

To get to the true trip cost for Amy is a complex task.

While she is awaiting reimbursement for the items purchased using personal cash or card, the corporate is piecing together the cost of trip. Some items sit in the TMC reporting. Some in the card statement. But what about incidentals? They are hidden somewhere in the company general ledger. True visibility to the ‘total cost of travel’ for an organisation gets murky.

Travel data usually comes from multiple sources. The TMC (stating what was booked) and the payment provider (what was paid). The matching of the two documents becomes a challenge as the booked amount at a hotel (typically room rate) is not always the same as the paid amount (breakfast / WIFI etc). Matching and reconciliation becomes a headache and impacts process efficiency.

“74% of businesses with over €10 million a year in sales typically have four or more staff spending an average of 16 hours each a week handling and processing payments.”

How to capture the big picture, the easy way. All transactions processed via a virtual card are linked back to the employee and the trip. Virtual payment can be used anywhere that a CNP or contactless transaction is allowed. Put simply, if you can pay with your phone, you can use a virtual card.

This means that the true cost of trip is realised, and the paid amount is linked back to the booked amount. Incidentals such as meals, taxis and coffees don’t get lost in company data. Getting to the true cost of travel is easier. For finance departments, the process of matching and reconciling payments becomes a simpler task.