In association with: Travel Ledger
Managing your business payments is faster, less expensive and more transparent with Travel Ledger’s automated technology.
With a network of more than 1,800 outlets, you can save time and money by signing up to use Travel Ledger’s settlement platform. The B2B service, which was launched last year, enables suppliers to centrally distribute invoices and statements to enables payment collection from travel buyers in the UK and Ireland.
Standardising invoicing and payments
Travel Ledger supports standardisation across the travel industry, leading to greater commercial efficiency and increased margins for your business. It fills a gap in the market where there was no single settlement platform (like Iata’s BSP for airlines) for non-air business – a $700 billion economic sector with slow settlement, requiring expensive, time-consuming manual reconciliation.
Analysis conducted by the company found that sellers and buyers can save up to 85% of their processing costs when compared to a manual process.
Travel Ledger was created to make things simpler when it comes to managing B2B payments. All suppliers and buyers need to do is agree transactions – everything else can be automated, including the download to back-office systems.
Travel Ledger supports settlement between buyers and sellers either directly or via trade body like ABTA and the Advantage Travel Partnership consortium, processing payments of around £60m a month and forecast to more than double in 2023. Now all travel companies can use the service across Europe as it supports multiple payment methods and currencies.
A great advantage is the ability to receive all supplier statements in a single format and settle everything with a single payment.
Many companies have already reaped the benefits of using Travel Ledger. It allows buyers to control and pay their suppliers in a standard way and save on banking charges, while sellers can improve and rationalise their settlement process while reducing costs.
What’s more, the platform does not make any changes to your company’s internal processes; it simply makes the existing processes more efficient.
Last month, Travel Ledger announced that it has handled transactions worth more than £400 million. It has grown significantly since launch – 40 of the UK’s largest suppliers are already live on the platform, with many more set to join for the 2023 season.
It will expand into the rest of the Eurozone and beyond as more businesses become aware of its services.
The platform is built using a hybrid of Java and cloud-based technology, which forges trust between buyers and sellers to provide a single version of the truth when it comes to travel invoices whilst delivering low-cost and secure transaction processing and reconciliation.
Travel Ledger has been nominated for several accolades, and at last month’s Travolution Awards 2022 was named Start-up of the Year and Best Technology Product.
For more information about trade invoicing and payments, please visit travelledger.org.
PICTURES: Shutterstock/Andrey Popov