Sunrate unveils a transformative white paper at Travel Tech Asia 2024, offering travel intermediaries essential insights on navigating cross-border B2B payments.
Sunrate, a global leader in payments and treasury management, has introduced a comprehensive new white paper, titled “Navigating the Complexities of Cross-Border B2B Travel Payments: Practical Insights for Travel Intermediaries,” at Travel Tech Asia 2024, the premier trade show for travel technology in Asia.
According to data from Statista, the online travel market’s global revenue was just shy of $600 billion in 2023. This figure is projected to grow steadily, surpassing $800 billion by 2028. Within the travel and tourism sector, online channels dominate, driving more than two-thirds of total sales revenue.
Despite the vast revenue potential in this growing sector, travel intermediaries, including Online Travel Agencies (OTAs), Travel Agencies (TAs), and Travel Management Companies (TMCs), face significant challenges. They navigate high transaction fees, inefficient payment workflows, security vulnerabilities, cross-border payment hurdles, and the pressing need for effective working capital management—factors that can greatly impact their profitability and operational stability.
As some travel intermediaries begin to consolidate their payment capabilities internally, others are tasked with carefully selecting payment providers to avoid conflicts of interest and to maintain the security of customer data.
Sunrate’s white paper addresses six critical issues facing travel intermediaries today:
- Cross-Border Payment Complexities: Managing transactions across multiple currencies and regulatory jurisdictions adds considerable cost and complexity. Cross-border transactions, in particular, often come with high processing fees and administrative burdens.
- High Transaction Costs: The cost of processing B2B travel payments across borders is substantial, especially given the large volume of transactions and frequent foreign exchange mark-ups across different payment corridors.
- Payment Process Inefficiencies: Many intermediaries still rely on outdated payment methods, such as ACH, BSP, ARC, and even cash, which introduce risks due to their slow and error-prone nature. Manual data entry and inefficient practices, like faxing for hotel billing, further slow down the payment cycle and increase error rates.
- Security Risks: Handling vast amounts of financial data creates inherent security challenges,
The post Sunrate Sets a New Benchmark in Cross-Border B2B Travel Payments with Groundbreaking White Paper Unveiled at Asia’s Top Travel Tech Show appeared first on Travel And Tour World.
