Pax2pay, the digital payments provider, today announces the launch of its Accounts Payable Solution. Designed to enable businesses to settle invoices via card or bank transfer, this game-changing technology, designed specifically for the Travel Industry, will save operators time and resource as well as promote business and revenue growth.
The travel industry operates on notoriously tight margins due to market, regulatory and socio-economic pressures – for OTAs (Online Travel Agents), the difference between a record breaking year and disaster generally sits at around 5-6%. On top of this, they also need to factor in external market forces ranging from Icelandic volcanoes to global political and health crises. As seen with COVID-19, such change can be swift, unpredictable, and disastrous for many. So, it’s never been more important for those operating in the travel space to tap into new revenue streams, and optimise current ones.
Pax2pay’s Accounts Payable Solution can transform invoice payments from a cost centre to a revenue stream, by enabling users to settle invoices by card or bank transfer, so that they can take advantage of rebates on payments and enhance their bottom line.
The solution also saves businesses time and resource by speeding up the previously manual process of settling and reconciling invoices. Prior to Pax2pay’s Accounts Payable solution, businesses would be forced to process invoices on an individual basis. Now, they can process thousands of invoices simultaneously through the platform’s mass distribution capabilities.
The digital nature of the platform also eliminates a huge portion of human error, and potential risks of fraud by utilising prepaid cards. For businesses handling hundreds of bookings, this reassurance is invaluable.
Pax2pay CEO, Paivo Eerola had this to say:
‘We’re thrilled to be able to bring our Accounts Payable solution to our customers and the broader market. The efficiency of the solution means that users will save huge amounts of time and resource on processing and reconciling payments that can now be diverted into business progressing activities. This is a game changer for the space and something that will drive real value for our users.’
Pax2pay was founded in 2019 in an effort to modernise and simplify payments. We recognised the challenges facing the travel industry, payment processing across multiple providers, currencies, and payment methods needed to be frictionless.
That’s why we developed our advanced digital payment solution. Automating through a safe and secure API, with a choice of payment methods available, and an individual digital funding account we created a solution that delivers frictionless payments.