In this episode, Leo Lipis, Director at Payments Consulting Network, discusses corporate travel payments with Colin Adams, Director of Payments Consulting at HRS, a leading technology company focused corporate travel.
The corporate travel industry, valued at $800 billion, poses challenges for the traveler, the corporate, and the merchant. Travelers want to be sure that they have payment acceptance and flexibility wherever they need it; corporates want to control cost, risks, and ease of reconciliation while ensuring that they maintain their duty of care; and merchants such as hotels and airlines want to attract corporate customers. Each has its own set of needs and balancing these is difficult.
With corporate travel payments, the needs revolve more around the person and the company making payments rather than accepting them. The conversation thus turns the tables on many payments' conversations, addressing the needs of each set of stakeholders in turn.
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