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Visa: innovative corporate payment solution now available across Latin America: Visa Central Travel Account Program.

New solution provides corporations greater control for travel-related expenses and increased efficiency in their operating processes

Visa International introduces the Visa Central Travel Account Program throughout Latin America and Caribbean, a special corporate card account designed to provide companies with greater control over travel expenses and more efficiency in the accounting and reconciliation processes.

This innovative program--a payment solution that complements the Visa Corporate card--is now being offered in Argentina, Brazil, Chile, Colombia, Mexico and Venezuela.

"Travel and entertainment is one of the largest controllable expenses for companies, after personnel and IT services. Yet, many firms are unaware that these costs can be managed more efficiently with Visa's suite of payment solutions such as the Visa Central Travel Account," says Rafael de la Vega, vice president of Commercial Solutions, Visa International, Latin America and Caribbean Region.

The product works through a corporate account set up to reside within the travel agency, with no requirement for card issuance. The account is issued by Visa Member Banks to their corporate clients allowing them to make air ticket purchases and pay for hotel stays and automobile rentals worldwide via its account network.

Among the benefits that the Visa Central Travel Account program offers to companies are cash flow optimization and web based tools to track expenses. In addition, they can also offer their employees added services, such as international traveler accident insurance, with coverage of up to US$250,000.

Travel agencies also benefit from Visa's new program as payment for tickets issued will be obtained through the travel account Visa issuer bank. With this mechanism, transactions are guaranteed.

"Clearly, companies prefer the Visa Corporate card to other payment options as they recognize its key benefits: worldwide acceptance, more efficient and reliable ways to manage expenses, and greater operating efficiency by streamlining purchasing and travel and entertainment processes," added de la Vega.

VISA COMMERCIAL SOLUTIONS CONTINUE TO GAIN MARKET SHARE

The Visa Corporate card, in conjunction with Visa Central Travel Account program, is part of the suite of Visa's Commercial Solutions designed to meet the needs of small to large businesses as well as Public Sector entities. In addition, these solutions provide essential benefits such as increased procurement efficiency, reduced operating costs and increased control and expense management capabilities.

For the four quarters ending June 30, 2004, sales volume generated with Visa commercial cards in LAC surpassed the US$ 2 billion-mark. The number of commercial transactions also registered an impressive growth of 47% reaching 26 million.

Volume registered with Visa Corporate cards alone also registered remarkable year-to-year growth of 60%, generating over $500 million during the year ending June 30, 2004.

"We are pleased to have experienced such rapid growth in a relatively short period of time within the commercial payment category across the region. We expect this trend to continue as there is still an untapped US$320 billion business opportunity for our member financial institutions," concluded de la Vega.

ABOUT VISA COMMERCIAL SOLUTIONS

Visa Commercial Solutions offer businesses and governments an easy, convenient way to buy office supplies, manage travel and entertainment expenses, control employee spending limits, meet cash flow needs, reduce operational expenses and track, monitor, and control business expenses. Visa offers five customizable product platforms backed by Visa's unsurpassed acceptance and utility: Visa Business for small businesses and sole proprietors, Visa Corporate for corporate travel and entertainment expenses, Visa Purchasing for small-to-medium value corporate procurement, Visa Distribution for accounts receivable at corporations delivering merchandise to retailers, and Visa Commerce, which is a non-card-based system currently being piloted for electronic commerce transactions up to US$10 million. For more information, visit www.visacommercialsolutions.com.
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Title Annotation:Credit Card Strategies For Success
Comment:Visa: innovative corporate payment solution now available across Latin America: Visa Central Travel Account Program.(Credit Card Strategies For Success)
Publication:Latin Trade
Geographic Code:1USA
Date:Oct 1, 2004
Words:604
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