TravelgateX partners with PayParc to offer B2B payments wallet
TravelgateX and PayParc have signed an agreement to create a B2B digital wallet which will be operated via API integration. This will allow any buyer or seller to access this platform system through electronic wallets which will be operated via the company’s API integration. TravelgateX says this will benefit over 1,000 companies worldwide from the solution via TravelgateX without any technical integration.
The press release stated that the current developments in the travel industry and given the cash shortage situation, the travel companies are facing a risk provided insurance coverage is also no longer significant. In the absence of other alternatives, virtual cards seem a better option to secure receivables, but they are at a high cost, compliance issue and manual work related to it causes work hour loss.
“The platform is an interface of our international payment network. The payments are executed only through the booking data received by API and are assigned to the specific booking along with the status of the transaction,” said Taylan Taspinar, PayParc founder.
PayParc jumped into to solve this problem while allowing travel companies to save over 3% on each booking. With this, PayParc offers to eliminate the bad debt risk between buyer and seller as the amount is automatically moved from buyer to seller via electronic wallets.
“What we have signed is an exclusive agreement so that any company that has a connection with TravelgateX can pay instantly and securely through PayParc, to any of its providers. In this situation of lack of credit, we can guarantee these payments in the safest way possible” says Pedro Camara, CEO of TravelgateX.