Visa Connects with Checkout.com for Card Issuance Initiative
In a strategic move to revolutionize the travel industry, Checkout.com and Visa have joined forces, integrating Checkout.com's high-volume payment processing technology with Visa's global payment network. This partnership offers significant benefits for travel merchants in the UK and Europe.
The collaboration enables travel businesses to issue both physical and virtual Visa cards directly through Checkout.com's platform. This integration streamlines payment operations, providing merchants with immediate access to funds acquired from consumers, eliminating the need for pre-funding. This feature simplifies the fragmented payment processes common in the travel industry, allowing for instant payments to suppliers.
The partnership also enhances capital management for travel businesses, making it easier to pay suppliers promptly. This improved treasury management and spend control reduce operational friction, enabling travel merchants to operate more efficiently and unlock growth potential.
Antony Cahill, CEO of Visa Europe, expressed his excitement about the partnership, stating it will bring significant benefits to European merchants. Guillaume Pousaz, CEO of Checkout.com, highlighted the opportunity presented by the issuing partnership with Visa.
The partnership aims to provide comprehensive card issuing capabilities for merchants, significantly improving cash flow for travel businesses. It also aims to address the complexity of payments in travel, offering merchants greater flexibility and control over spending.
Visa recognizes the unique challenges faced by the travel industry in managing payments and cash flow, and the partnership aims to address these issues. The collaboration will improve operational efficiency for travel businesses, which in turn can unlock growth potential and enhance business performance.
References:
[1] Checkout.com. (2021). Checkout.com and Visa partner to deliver powerful card issuing solutions to the travel sector. [online] Available at: https://www.checkout.com/news/checkout-com-and-visa-partner-to-deliver-powerful-card-issuing-solutions-to-the-travel-sector/
[2] Finextra. (2021). Checkout.com and Visa partner to streamline payments for travel merchants. [online] Available at: https://www.finextra.com/pressarticle/89185/checkoutcom-and-visa-partner-to-streamline-payments-for-travel-merchants
[3] Payments Cards and Mobile. (2021). Checkout.com and Visa partner to streamline payments for travel merchants. [online] Available at: https://www.pcmmagazine.com/news/checkoutcom-and-visa-partner-to-streamline-payments-for-travel-merchants/1006926028
The partnership between Checkout.com and Visa utilizes technology to deliver powerful card issuing solutions to the travel sector, enhancing capital management for travel businesses. This integration of technology aims to provide comprehensive card issuing capabilities, thus addressing the complexity of payments and streamlining payment operations in the travel industry.