Pax2pay launches Accounts Payable Solution for travel industry

By Gloria Methri

Digital payments provider Pax2pay has launched its Accounts Payable Solution to optimize travel invoicing. The technology will enable businesses to settle invoices via card or bank transfer, thereby saving operators time and resources.

Pax2pay noted that the travel industry operates on tight margins due to market, regulatory and socio-economic pressures – for OTAs (Online Travel Agents). They also need to factor in external market forces such as natural calamities or political crisis. It, therefore, becomes necessary for those operating in the travel space to tap into new revenue streams and optimise the current ones.

Pax2pay’s Accounts Payable Solution aims to transform invoice payments from a cost center to a revenue stream, by enabling users to settle invoices by card or bank transfer.

The solution also saves businesses time and resources by speeding up the previously manual process of settling and reconciling invoices. Prior to Pax2pay’s Accounts Payable solution, businesses would be forced to process invoices on an individual basis. Now, they can process thousands of invoices simultaneously through the platform’s mass distribution capabilities.

The digital nature of the platform also eliminates human error and potential risks of fraud by utilising prepaid cards. It is of significant help to businesses handling hundreds of bookings each day.

Pax2pay CEO, Paivo Eerola was thrilled to bring the Accounts Payable solution to customers and the broader market. He said, “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.”