Alliance Reservations Network Teams with GE to Save Hotels Time and Money.Business Editors SALT LAKE CITY--(BUSINESS WIRE)--Jan. 22, 2004 GE Corporate Payment Services' vPayment tool offers one-time-use, virtual credit card for merchant-model hotel transactions Alliance Reservations Network, one of the largest destination marketers on the web, has integrated GE Corporate Payment Services' (NYSE NYSE See: New York Stock Exchange :GE) vPayment electronic settlement tool in their hotel booking process. A virtual credit card solution for merchant model hotel transactions, vPayment allows for quick guaranteed payment of reservations and makes tracking collections from intermediary Intermediary See: Financial intermediary intermediary See financial intermediary. agencies obsolete. The typical intermediary agency pays for the guest's reservation 30-60 days after checkout. Some large online agencies even pay hotels 90-120 days later. With a reservation guaranteed by vPayment, the hotel collects payment on the date of checkout. The virtual account is activated activated a state of being more than usually active. In biological systems this is usually brought about by chemical or electrical means. Commonly said of pharmaceutical and chemical products. when the guest first books a reservation and pays for the room-and-tax amount only. The hotel processes the vPayment MasterCard(R) account number just like a typical credit card transaction. Peter Bertenshaw, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Alliance Reservations Network, describes vPayment as a win-win for the intermediary and the hotels. "All of the hotels we've talked with are excited about the prospect of getting paid on the date of checkout and the time their accounting departments will save by not chasing down collections 120 days after their guests check out. Hotels won't wait for payment while intermediaries make money on the 'float.'" In addition, the vPayment account given to the hotel at time of the reservation has transaction-specific dollar and date-range limits, Bertenshaw said. This capability ensures the hotel charges the correct amount, and streamlines the reconciliation process for the hotel and Alliance Reservation Network. Jeffrey R. Dye, Senior Vice President of GE Corporate Payment Services, cited another benefit. "vPayment streamlines international reservations by eliminating letters of credit, and expensive wire transfers, drafts, and overnight shipping of checks. This gives international hotels looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. more merchant-model distribution an opportunity to expand business without taking on additional risk for that inventory." Any hotel that accepts MasterCard credit cards can utilize vPayment, Dye said. More than 10,000 properties have settled transactions with vPayment in recent months. GE Corporate Payment Services introduced vPayment in December 2001, and since that time dozens of companies have integrated the settlement tool into their procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. , accounts payable and other online systems, paying for more than $500 million in goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. . About Alliance Reservations Network Alliance Reservations Network (ARN ARN Access Research Network ARN Advanced Remote Node ARN Acide Ribonucléique (French: RNA) ARN Autoridad Regulatoria Nuclear (Argentina) ARN Association of Rehabilitation Nurses ), a Phoenix Arizona based company founded in 1996, owns and manages over 300 destination Web sites including their flagship site http://www.reservetravel.com and an extensive network of affiliate sites. ARN has long been a leader in travel industry technology developing its own proprietary virtual tours Virtual Tours The phrases panoramic tour and virtual tour are often used to describe a variety of video and photographic based media. The word panorama indicates an unbroken view, so essentially, a panorama in that respect could be either a series of photographs or panning video , interactive mapping, Microsoft .NET See .NET. framework interactive Web sites, geo-search technology and now this revolutionary vPayment merchant model solution. For more information on Alliance Reservations Network, please visit www.allresnet.com About GE Corporate Payment Services GE Corporate Payment Services, the corporate card unit of GE Consumer Finance, develops and markets corporate bank cards and e-settlement tools designed for small-, medium- and large-sized companies and organizations. Cards are issued by GE Capital Financial Inc. For more information, visit www.gebusinessmarketplace.com. GE Consumer Finance, a unit of General Electric Company, with more than $106.5 billion in assets, is a leading provider of credit services to consumers, retailers and auto dealers in 38 countries around the world. GE Consumer Finance, based in Stamford, Conn. (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards A Purchasing Card is a form of company credit card that allows goods and services to be procured without utilising a traditional purchasing process. Purchasing Cards are usually issued to employees who are required to operate within a set of company rules and guidelines which , debt consolidation and home equity loans and credit insurance. More information can be found online at www.geconsumerfinance.com. GE (NYSE:GE) is a diversified diversified (di·verˑ·s services, technology and manufacturing company with operations worldwide. More information about GE can be found online at www.ge.com. |
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