Accounts Payable increases payment options available to firms and automates so that travel companies can shift from less efficient manual processes
Pax2Pay launches tech to turn OTA invoice processing into a revenue stream
Specialist travel sector digital payments provider Pax2pay has launched new technology to help firms settle invoices more efficiently and drive business growth.
The Accounts Payable solution enables businesses to settle invoices via card or bank transfer.
This will allow firms to take advantage of rebates on payments that have the potential to transform their payments from a cost to a revenue stream, said Pax2Pay.
The firm described the solution as game-changing technology that “will save operators time and resource as well as promote business and revenue growth”.
It added: “The travel industry operates on notoriously tight margins due to market, regulatory and socio-economic pressures.
“For OTAs 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.”
Accounts Payable Solution has been designed to save businesses time and resource by speeding up manual process of settling and reconciling invoices.
Instead of processing invoices on an individual basis the new solution allows firms to deal with thousands of invoices simultaneously through mass distribution capabilities.
The platform is also expected to reduce human error and potential risks of fraud through the use of prepaid cards.
Paivo Eerola, chief executive of Pax2Pay said: “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.”